Neural Network Software Market - Analysis, Size, Growth Opportunities and Future Forecast till 2021

The report "Neural Network Software Market by Type (Data Mining and Archiving, Analytical Software, Optimization Software, and Visualization Software), Vertical, and Region - Global Forecast to 2021", The global neural network software market to expand from USD 7.17 Billion in 2016 to USD 22.55 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.2%. The neural network software market is growing rapidly owing to the increasing need for data archiving tools in order to organize the data generated from varied end use sectors.

The neural network software market is segmented by software type, end user, and region. The neural network software type market type is primarily dominated by analytical software. However, data mining and archiving is expected to be the fastest growing software type in the coming years. This growth rate is mainly attributed to the growing amount of unorganized and spatial data, and the growing need to classify and cluster this data in order to perform predictive and analytical operations.

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The Banking, Financial Services, and Insurance (BFSI) sector recorded the largest market share in terms of neural network software implementation, owing to the large number of application areas in the vertical and the growing necessity to classify the data. For instance, the insights coming from analytical tools allow organizations to understand their customers and empower their workforce. Thus, with the help of these predictive analytical tools, banks and financial institutions can track and monitor the risk of different transactions of their customers. The report also comprises key used cases for the varied end-use verticals.

The research study encompasses regional market analysis for North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America along with some of the major countries in the specific regions. North America is expected to hold the largest share of the neural network software market in 2016, followed by Europe.

The rapid developments in infrastructure and higher adoption of digital technologies are the two major drivers that increase the demand for the neural network software market. Furthermore, the U.S is the most technologically advanced region with the presence of different business verticals such as BFSI, healthcare, retail & eCommerce, energy & utilities, and many others.

The prominent players in the artificial neural network ecosystem are Google Inc. (California, U.S.), IBM Corporation (New York, U.S.), Microsoft Corporation (Washington DC, U.S.), Intel Corporation (California, U.S.), Oracle Corporation (California, U.S.), SAP SE (Waldorf, Germany), and Qualcomm Technologies Inc. (California, U.S.). The key innovators concentrating mainly on neural network software include Alyuda Research LLC (California, U.S.), Neural Technologies Ltd. (England, U.K.), Ward Systems Group Inc. (Maryland U.S.), Afiniti (Washington DC, U.S.), GMDH LLC (New York, U.S.), Starmind International AG (Küsnacht, Switzerland), Neuralware (Pennsylvania, U.S.), Slagkryssaren AB (Stockholm, Sweden), AND Corporation (Ontario, Canada), and Swiftkey (London, U.K.).

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