Global Neural Network Software Market: Snapshot
Neural network software market is currently driven by growth in demand for predictive solutions, increasing adoption of big data analytics and various technological advancements. Predictive solutions are witnessing traction, with an increasing demand from end-use industries such as BFSI, health care, energy & utilities, and media. Exponential increase in the volume of data, increasing digitization, stringent regulations, and financial losses due to the rise in fraudulent practices are some fundamental factors responsible for rising demand for predictive solutions.
Enormous adoption of wireless connectivity technologies such as 3G and 4G in developing regions and tremendous efforts made by developed countries to rollout 5G in the coming years is expected to have strong influence on market growth over the forecast period. Furthermore, cost and difficulty of collecting and storing data has reduced due to the use of big data analytics. Management and interpretation of enormous data is much easier with the help of big data resulting in its substantial adoption of bog data technologies. In 2016, the global neural network software market was valued at US$4,026.6 mn and is expected to reach US$26,021.1 mn by the end of 2025, expanding at a CAGR of 22.9% during the forecast period from 2017 to 2025.
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Spike in Unorganized Data Boosts Demand for Data Mining and Archiving Software
The global neural network software market has been segmented on the basis of software type, industry vertical and region. On the basis of software type, the market has been divided into data mining and archiving, analytical software, optimization software and visualization software. In terms of revenue share, the market is dominated by analytical software segment, nonetheless, data mining and archiving software segment is projected to witness highest CAGR growth over the forecast period. Huge growth of unorganized and spatial data and need to classify this data to execute analytical and predictive operations is the primary reason for data mining and archiving software segment growth.
In terms of industry vertical, the market has been segmented into BFSI, government & utilities, healthcare, oil & gas, manufacturing, telecom and IT, retail & e-commerce and others. Owing to the rising use of neural network software solutions to monitor and track the risk of various transactions done by customers in banking, BFSI industry is expected to witness significant growth rate over the forecast period. Furthermore, rising adoption of solutions in retail & e-commerce industry especially from Asian countries, is projected to be major contributor to the substantial CAGR of 22.9% for neural network software market. Expected growth of organized retail in coming years especially from Chinese and Indian economies is key factor for the rising adoption rate of neural network software solutions by retail & e-commerce players in Asia Pacific.
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Automotive Industry in North America Fuels Demand for Neural Network Software Solutions in the Region
In 2016, North America held highest revenue share of global neural network software market with the U.S contributing the maximum revenue and it is expected that the region will show significant growth over the forecast period. Presence of numerous market players and demand for solutions from automotive industry especially from the U.S., is expected to drive the growth of regional market. In Europe, highest revenue contributing countries includes the U.K., France and Germany. The high adoption rate across the countries namely China, India and Japan in the region is expected to drive the
Asia Pacific neural network software market. Gulf Cooperation Council (GCC) countries including Saudi Arabia and United Arab Emirates (UAE) and South Africa are the highest revenue generating regions from MEA. South American Neural Network Software market is driven by rising investment in the region by market players. Brazil is the highest revenue contributing country to the neural network software market from the region.
The company profiling of key players profiled in the global neural network software market includes company overview, major business strategies adopted, SWOT analysis and market revenues for year 2014 to 2016. The key players profiled in the global neural network software market includes Microsoft Corporation, SAP SE, Oracle Corporation, IBM Corporation, Google Inc., Intel Corporation, QUALCOMM Incorporated, Afiniti, Alyuda Research, LLC. and Neural Technologies Limited.
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Neural Network Software Market to Rise Remarkably Owing to Increasing Adoption by E-commerce and Retail Sectors
The increasing adoption of Industry 4.0 and other technologically advanced software is expected to boost the growth of the global neural network software market in the future years. Huge reception of remote availability innovations, for example, 3G and 4G in creating locales and colossal endeavors made by created nations to rollout 5G in the coming years is required to have solid effect on market development over the estimate time frame. Moreover, cost and trouble of gathering and putting away information has decreased because of the utilization of huge information examination. The board and understanding of gigantic information is a lot simpler with the assistance of huge information bringing about its generous selection of marsh information innovations.
Based on industry vertical, the global market is categorized into healthcare, oil & gas, IT and telecom, BFSI, e-commerce, manufacturing, utilities & government, and others. Among these, the BFSI sector gained the maximum revenue in the past and is likely to continue doing so in the coming years on account of the increasing use of neural network software solution for tracking and monitoring of customer transactions in the banking and finance industry. Geographically, the market is dominated by North America. However, the increasing adoption of advanced technology and analytical solutions in the emerging economies will help boost the market in Asia Pacific in the coming years.
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