Neural Network Software Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 35.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Neural Network Software Market Analysis
The Neural Network Software Market is expected to register a CAGR of 35.2% during the forecast period.
- The artificial neural network was completely neglected in the early stage of artificial intelligence development. Gradually recognized and became a large-scale algorithm leading the artificial intelligence (AI_ development trend.
- The adoption of IoT and connected devices generate vast structure and unstructured data available to the companies, which is tedious to process. Still, the emerging analytical tools covered the gap and drove the demand for the neural network software market.
- Moreover, in the analytics field, the trend towards predictive and prescriptive analytics passing over descriptive analytics is driving the growth of the neural network software market. The trend is booming as the neural network software offers complete customization according to the application.
- The increasing industrial automation across the sectors globally is boosting the development of machine learning and its applications in almost all industries. However, due to the lack of global expertise, slow adaptation to operational challenges restricts the market growth.
- However, the global market for neural network software is increasing. Many challenges are standing in the way of advancement. Explaining clever movement patterns, lesson synchronization, and delayed technology use are typical examples of these obstacles. Additionally, only some have access to smart devices that could force them to participate, learn, and adjust in real time.
- The market for neural network software is increasing globally. The ability of the sector to grow further depends on numerous factors. These possibilities include expanding artificial intelligence and enhancing the brain's capacity to learn and recognize patterns and synchronize with intelligent behaviors. The newest technology, like smart devices, has many different uses. These are the opportunities that encourage growth.
- Due to the widespread use of lockdowns in numerous nations worldwide to stop the spread of the virus, the COVID-19 outbreak significantly impacted the neural network market growth during the initial stages of the pandemic. However, with the increase in demand for geographical data and analytical tools and various cloud-based & prediction solutions, the neural network sector is anticipated to recover post-pandemic.
Neural Network Software Market Trends
This section covers the major market trends shaping the Neural Network Software Market according to our research experts:
Healthcare Segment to Grow Significantly
- Healthcare organizations are leveraging artificial neural networks (ANN) to improve care delivery at a reduced cost. Applications of ANN to diagnosis are well-known; however, it is increasingly used to inform healthcare management decisions.
- Healthcare has a complex data environment. In lung segmentation, deep learning is used to segment a lung area from the rest of the anatomy so that it can be accurately refined. Whereas bone assessment is a challenging area for direct observation, deep learning is used to keep track of the maneuver, helping the physician actually to observe the bone and make decisions.
- IBM suggested that with increasing capture and digitization of healthcare data such as electronic medical records and DNA sequences, healthcare organizations are taking advantage of analyzing large sets of routinely collected digital information to improve service and reduce costs.
- Neural network software also helps improve the performance of the standard computer in dealing with such a vast amount of data. Intel teamed up with Philips to deliver high-performance, efficient deep-learning inference on x-rays and computed tomography (CT) scans without needing accelerators like GPU clusters. The global investment in AI is focused on the vertical industry (AI+), vision, big data, data service, and intelligent robotics.
North America to Hold the Largest Market Share
- North America is the largest region for developing the Neural Networks market. Increasing infrastructure and Research and development have boosted the demand for Neural Networks software for problem recognition, forecasting, and formulation applications.
- The United States is the most technologically advanced country in this region, with an increasing market for industries, like BFSI, Defense, Healthcare, and Logistics, among others. The neural network software has shown disruptive performance in the BFSI sector in evaluating loan applications and predicting the stock market index.
- For instance, in the NASDAQ stock exchange rate prediction, it was discovered that a network with three hidden layers was the optimized network with an accuracy of 94.08% for the validation dataset.
- Additionally, the region continues to uphold its reputation as an early user of cutting-edge technologies with a focus on process optimization.. ADLINK Technology Inc. adopted Intel's OpenVino for guidance, identification, gauging, and inspection of manufacturing processes by integrating machine learning tools.
- Moreover, industries like Automotives and manufacturing in the region are heavily investing in adopting artificial intelligence for their process optimization, which increases the opportunity for the neural network software market.
Neural Network Software Industry Overview
A few players, like Intel and Nvidia, dominate the neural network software market. Still, the forecast period is expected to follow a similar trend throughout the forecast period even though many players are emerging for offering software with customization capability according to the end-user.
