According to report “Neural Network Software Market by Type (Data Mining and Archiving, Analytical Software, Optimization Software, and Visualization Software), Vertical, and Region – Global Forecast to 2021″, the global neural network software market to expand from USD 7.17 Billion in 2016 to USD 22.55 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.2%. The neural network software market is growing rapidly owing to the increasing need for data archiving tools in order to organize the data generated from varied end use sectors.
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Analytical tool is expected to dominate the neural network software market in terms of software type
The research study for global neural network software market encompasses the analysis of the market on the basis of software types, which is further segmented into data mining and archiving, analytical software, visualization software, and optimization software. The deployment of analytical software is mainly driven by the increasing demand for data predictive solutions across various end-use sectors especially in Banking, Financial Services, and Insurance (BFSI), healthcare, energy & utilities, and media.
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BFSI sector is expected to hold the largest market share
The neural network software end users are segmented into BFSI, government & defense, energy & utilities, media, healthcare, industrial manufacturing, retail & eCommerce, transportation & logistics, telecom & IT, and others. The BFSI sector holds the large scale application areas for neural network technology, which include stock market analysis, foreign exchange perdition, and other such activities, thereby holding the largest market share among other end-use verticals studied for the market analysis.
North America is expected to be the most lucrative market in 2016
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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