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Neural Network Software Market is Booming Worldwide Scrutinized in New Research

Jun 27, 2022 12:00 AM ET

Neural Network Software Market is Booming Worldwide Scrutinized in New Research

Market Overview

The global neural network software market is expected to increase at a CAGR of 19 percent from USD 7.17 billion in 2016 to USD 18 billion by 2023. The base year is 2017, with the projected period running from 2017 through 2023.

Artificial neural networks (ANN) are being used by healthcare organizations to improve service delivery while lowering costs. Although ANN is well-known for its diagnostic applications, it is also increasingly being utilized to influence healthcare managerial decisions.

Market Segmentation

The global neural network software market has been segmented into the following categories depending on component type, user, as well as region.

Depending On The Type

The global neural network market has been divided into visualization software, data mining and archiving, optimization software, analytical software, and many others depending on the type.

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Based On The Component

Artificial neural networks, platforms, services, deep neural networks, and others are among the components that make up the worldwide neural network market.

Depending On The End-Users

The worldwide neural network market has been classified into transportation, BFSI, telecom, healthcare, and IT, among others, depending on end-users.

Based On The Region

The worldwide neural network market has been divided into four regions: North America, Europe, Asia Pacific, as well as the rest of the world.

Regional Classification

The global market for neural network software has been segmented into Asia Pacific, North America, Europe, as well as the rest of the world. North America is one of the most important places on the planet. The tremendous demand for neural network software in North America is the basis for its dominance. This is because of a rise in machine learning, data analysis, as well as predictive analytic demands, among other factors.

These factors are causing the neural network software market to expand even further. As per market research on neural networks software, the European area is likely to experience substantial growth in the future years. On the other hand, the Asia Pacific region, which includes Japan, China, plus India, is still a developing market. In the anticipated time, it is expected to have the greatest CAGR. Japan, China, plus India were included in the Asia-Pacific region. Mexico, the United States, and Canada made up North America, whereas the United Kingdom and Germany made up Europe.

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Industry News

In the early stages of artificial intelligence development, the artificial neural network was largely ignored, but it was eventually discovered and evolved into a large-scale algorithm that is now leading the AI development trend.

The expansion of IoT with connected devices is generating large amounts of structured and unstructured data for businesses to handle, which was previously a time-consuming task. However, emerging analytical tools have filled the gap, fueling the need for neural network software.

Furthermore, the market for neural network software is being driven by the shift toward predictive as well as prescriptive analytics over descriptive analytics within the analytics industry. The trend is gaining traction since neural network software allows for comprehensive application customization.

Machine learning as well as its applications are becoming more prevalent in practically all industries while industrial automation becomes more widespread. Nevertheless, poor adoption because of operational challenges is limiting industry growth owing to the global shortage of expertise.

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