In June 2022, Qualcomm Technologies combined its current best-in-class AI software offerings into a single package, the Qualcomm AI Stack, to further its leadership in AI and connected intelligent edge. This will enable Qualcomm Technologies' OEM clients and developers to fully utilize the performance of our Qualcomm AI Engine when creating, optimizing, and deploying their AI applications on Qualcomm Technologies' hardware.
In October 2022, with the release of three new libraries, IBM announced an increase to its embeddable AI software portfolio. These libraries are intended to make it simpler, quicker, and more affordable for IBM Ecosystem partners, clients, and developers to create and market their own AI-powered solutions.
Neural Network Software Market Leaders
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Google LLC
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NVIDIA Corporation
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Intel Corporation
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IBM Corporation
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Microsoft Corporation
*Disclaimer: Major Players sorted in no particular order
Neural Network Software Market News
- May 2022: Gogle AI released GraphWorld, a tool to accelerate performance benchmarking in the area of graph neural networks (GNNs). By enabling artificial intelligence (AI) engineers and academics to test new GNN architectures on larger graph datasets, it allows a new approach to GNN architectural testing and design.
- August 2022: With the introduction of NVIDIA's NeuralVDB, the prestigious OpenVDB combined artificial intelligence (AI) and general processing unit (GPU) optimization to help professionals across scientific computing, visualization, and more, interact with large and complex volumetric data in real-time. NeuralVDB offers a 100x memory footprint reduction for sparse volumetric data such as smoke and clouds.
Neural Network Software Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Availability of Spatial Data and Analytical Tools
4.2.2 Increasing Demand for Predicting Solutions
4.3 Market Restraints
4.3.1 Lack of Expertise and Other Operational Challenges
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Fraud Detection
5.1.2 Hardware Diagnostics
5.1.3 Financial Forecasting
5.1.4 Image Optimization
5.1.5 Other Applications
5.2 By End-user Vertical
5.2.1 BFSI
5.2.2 Healthcare
5.2.3 Retail
5.2.4 Defense Agencies
5.2.5 Media
5.2.6 Logistics
5.2.7 Other End-user Verticals
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 South Korea
5.3.3.3 Australia
5.3.3.4 Rest of Asia-Pacific
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 NVIDIA Corporation
6.1.3 Intel Corporation
6.1.4 Microsoft Corporation
6.1.5 Clarifai Inc.
6.1.6 Alyuda Research LLC
6.1.7 Neural Technologies Ltd.
6.1.8 GMDH LLC
6.1.9 Neural Designer
6.1.10 Neuralware
6.1.11 AND Corporation
6.1.12 Swiftkey
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. INVESTMENT ANALYSIS
Neural Network Software Industry Segmentation
A combination of software and hardware known as "neural network software" (NNS) is modeled after neurons similar to the human brain. Artificial neural networks (ANNs), a collection of software concepts derived from biological brain networks, can be modeled, researched, and used with the aid of NNS. Sometimes, the term "neural network" refers to an ANN created utilizing several deep learning techniques.
The neural network software market is segmented by application (fraud detection, hardware diagnostics, portfolio management), end-user vertical (BFSI, healthcare, retail, defense agencies), and geography (North America (United States, Canada), Europe (Germany, UK, France, and Rest of Europe), Asia Pacific (South Korea, China, Australia, and Rest of Asia-Pacific), and Rest of the World).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Application | |
| Fraud Detection | |
| Hardware Diagnostics | |
| Financial Forecasting | |
| Image Optimization | |
| Other Applications |
| By End-user Vertical | |
| BFSI | |
| Healthcare | |
| Retail | |
| Defense Agencies | |
| Media | |
| Logistics | |
| Other End-user Verticals |
| Geography | ||||||
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| Rest of the World |
Neural Network Software Market Research FAQs
What is the current Neural Network Software Market size?
The Neural Network Software Market is projected to register a CAGR of 35.20% during the forecast period (2024-2029)
Who are the key players in Neural Network Software Market?
Google LLC, NVIDIA Corporation, Intel Corporation, IBM Corporation and Microsoft Corporation are the major companies operating in the Neural Network Software Market.
Which is the fastest growing region in Neural Network Software Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Neural Network Software Market?
In 2024, the North America accounts for the largest market share in Neural Network Software Market.
What years does this Neural Network Software Market cover?
The report covers the Neural Network Software Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Neural Network Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Neural Network Software Industry Report
Statistics for the 2023 Neural Network Software market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Neural Network Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
