Global Neural Network Market: Overview
Global Neural Network market is estimated to reach $81.85 Billion by 2025; growing at a CAGR of 29.2% till 2025.
A neural network is a category of machine learning which models itself after the human brain, which creates an artificial neural network (ANN) through an algorithm that permits the computer to learn by incorporating new data. Neural networks can adapt to the changing input; so the network produces the best possible result without demanding to redesign the output criteria. The view of neural networks, which has its roots in artificial intelligence (AI), is quickly gaining popularity in the development of trading systems.
The study found that neural network models such as feed-forward and feed-back propagation artificial neural networks (ANN) are performing better in its application to human problems. For instance, neural networks are capable of handling problems in agriculture, science, medical science, education, finance, management, security, engineering, trading commodity, and art. The network can also handle problems in manufacturing, transportation, computer security, banking, insurance, property management, marketing, energy, and many more that cannot be solved by the computational ability of traditional procedures and conventional mathematics.
Global Neural Network Market: Growth Factors
Growing demand for cloud-based solutions and the availability of spatial data and analytical tools are key driving factors of the market. Besides, the rising need for predicting solutions is also another major factor driving the growth of the market. For instance, the prediction of a stock market price has been influenced by a set of highly nonlinear financial and nonfinancial indicators that may serve as a warning system for investors. A fully integrated analytical tool helps to create accurate, consistent, and timely relevant desired outputs that assist in making better business decisions.
However, the lack of trained professionals and difficulty in training multilayer neural networks might hamper the market growth. Moreover, enlarged application areas for deep neural networks and increasing use of the deep neural network in IoT would provide lucrative opportunities for the market in the coming years. Major research efforts have been spent toward building smarter and more user-friendly applications on mobile and embedded devices and sensors. Simultaneously, recent advances in deep learning have significantly changed the way that computing devices process human-centric content such as images, video, audio, and speech. Application of deep neural networks to IoT devices is thus expected to bring about a generation of applications capable of performing sophisticated sensing and recognition tasks to support a new realm of interactions between humans and their physical surroundings.
Global Neural Network Market: Segmentation
The global neural network market is classified on the basis of component and end-use industry. The component segment is categorized into software and services. Among which, the software segment held for the majority of the share owing to the improving IT infrastructure and increasing cloud-related expenses to serve the untouched markets in the emerging economies
Based on the end-use industry the market is divided into aerospace & defense, banking, financial services, & insurance (BFSI), retail, public sector, healthcare, IT & telecom, energy & utilities, manufacturing, and others. The BFSI segment accounted for significant market share in the industry. However, the aerospace & defense segment is expected to witness the fastest growth throughout the forecast period. The market for aerospace & defense segment is growing owing to the extensive implementation of analytical tools in the industry and enhanced deep learning market.
Global Neural Network Market: Regional Analysis
Based on geography, the global neural network market is divided into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is segmented into South America, the Middle East, and Africa. Among all the regions, North America was the highest revenue-generating region in the year 2018, and Asia-Pacific is expected to witness robust growth during the forecast period.
Global Neural Network Market: Competitive Players
Key players operating in the market include Afiniti, Alyuda Research, LLC., GMDH LLC., Neural Technologies Limited, NeuralWare, NeuroDimension, Inc., OLSOFT LLC, Starmind International AG, SwiftKey, and Ward Systems Group, Inc. among others.
Neural Network Market Key Segments:
By End-Use Industry
- Aerospace & Defense
- Banking, Financial Services, and Insurance (BFSI)
- Public Sector
- IT & Telecom
- Energy & Utilities
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East