Pune, Oct. 23, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report projects a substantial growth in the Neural Network Software Market, with a projected compound annual growth rate (CAGR) of 32.1% from 2023 to 2030. This growth is expected to take the market from its 2022 value of USD 29.5 billion to reach USD 273.5 billion by 2030.”
Market Overview
Neural network software, often referred to as artificial neural network (ANN) software, is a computational tool inspired by the structure and functioning of the human brain. It is composed of interconnected nodes or neurons that process information by passing signals to one another. These nodes are organized into layers, including input, hidden, and output layers, each with a specific purpose. Neural networks are extensively used in image and video recognition tasks, enabling applications like facial recognition, object detection, and content categorization. Neural networks aid in diagnosing diseases by analyzing medical images, predicting patient outcomes, and identifying potential health risks.
Market Analysis
The widespread adoption of artificial intelligence and machine learning solutions across industries has been a primary driver for the growth of the neural network software market. Businesses are leveraging AI and ML to automate processes, gain insights from data, and enhance customer experiences. Neural network software, being the backbone of many AI and ML applications, has witnessed surging demand. Deep learning, a subset of machine learning, relies heavily on neural networks for complex data processing and pattern recognition. The continuous advancements in deep learning technologies have been a significant growth driver for neural network software. With enhanced algorithms and frameworks, deep learning models are becoming more accurate and efficient, leading to greater adoption of neural network software. The Internet of Things (IoT) ecosystem is expanding rapidly, with billions of devices connected to the internet. Neural network software is increasingly being used to process the massive data generated by these devices, enabling real-time decision-making and predictive analytics. The growth of IoT applications has, in turn, boosted the demand for neural network software.
Get a Sample Report of Neural Network Software Market@ https://www.snsinsider.com/sample-request/3807
Key Company Profile Listed in this Report are:
- Qualcomm Technologies Inc.
- IBM
- Intel Corporation
- Google Inc.
- Ward Systems Group Inc.
- Microsoft Corporation
- Neuralware
- SAP SE
- Oracle Corporation
- Alyuda Research LLC
- Neural Technologies Ltd.
- Starmind International AG
- Slagkryssaren AB
- Afiniti
- GMDH LLC & Other Players
Neural Network Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 29.5 Bn |
| Market Size by 2030 | US$ 273.5 Bn |
| CAGR | CAGR of 32.1 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Neural Network Software Market Study
- Analytical software, also referred to as data analytics software, is a pivotal segment in the market. This software is designed to analyze vast datasets, derive insights, and facilitate data-driven decision-making. The proliferation of big data has fueled the adoption of analytical software. Enterprises are grappling with colossal volumes of data, and neural network software plays a crucial role in processing and extracting valuable information from these datasets.
- The BFSI sector, encompassing banking, financial services, and insurance, is another heavyweight in the neural network software market. The BFSI sector is at the forefront of algorithmic trading, where split-second decisions can have a substantial impact on profits. Neural network software is used to develop complex trading algorithms that can outperform human traders. This gives financial institutions a competitive edge in the market.
Recent Developments
- Deeplite, a cutting-edge tech startup, has successfully secured an impressive $7.5 million CAD in a recent seed funding round. The funding round, led by notable investors and venture capitalists, serves as a testament to the industry's growing recognition of the critical role that Deeplite plays in advancing artificial intelligence and machine learning technologies.
- Advanced Micro Devices (AMD), the renowned semiconductor giant, has recently acquired an AI software company. This strategic acquisition marks a significant milestone for AMD, as it seeks to expand its capabilities and offerings in the rapidly evolving field of artificial intelligence.
Do you have any specific queries or need any customization research on Neural Network Software Market, Enquiry Now@ https://www.snsinsider.com/enquiry/3807
Market Dynamics Analysis
The neural network software market is currently experiencing a dynamic landscape with several drivers propelling its growth. One of the primary drivers is the ever-increasing demand for artificial intelligence and machine learning applications across various industries, which necessitates the use of advanced neural network software. Additionally, the rising volume of data generated by businesses and individuals is creating a need for more sophisticated neural network tools to process and extract meaningful insights from this data, further boosting market growth. Furthermore, the ongoing research and development efforts in the field of deep learning and neural networks are fueling innovation, leading to the emergence of more efficient and powerful software solutions. However, this rapid growth is not without its restraints and challenges. Ethical concerns related to the use of neural networks, data privacy issues, and regulatory hurdles are potential roadblocks that the market must address. Moreover, the scarcity of skilled professionals capable of working with neural network software can hinder the market's progress. Lastly, in this increasingly digital world, the threat of cyberattacks and security breaches poses a significant risk to the market. It is imperative for industry players to invest in robust cybersecurity measures to counteract this potential threat and ensure the continued growth and stability of the market.
Neural Network Software Market Segmentation:
By Type
- Data Mining and Archiving
- Analytical Software
- Optimization Software
- Visualization Software
By Application
- Fraud Detection
- Hardware Diagnostics
- Financial Forecasting
- Image Optimization
- Others
By Component
- Neural Network Software
- Services
- Platform and Other Enabling Services
By Vertical
- BFSI
- Government and Defense
- Energy and Utilities
- Healthcare
- Industrial Manufacturing
- Media
- Telecom and IT
- Transportation and Logistics
- Retail and eCommerce
- Others
Key Regional Developments
North America has consistently remained at the forefront of technological advancements, and the neural network software market is no exception. The United States, in particular, is home to numerous tech giants and startups, making it a hotbed for innovation in AI and machine learning. Silicon Valley has been instrumental in fostering the growth of this sector. Key players like Google, Microsoft, and NVIDIA are headquartered in this region, contributing to its dominance in the market. Europe is quickly emerging as a robust competitor in the market. Countries like the United Kingdom, Germany, and France are witnessing substantial investments in AI technologies. The region's strong focus on data privacy and regulatory compliance has led to the development of neural network software solutions tailored to these specific requirements. The Asia-Pacific region, with its diverse and rapidly growing economies, has become a focal point for the market. China and India, in particular, have been making significant strides in AI and machine learning.
Impact of Recession on Neural Network Software Market Growth
The ongoing recession has undoubtedly affected the neural network software market, but the impact is not uniform across all sectors. One of the immediate consequences of a recession is a reduction in corporate IT budgets. As companies tighten their belts, investments in technology, including neural network software, may be postponed or scaled down. Companies can diversify their product offerings to cater to industries that are less affected by the recession. For instance, healthcare and e-commerce have shown resilience during economic downturns. Collaboration with other companies and forming strategic partnerships can help share costs and reduce the burden of research and development. It can also lead to the creation of innovative, cost-effective solutions.
Buy an Enterprise-User PDF of Neural Network Software Market Outlook Report 2023-2030@ https://www.snsinsider.com/checkout/3807
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Neural Network Software Market Segmentation, By Type
9. Neural Network Software Market Segmentation, By Application
10. Neural Network Software Market Segmentation, By Component
11. Neural Network Software Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
Access Complete Report Details@ https://www.snsinsider.com/reports/neural-network-software-market-3807
[For more information or need any customization research mail us at info@snsinsider.com]
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Browse Adjacent Markets: Information and Communication Technology Market Research or Healthcare Market Research Reports and Consulting
