Neural network is defined as the system of hardware and software comprising simple and highly interconnected processing elements (neurons). It is also known as artificial neural network (ANN). It is a form of artificial intelligence involving a series of algorithms and is used to understand the relationship between datasets to obtain a desired output. This network implements a process, which is designed to incorporate the functionalities of human brain through a variety of deep learning technologies to solve complex pattern recognition or signal processing problems. Applications of neural network includes weather prediction, handwriting recognition, oil-exploration data analysis, facial recognition, and speech-to-text transcription, and others. The global neural network market was valued at $7,039 million in 2016, and is projected to reach $38,719 million by 2023, growing at a CAGR of 28.0% from 2017 to 2023.
The growth of the neural network market is driven by growth in demand for cloud-based solutions, demand for spatial data & analytical tools, and increase in market for prediction solutions. In addition, growth in IT expenditure in emerging nations and technological advancements for workflow optimization fuel the demand for advanced analytical systems driving the neural network market. However, lack of trained professionals is expected to impede the market growth. Furthermore, increased application areas for deep neural networks is expected to create lucrative opportunities for neural network market growth.
The global neural network market is segmented based on component, end-use industry, and region. Based on component, it is categorized into software and services. The end-use industry segment includes banking, financial services & insurance (BFSI); public sector; energy & utilities; retail; IT & telecom; manufacturing; aerospace & defense; healthcare; and others. According to the region the market includes North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the neural network market are Neural Technologies Limited, SwiftKey, Starmind International AG, Afiniti, Ward Systems Group, Inc., GMDH LLC., NeuroDimension, Inc., NeuralWare, Alyuda Research, LLC., and OLSOFT LLC.
KEY BENEFITS FOR STAKEHOLDERS
Key Market Segments
By End-Use Industry
The key players profiled in the report:
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