DUBLIN, June 14, 2023 /PRNewswire/ — The “Neural Network Software Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the neural network software market.
The global neural network software market is expected to grow from $21.26 billion in 2022 to $26.44 billion in 2023 at a compound annual growth rate (CAGR) of 24.37%. The neural network software market is expected to reach $65.27 billion in 2027 at a CAGR of 25.34%.
Major players in the neural network software market are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Alyuda Research LLC, Neural Technologies Limited, Starmind, Ward Systems Group Inc., Afiniti, NVIDIA Corporation, Oracle Corporation, Qualcomm Technologies Inc., GMDH Inc., and NeuralWare.
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Neural network software refers to a technique in artificial intelligence that instructs computers to analyze data in a manner patterned after the human brain. Neural network software allows users to design, train, and test neural networks for a variety of applications, such as pattern recognition, prediction, and decision-making.
The main types of neural network software are data mining and archiving, analytical software, optimization software, visualization software, and others. Data mining refers to a method of examining enormous amounts of data that uses neural network software to recreate extensive interactions between inputs and outputs, to look for patterns in data, or to warehouse companies’ data to gather information from databases. It consists of various components, including an artificial neural network, a deep neural network, services, a platform, and other components used by various end users, such as BFSI, healthcare, telecom, transportation, and other end users.
The neural network software market research report is one of a series of new reports that provides neural network software market statistics, including global market size, regional shares, competitors with a neural network software market share, detailed neural network software market segments, market trends and opportunities, and any further data you may need to thrive in the neural network software industry. This neural network software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Technological advancements are a key trend gaining popularity in the neural network software market going forward. Companies operating in the neural network software market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Open AI, a US-based artificial intelligence research company, launched GPT-4. GPT-4 is a natural language processing model based on deep neural network architecture and accepts image and text input to generate text outputs. GPT-4 achieves human-level performance on a variety of academic and professional benchmarks. Additionally, GPT-4 can solve novel and challenging problems across mathematics, programming, vision, law, medicine, psychology, and more.
Asia-Pacific was the largest region in the Neural network software market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the neural network software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The rising demand for digitalization is expected to propel the growth of the neural network software market going forward. Digitization refers to the process of turning physical, paper documents and files into digital versions. As more and more companies and industries move towards digitalization, there is a large amount of data generated. The increase in the availability of large amounts of data and the development of high-performance computing systems enable more widespread use of neural network software.
For instance, in December 2022, according to a report published by the Digital Economy and Society Index (DESI), a European Commission-published annual composite index that monitors the digital performance of Europe, 55% of small and medium enterprises (SMEs) exhibited a moderate level of digital proficiency in their workplace, while 38% of businesses used electronic platforms for sharing information.
Additionally, McKinsey, a US-based management consulting firm, highlighted that the ‘Digital India’ initiative is expected to boost the country’s digital economy to $1 trillion by 2025, up from $200 billion in 2018. Therefore, the rising demand for digitalization is driving the growth of the neural network software market.
The neural network software market includes revenues earned by entities through providing neural network software services, including knowledge discovery in data, medical diagnosis, targeted marketing, and chemical compound identification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The neural network software market consists of sales of standalone software, cloud-based software, and open-source software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.