The Neural Network Software Market was valued at USD 8.30 billion in 2019 and is expected to reach USD 50.66 billion by 2025, at a CAGR of 35.2% over the forecast period 2020 - 2025. The artificial neural network was completely neglected in the early stage of artificial intelligence development, then gradually recognized and became a large-scale algorithm that is leading the AI development trend.
- The adoption of IoT and connected devices is generating vast structure and unstructured data available with the companies, and it was a tedious job for the processing it, but now with the emerging analytical tools covered the gap and driving the demand for the neural network software market.
- Moreover, in the analytics field, the trend towards predictive and prescriptive analytics passing over descriptive analytics is driving the growth of neural network software market. The trend is booming as the neural network software offers complete customization according to the application.
- The increasing industrial automation across the sectors globally is boosting the development of machine learning and its applications in almost all the industries. However, due to the lack of expertise globally, slow adaptation due to operational challenges are restricting market growth.
Scope of the Report
The scope of the study for the neural network software market is limited to the solutions offered by vendors and their various applications in a wide range of end-user verticals globally.
Key Market Trends
Healthcare Segment to Grow Significantly
- Health care organizations are leveraging artificial neural networks (ANN), to improve the delivery of care at a reduced cost. Applications of ANN to diagnosis are well-known; however, it is increasingly used to inform health care management decisions.
- Heathcare has a complex data environment. In lung segmentation, deep learning is used to segment a lung area from the rest of the anatomy so that it can be accurately refined. Whereas bone assessment is a challenging area for direct observation, deep learning is used to keep track of the maneuver helps the physician actually to observe the bone and making decisions.
- IBM suggested that with increasing capture and digitization of health care data such as electronic medical records and DNA sequences; health care organizations are taking advantage of analyzing large sets of routinely collected digital information to improve service and reduce costs.
- Neural network software also helps in improving the performances of the standard computer in dealing with such a vast amount of data. Intel teamed up with Philips to deliver high performance, efficient deep-learning inference on X-rays and computed tomography (CT) scans without the need for accelerators like GPU clusters.
- The global investment in the AI industry is focused on the vertical industry (AI+), vision, big data, data service, and intelligent robotics. According to CAICT 2018 report, the vertical industry represents a 53% share in the number of global AI investments and financing projects. Whereas, healthcare is one of the areas favored area for capital holds a 9% share of this vertical industry share.
North America to Hold the Largest Market Share
- North America is the largest region for the development for Neural Networks market. Increasing infrastructure and Research and development have boosted the demand for Neural Networks software for applications in problem recognition, forecasting, and formulation.
- The US is the most technologically advances country in this region with the increasing market for industries, like BFSI, Defense, Healthcare, and Logistics, among others. The neural network software has shown disruptive performance in the BFSI sector in terms of evaluation of loan application and predicting stock market index.
- For instance, NASDAQ stock exchange rate prediction, it was discovered that a network with three hidden layers was the optimized network with an accuracy of 94.08% for validation dataset.
- Also, the region maintains the reputation of early adopter for the upcoming technologies with a focus on the process optimization. ADLINK Technology Inc. adopted Intel's OpenVino for guidance, identification, gauging, and inspection for manufacturing processes by integrating machine learning tool.
- Moreover, industries like Automotives and manufacturing in the region are heavily investing in adopting artificial intelligence for their process optimization which in result increasing the opportunity for the neural network software market.
The market trend for neural network software market is dominated by few players like Intel and Nvidia but in the forecast period and it is expected to follow the similar trend throughout the forecast period even though many players are emerging for offering the software with customization capability according to the end-user.
- March 2019 - Nvidia introduced AI toolkit for radiologists with continuing focus on AI hardware and software. The toolkit consisting of 13 state-of-the-art classification and segmentation AIs, and software tools built specifically for radiologists is expected to help radiologists use AI and save time and resources.
- Nov 2018 - Acumos launched its first software from the Acumos AI Project which supports open source innovation in artificial intelligence, machine learning, and deep learning. Acumos AI is a platform and open source framework that makes it easy to build, share and deploy AI apps.
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