Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "Neural Network Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
According to the report, the Neural Network Software market is expected to register a remarkable compound annual growth rate (CAGR) of 35.2% during the forecast period.
Key Highlights
- Emergence of Artificial Neural Network: The artificial neural network has evolved from being neglected in the early stages of artificial intelligence development to becoming a leading algorithm in the AI development trend.
- Adoption of IoT and Connected Devices: The increasing adoption of IoT and connected devices has generated vast amounts of structured and unstructured data for companies, leading to a demand for analytical tools, which, in turn, is driving the neural network software market.
- Trend towards Predictive and Prescriptive Analytics: The trend in the analytics field is shifting towards predictive and prescriptive analytics rather than descriptive analytics, driving the growth of the neural network software market. Neural network software offers complete customization according to application requirements.
- Increasing Industrial Automation: The growing industrial automation across various sectors globally is boosting the development of machine learning and its applications in different industries. However, slow adaptation to operational challenges and a lack of global expertise are hindering the market's growth.
- Post-Pandemic Recovery: The COVID-19 pandemic initially impacted the neural network software market due to widespread lockdowns in many countries. However, with the increased demand for geographical data, analytical tools, and cloud-based prediction solutions, the market is expected to recover post-pandemic.
Neural Network Software Market Trends
- Significant Growth in Healthcare Segment: Healthcare organizations are leveraging artificial neural networks (ANN) to improve care delivery at reduced costs. ANN is being increasingly used to inform healthcare management decisions and aid in diagnosis, bone assessment, and lung segmentation, among other applications.
- North America Holds Largest Market Share: North America is the largest region for developing the neural network software market. The United States, being technologically advanced, leads in industries such as BFSI, defense, healthcare, and logistics, driving the demand for neural network software in problem recognition, forecasting, and formulation applications.
Competitor Analysis
The neural network software market is currently dominated by a few players like Intel and Nvidia. However, the forecast period is expected to see an emergence of more players offering software with customization capabilities according to the end-user's requirements.
A selection of Companies Mentioned in this report includes:
- IBM Corporation
- NVIDIA Corporation
- Intel Corporation
- Microsoft Corporation
- Clarifai Inc.
- Alyuda Research LLC
- Neural Technologies Ltd.
- GMDH LLC
- Neural Designer
- Neuralware
- AND Corporation
- Swiftkey
For more information about this report visit https://www.researchandmarkets.com/r/e11g31
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