Global Neural Network Software Market is valued approximately USD 18.2 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 26.7% over the forecast period 2022-2029. The neural network software is a tool used for ANN research and development, stimulation, and application (artificial neural network). The program refers to devices that resemble brains in certain ways and may have science fiction implications. Some of the major demand factors are problem solving and problem-solving techniques. The expansion of the market for neural network software over the past several years has been largely attributed to NN software's capacity to assess, detect, and reduce abnormalities as well as potential future issues. The market growth is driven by key factors such as increasing demand for predicting solutions and availability of Spatial Data and Analytical Tools.
The vertical industry (AI+), vision, big data, data services, and intelligent robots are the main areas of concentration for international investments in the AI sector. The vertical industry accounts for 53% of all worldwide AI investments and funding initiatives, according to the CAICT 2018 study. While healthcare maintains 9% parts of this vertical industry sector, it is one of the favored places for investment. A network with three hidden layers was also shown to be the most effective network for NASDAQ stock exchange rate prediction, with an accuracy of 94.08% for the validation dataset. However, lack of expertise and other operational challenges stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Neural Network Software Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is leading the global market share owing to increasing infrastructure and Research and development and adopting artificial intelligence. However, Asia Pacific is expected to be the fastest growing region due to research and development activities and increasing IT infrastructural development.
Major market players included in this report are:
Alyuda Research LLC
Qualcomm Technologies Inc.
Ward Systems Group Inc.
Starmind International AG
Recent Developments in the Market:
Nvidia launched an AI toolset for radiologists in March 2019 as part of its ongoing focus on AI hardware and software. It is anticipated that the toolkit, which includes 13 cutting-edge classification and segmentation AIs and software tools created exclusively for radiologists, would assist radiologists in utilising AI and saving money and time.
The Acumos AI Project, which promotes open-source innovation in artificial intelligence, machine learning, and deep learning, published its first software in November 2018. A platform and open-source framework called Acumos AI makes it simple to create, publish, and use AI applications.
Global Neural Network Software Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Component, Type, Vertical, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Neural Network Software
Platform and Other Enabling Services
Data Mining and Archiving
Government and Defense
Energy and Utilities
Rest of the World