MarketsandMarkets forecasts the
neural network software market size to grow from USD 7.17 billion in 2016 to
USD 22.55 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR)
of 33.2%. Major factors contributing to the growth of the neural network
software market are increasing amount of spatial data and rising demand for
predictive solutions.
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.
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 prominent used-case study in BFSI sector include Neural network software used in different stock exchange markets, such as New York Stock Exchange, and London Stock Exchange to predict the volatility of stock prices.
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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