The neural network software market 2020 is supposed to witness technological innovations and rising investments. The technology that supports the adoption of neuromorphic chips is very new and is still in its nascent stage. Tech giants are investing massive amounts in research & development. It is supposed to pave the way for the expansion of the neural network software market. As per the assessment by Market Research Future (MRFR), the global neural network software market is prognosticated to augment at 19% CAGR across the assessment period 2017 to 2023. The Valuation of the neural network software market, according to the report, is supposed to reach USD 18 Bn by the end of 2023.
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Artificial Intelligence has been penetrating across industries at a rapid pace. Rising number of end user industries is expected to invest in the adoption of advanced technologies, which is presumed to boost growth of the neural network software market. The vendors of neural network software are focusing on the development of AI that replicates human intelligence. Thus, with the advancements of technology, the neural network software market is supposed to gain a quick mileage in the foreseeable future.
Neural networks are being designed to upscale the use of AI for reacting to uncertainties in an efficient way like a human being. Thus, the rising efficiency of the product in handling uncertainties is expected to expand the neural networks software market. The problem however lies with the development of a software that measures the uncertainty efficiently to take effective decisions. Key players are endeavoring to overcome the problem, which will provide impetus to neural network software market growth. The rising adoption of latest technologies such as IoT, smart sensors, etc. are also projected to influence the expansion of the artificial neural network software market positively.
Based on type, the segments of the neural network software market are data mining & archiving, optimization software, analytical software, visualization software, and others.
On the basis of component, the segments of Neural Network Software Market are network software, neural services, deep neural networks, platform, and others.
The end-user segments of the neural network software market are BFSI, telecom and IT, transportation, healthcare, and others.
The neural network software market is analyzed in this report on the basis of regions and countries. The regional segments profiled are – North America, Asia Pacific, Europe, and Rest of the World (RoW). North America is leading the market due to the presence of tech giants such as Google and Intel among others. Investments are likely to rise in the development of the technology in the region. It is further supposed to augment the neural network software market in the coming years. Also, the applications of the product in data mining and analysis are expected to increase, which is projected to expand the regional market. Moreover, Asia Pacific is prognosticated to register a high rate of growth in the foreseeable future. The emerging country-level markets in the region resonate huge growth opportunities.
The key players expected to contribute to growth of neural network software market are Oracle Corporation (U.S.), SAP SE (Germany), Qualcomm Technologies Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.), Neural Technologies Ltd. (U.K), Alyuda Research LLC (U.S.), Starmind International AG (Switzerland), Ward Systems Group Inc. (U.S.), Neuralware (U.S.), Afiniti (U.S.), Slagkryssaren AB (Sweden), and GMDH LLC (U.S.).
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