Neural Network Market Overview:
Neural Network Market incorporates a comprehensive range of practices, tools, solutions, and techniques interrelated closely to a system of hardware and software, which is based on the functionalities of human brain through a variety of deep learning technologies to solve complex pattern recognition or signal processing problems. This system uses neural net and deep learning to deliver improved analytical output while optimizing profits for varied business processes. Applications of neural network include weather prediction, handwriting recognition, oil-exploration data analysis, facial recognition, and speech-to-text transcription, and others.
The report includes the study of the neural network market and focuses on various growth prospects and restraints, based on the regional analysis. The study highlights Porters Five Forces analysis for the neural network market that comprises the impact of suppliers, competitors, new entrants, substitutes, and buyers.
Growth in IT expenditure in emerging nations and technological advancements for workflow optimization fuel the demand for advanced analytical systems, driving the neural network market growth. In addition, growth in demand for cloud-based solutions, demand for spatial data & analytical tools, and increase in market for prediction solutions drive the neural network market growth. However, dearth of trained professionals is expected to restrain the market growth during the forecast period. Furthermore, increased application areas for deep neural networks are expected to create lucrative opportunities for neural network market growth.
The global neural network market is segmented based on component, end-use industry, and region. Based on component, it is classified into software and services. The end-use industry segment includes banking, financial services & insurance (BFSI); public sector; energy & utilities; retail; IT & telecom; manufacturing; aerospace & defense; healthcare; and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Segmentation
Top Impacting Factors
The global neural network market is influenced by several factors that include growth in demand for cloud-based solutions, availability of improved analytical tools and predication solutions, dearth of trained professionals, and impact of developing economies. Each factor would have its definite impact on the neural network market share.
Top Impacting Factors
Availability of Improved Analytical Tools and Predication Solutions
Traditionally, excessive time was consumed for communicating business information and making decisions with the help of homegrown applications. Thus, organizations are on a constant lookout for measures to help them serve their clients and increase their profit margin. At present, predication solutions have become strategic platforms, which provide a solid foundation and information backbone for businesses. A fully integrated analytical tool helps to create accurate, consistent, and timely relevant desired outputs that assist to take better business decisions. However, for efficient and better information integration, companies are searching for spatial data and analytical tools.
Organizations need to access all relevant information quickly to take a necessary business action, owing to increased competition and rapid change in business environment, which can be achieved by transparency in the work and openness. Thus, a neural network that can scale and deal with the global competition while introducing efficiency and transparency is expected to gain a strong foothold in the market during the forecast period.
Growth in Demand for Cloud-based Solutions
The cloud computing model is widely adopted due to its powerful and flexible infrastructural option. Several end users adopt the cloud-based deployment mode to simplify the storage of data, as it provides remote server access on the internet, which provides access to unlimited computing power.
Impact of Developing Economies
Developing countries hold a significant potential for the neural network market due to a low adoption base and developing IT infrastructure. Furthermore, the rapid rate of industrialization in countries, such as India, drives the need of cost-effective predictive solutions among enterprises, which can be addressed through neural network.
Lack of Skilled Workforce
At present, the impact of this factor on the market is high, which limits the end users to invest into advanced solutions and services. However, by 2023, the impact is anticipated to decline due to availability of skilled workforce.
- The report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global neural network market.
- Porters Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the market to determine the investment pockets of the market.
- Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market.
- The quantitative analysis of the market from 2017 to 2023 is provided to elaborate the market potential.
Neural Network Market Key Segments:
By End-use Industry
- Aerospace & Defense
- Banking, Financial Services, and Insurance (BFSI)
- Public Sector
- IT & Telecom
- Energy & Utilities
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
The Key Players Profiled in the Report are as follows:
- Neural Technologies Limited
- Starmind International AG
- Ward Systems Group, Inc.
- GMDH LLC.
- NeuroDimension, Inc.
- Alyuda Research, LLC.
- OLSOFT LLC.