This research forecasts that 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 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 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.
North America is expected to hold the largest market share and dominate the neural network software market due to the presence of a large number enterprises deploying neural network technologies, along with technological advanced scenarios. However, Middle East and Africa (MEA) offers the potential growth opportunities for the neural network software market to emerge over the coming years. The key factors driving the growth rate in the MEA region include increasing technological implementations and rising smart city investments.
Slow digitization rate across emerging economies and lack of expertise and other operational challenges are the major restraining factors for the growth of the global neural network software market.
- Alyuda Research, Llc.
- GMDH, Llc
- Google Inc.
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Neural Technologies Limited
- Oracle Corporation
- Qualcomm Technologies, Inc.
- Sap Se
- Slagkryssaren Ab
- Starmind International Ag
- Ward Systems Group, Inc.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Artificial Neural Network Market Analysis, By Component
8 Neural Network Software Market Analysis, By Type
9 Neural Network Software Market Analysis, By Vertical
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
13 Key Innovators
For more information about this report visit http://www.researchandmarkets.com/research/tbr6j2/neural_network
Laura Wood, Senior Manager
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SOURCE Research and Markets