According to new market research 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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“Neural Network Software Market by Type (Data Mining and Archiving, Analytical Software, Optimization Software, and Visualization Software), Vertical, and Region – Global Forecast to 2021”
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Analytical tool is expected to dominate the neural network software market in terms of software type
The studies study for global neural network software market encompasses the evaluation of the market on the premise of software program sorts, that’s in addition segmented into data mining and archiving, analytical software, visualization software, and optimization software. The deployment of analytical software program is particularly driven by means of the growing call for for information predictive solutions across various stop-use sectors specifically in Banking, Financial Services, and Insurance (BFSI), healthcare, energy & utilities, and media.
BFSI sector is expected to hold the largest market share
The neural network software cease customers are segmented into BFSI, government & defense, electricity & utilities, media, healthcare, commercial manufacturing, retail & eCommerce, transportation & logistics, telecom & IT, and others. The BFSI sector holds the big scale software areas for neural network generation, which consist of inventory market analysis, foreign exchange perdition, and other such sports, thereby maintaining the most important market share amongst other end-use verticals studied for the marketplace analysis.
Opportunities
Growing Innovation Across End-User Verticals
Increasing Use of Dnn in IoT
Challenges
Difficulty in Training Multilayer Neural Networks
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North America is expected to be the most lucrative market in 2016
The studies observe encompasses regional market analysis for North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America at the side of some of the principal nations within the specific areas. North America is expected to maintain the biggest share of the neural network software market in 2016, observed by Europe.
The rapid tendencies in infrastructure and higher adoption of digital technologies are the two foremost drivers that boom the demand for the neural network software market. Furthermore, the U.S.Is the maximum technologically advanced place with the presence of different enterprise verticals such as BFSI, healthcare, retail & eCommerce, strength & utilities, and plenty of 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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