Global Neural Network Software Market was valued US$ 9.01 Bn in 2018 and is expected to reach US$ XX Bn by 2026, at a CAGR of XX% during a forecast period.
Global Neural Network Software Market
The Global Neural Network Software Market is segmented into software type, vertical, and region. In terms of software type, the global neural network software market is classified into data mining and archiving analytical software, optimization software, and visualization software. Based on vertical, the global neural network software market is categorized into BFSI, government & utilities, healthcare, oil & gas, manufacturing, telecom and IT, and retail & e-commerce. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The major driver for neural network market growth is the increase in data archiving tools to organize the enormous amount of unorganized data generated from diverse end users. Moreover, there is the rise in demand for predicting solutions and higher adoption of digital technologies is another driving factor for neural network software market. An exponential rise in the volume of data, growing digitization, stringent regulations, and financial losses due to the increase in fraudulent practices are some fundamental factors responsible for increasing demand for predictive solutions. Nonetheless, due to the slow digitization rate across evolving economies and lack of technical expertise and operational challenges are the major restrictive factor for the neural network software market growth.
In terms of software type, the market is dominated by analytical software segment, however, data mining and archiving software segment are estimated to witness the 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.
Based on vertical, BFSI industry is anticipated to witness a significant growth rate over the forecast period. Moreover, increasing adoption of solutions in retail & e-commerce industry especially from Asian countries. Estimated growth of organized retail in upcoming years, especially from Chinese and Indian economies, is a key factor for the increasing adoption rate of neural network software solutions by retail & e-commerce players in the Asia Pacific.
In terms of region, North America held the highest revenue share of the global neural network software market. In Europe, the highest revenue contributing countries contains the U.K., France, and Germany. The high adoption rate across the countries namely China, India, and Japan in the region are anticipated to drive the Asia Pacific neural network software market.
Some of the key players in the global neural network software market are 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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The scope of the Global Neural Network Software Market
Global Neural Network Software Market, by Software Type
• Data Mining and Archiving
• Analytical Software
• Optimization Software
• Visualization Software
Global Neural Network Software Market, by Vertical
• BFSI
• Government & Utilities
• Healthcare
• Oil & Gas
• Manufacturing
• Telecom and IT
• Retail & E-commerce
Global Neural Network Software Market, by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Global Neural Network Software Market
• Microsoft Corporation
• SAP SE
• Oracle Corporation
• IBM Corporation
• Google Inc.
• Intel Corporation
• QUALCOMM Incorporated
• Afiniti
• Alyuda Research, LLC
• Neural Technologies Limited
• GMDH, LLC
• International Business Machines Corporation
• Neuralware
• Slagkryssaren Ab
• Starmind International Ag
• Swiftkey
• Ward Systems Group, Inc.
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