Transparency Market Research states that the global neural network software market has a moderately consolidated competitive landscape. It report identifies Microsoft Corporation, SAP SE, Oracle Corporation, Google Inc., NVIDIA Corporation, IBM Corporation, QUALCOMM Incorporated, and Intel Corporation as the leading players in the overall market. Companies are expected to diversify their product offerings to grab a bigger market share. For instance, NVIDIA Corporation announced its plan to deploy Convolutional Neural Networks (CNNs) in its self-driving cars. This technology is used for scanning and collecting images from a front-facing camera to send commands for steering to the processor. Such innovations are expected to keep the key players ahead of the competition during the forecast period.
According to the research report, the global neural network software market is expected to be worth US$26,021.1 mn by the end of 2025. During the forecast period of 2017 and 2025, the global market is expected to surge at a CAGR of 22.9%. Out of the various technologies, the data mining and archiving segment is expected to lead the overall market in the coming years as the volume of unstructured has shown consistent growth. Furthermore, North America is expected to offer the global market a huge scope for growth due to high acceptance of technology. This geographical segment is anticipated to rise at about 22% in the global market between 2017 and 2025.
Need to Understand Consumers Boosts Global Market Growth
Neural network software has been designed and developed to learn process, form patterns, and interpret data. Its ability to deliver predictive solutions has led to its exponential adoption in big data analytics. Thus, the ongoing technological advancements in various industrial sectors has led to an increased demand for predictive analysis, thereby spiking the uptake of neural network software solutions. Several end users are expected to make significant investments in neural network software solutions as they enable real-time, reliable, futuristic, and actionable insights from the gathered data. Over the past few years, these valuable insights have helped organizations and companies make well-informed business decisions, thus promoting the growth of the global market. Gradual improvement in business management and optimum utilization of resources have truly become the driving factors of the global neural network software market.
In the coming years, the BFSI and healthcare segment are expected to be the key end users of the neural network software solutions. The growing necessity to understand the consumer mindset and the increasing need to improve service to the customer are expected to drive these segments to make the most of neural network software solutions. In the coming years, the insights gathered from these predictive tools is expected to be a valuable piece of information for training the workforce as well. The analysts suggests, that high adoption of neural network software solutions is expected to change the way we do business in the foreseeable future.
High Cost and Complexity of Software to Dissuade Market
On the flip side, the market currently faces the challenge of the high cost of software. This challenge is further addled by the complexity it comes with. Furthermore, the lack of trained labor to to help businesses with seamless adoption of neural network software solutions have been identified as the key restraints for the overall market. However, the rapid pace of adopting neural network software solutions in healthcare and automotive industries are expected to offer the global market several growth opportunities.
This review is based on Transparency Market Research’s research report, titled “Neural Network Software Market (Software Type – Data Mining and Archiving, Analytical Software, Optimization Software, Visualization Software; Industry Verticals – BFSI, Government & Utilities, Healthcare, Oil & Gas, Manufacturing, Telecom and IT, Retail & E-commerce, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025”.
The Neural Network Software market has been segmented as below:
Global Neural Network Software Market, By Software Type
- Data Mining and Archiving
- Analytical Software
- Optimization Software
- Visualization Software
Global Neural Network Software Market, By Industry vertical
- Government & Utilities
- Oil & Gas
- Telecom and IT
- Retail & E-commerce
Global Neural Network Software Market, By Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
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