Allied Market Research

Neural Network Market Worth $38,719 Million, Globally, by 2023


Report Code : A01995

quote Increased application areas for deep neural networks, rise in IT expenditures, and surge in demand for cloud-based solutions drive the market growth. In addition, recent innovations and growth in adoption of advanced analytical systems have further fueled the neural network market growth. quote

Pankaj Lanjudkar
Lead Analyst, ICT at AMR

Get 20% Free Customization In This Report
Follow us on Social Media:       

According to a new report by Allied Market Research, titled, Neural Network Market by Component and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global neural network market was valued at $7,039 million in 2016, and is projected to reach at $38,719 million by 2023, growing at a CAGR of 28.0% from 2017 to 2023. The banking, financial services, and insurance (BFSI) represents the most attractive market segment that is expected to create lucrative opportunities for industry players.

Access Full Summary at:

Neural network is a form of artificial intelligence, which involves a series of algorithms used to understand the relationship between datasets and to obtain desired output. This network implements a process, which is designed to incorporate the functionalities of human brain through a variety of deep learning technologies and to solve complex pattern recognition or signal processing problems. Applications of neural network include weather prediction, handwriting recognition, oil-exploration data analysis, facial recognition, and speech-to-text transcription, and others.

The growth of the neural network market is driven by growth in demand for cloud-based solutions, demand for spatial data & analytical tools, and increase in market prediction solutions. Furthermore, increased applications areas for deep neural networks are expected to create lucrative opportunities for neural network market growth. However, dearth of trained professionals is expected to hamper the market growth during the forecast period.

The software segment dominated in 2016, with around 66% revenue share of the global market. This is attributed to the improved IT infrastructure and increased cloud-related expenditures to cater to the untapped markets among the developing nations.

The banking, financial services, and insurance (BFSI) segment dominated the global market with around 19% share in 2016, followed by IT & telecom segment. Furthermore, the aerospace & defense segment is estimated to grow at the highest CAGR of 30.2%, owing to widespread adoption of analytical tools, enhanced deep learning market, and increased aerospace & defense expenditure.

North America was the highest revenue contributor in 2016, accounting for around 36% share in the neural network market. However, Asia-Pacific is projected to grow at the highest CAGR of 31.0% during the forecast period.

The report features the competitive scenario of the neural network market and provides the comprehensive analyses of the significant growth strategies adopted by major players. The key players operating in the neural network market include Neural Technologies Limited, SwiftKey, Starmind International AG, Afiniti, Ward Systems Group, Inc., GMDH LLC., NeuroDimension, Inc., NeuralWare, Alyuda Research, LLC., and OLSOFT LLC.

Key Findings of the Neural Network Market:

  • The BFSI segment dominated the global neural network market in 2016, and the aerospace & defense segment is expected to grow at the highest CAGR during the forecast period from 2017 to 2023.
  • The software segment is estimated to provide significant growth opportunities to the key players operating in the global market.
  • The neural network market in North America is expected to be dominant, in terms of market size. However, Asia-Pacific is estimated to witness significant growth rate, during the forecast period.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975



For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at


First time buyer?
Check offers and discount on this report
To get this report

Click Here

quote Neural Network Market Component (Software and Services) and End-use Industry ((BFSI), Public Sector, Energy & Utilities, Retail, IT & Telecom, Manufacturing, Aerospace & Defense, Healthcare, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023 quote

View Report
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,278 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.


Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers


Featured Readings


Published Date Jan 2021

Surgical Equipment Market

Download Sample

Published Date Nov 2020

Medical Implant Market

Download Sample

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

Get Industry Data Alerts

Buy Full Version
"Neural Network Market"
Purchase Enquiry