Artificial Neural Network Market to Reach $1.4 Billion by 2032 at 19.9% CAGR: Allied Market Research

News provided by

Nov 28, 2023, 10:35 ET

The growing demand for AI-based solutions and the rising need for intelligent business processes are expected to drive the global artificial neural network market growth.

NEW CASTLE, Del., Nov. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Artificial Neural Network Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry (Healthcare, BFSI, Retail and E-commerce, Manufacturing, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the artificial neural network industry generated $227.8 million in 2022 and is anticipated to generate $1.4 billion by 2032, witnessing a CAGR of 19.9% from 2023 to 2032.

Prime determinants of growth

The notable factors positively affecting the artificial neural network market include the growing demand for AI-based solutions and the rising need for intelligent business processes. However, a lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN) can hinder market growth. Furthermore, advancements in big data analytics and the availability of high-performance computing systems offer lucrative market opportunities for the market players.

Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/13364

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$227.8 Million
Market Size in 2032	$1.4 Billion
CAGR	19.9 %
No. of Pages in Report	450
Segments covered	Component, Deployment Mode, Enterprise Size Industry, and Region.
Drivers	Growing demand for AI-based solutions The rising need for intelligent business processes
Opportunities	Advancements in big data analytics. The availability of high-performance computing systems.
Restraints	A lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN)

Buy this Complete Report (450 Pages PDF with Insights, Charts, Tables, and Figures) at:

https://www.alliedmarketresearch.com/artificial-neural-network-market/purchase-options

The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting for less than two-fifths of the artificial neural network market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization which is one of the primary reasons enterprises are increasing their investment in the artificial neural network market. However, the services segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. The services segment is expected to witness the highest growth, as these services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.

The on-premise segment to maintain its lead position during the forecast period

Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based artificial neural network solutions. However, the cloud segment is expected to portray the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.

The large enterprises segment to maintain its lead position during the forecast period

Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue, owing to the growing demand for artificial neural network solutions in large enterprises which is fueling the market growth in these enterprises. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 22.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the small and medium-sized enterprises organization.

The healthcare segment to maintain its lead position during the forecast period

Based on industry vertical, the healthcare segment accounted for the largest share in 2022, contributing for less than two-fifths of the artificial neural network market revenue, owing to the development of digital technologies in IT sector. However, the manufacturing segment is projected to manifest the highest CAGR of 24.3% from 2023 to 2032. The surge in implementation of automation trends and the increase in utilization of digital technology in this sector are expected to provide lucrative opportunities for the market.

North America region dominated the global artificial neural network market in 2022

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the artificial neural network market revenue. The increase in the usage of artificial neural network solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which is further expected to contribute to the growth of the market in this region.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/13364

Competition Analysis:

Recent Product launches in the Artificial Neural Network Market

In April 2023, Google LLC launched a cloud-based automation toolkit for healthcare organizations and previewed Med-PaLM 2, a neural network capable of answering medical exam questions.
In August 2021, IBM Corporation unveiled details of the upcoming new IBM Telum Processor designed to bring deep learning inference to enterprise workloads to help address fraud in real-time..

Recent Partnerships in the Artificial Neural Network Market

In June 2023, Snowflake partnered with Microsoft to simplify joint customers' artificial intelligence projects. A core focus of the collaboration is Microsoft's Azure OpenAI Service. It provides cloud-based versions of OpenAI LP's machine learning models, including GPT-4.
In November 2021, Qualcomm Technologies partnered with Google Cloud, on Neural Architecture Search (NAS), enabling the companies to create and optimize AI models automatically rather than manually.

Leading Market Players: -

Amazon Web Services Inc.
Google Inc.
Hewlett Packard Enterprise Development LP
IBM Corporation
Intel Corporation
Microsoft Corporation
NVIDIA Corporation
Oracle Corporation
Qualcomm Technologies Inc.
Salesforce Inc.

The report provides a detailed analysis of these key players in the artificial neural network market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

Trending Reports in ICT & Media Industry:

Network Equipment Market Size is Expected to Reach $69.7 Billion by 2032

Multi-access Edge Computing Market Expected to Reach $102 Billion by 2032

Cloud Native Technologies Market Expected to Reach $53.6 Billion by 2032

Online Language Learning Platform Market Expected to Reach $44.8 Billion by 2032

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com