Neural Network Market to Reach USD 152.61 Billion by 2030 | Top key players, Growth and Trends
rise in digitization and growing internet penetration across the globe are expected to offer lucrative opportunities.
PORTLAND, PORTLAND, OR, UNITED STATE, September 25, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global neural network market was estimated at $14.35 billion in 2020, and is projected to reach $152.61 billion by 2030, registering a CAGR of 26.7% from 2021 to 2030.
Significant advancement in the field of artificial intelligence (AI), surge in cloud disruption in the modern industry, and availability of advanced analytical tools and prediction solutions are expected to drive the growth of the growth of the global neural networks market. On the other hand, lack of skilled professionals hinders the growth to some extent. However, rise in digitization and growing internet penetration across the globe are expected to offer lucrative opportunities
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COVID-19 scenario:
➢ The outbreak of COVID-19 has had a sharp decline on the growth of the neural network’s market during the initial phase of the pandemic in 2020 due to the prevalence of lockdowns in various countries across the globe, in order to curb the spread of the virus.
➢ However, the neural network industry is expected to recoup post-pandemic with the rise in demand for spatial data & analytical tools and several cloud-based & prediction solutions.
The global neural market is analyzed across component, industry vertical and region.
By component, the software segment generated the highest share in 2020, accounting for nearly two-thirds of the global market. The service segment, however, would cite the fastest CAGR of 27.7% during the forecast period.
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By industry, the BFSI segment accounted for the major share in 2020, holding nearly one-fifths of the global neural network industry. The manufacturing segment, however, would exhibit the fastest CAGR of 30.7% during the forecast period.
By region, the region across North America held the lion’s share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 28.2% during the forecast period.
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Key players in the industry:
➢ Afiniti
➢ Alyuda Research, LLC
➢ GMDH Inc.
➢ Starmind
➢ SWIFTKEY (Microsoft Corporation)
➢ Ward Systems Group, Inc.
➢ Neural Technologies Limited
➢ NeuralWare
➢ nDimensional
➢ OLSOFT LLC.
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Similar Reports:
1. Brain Computer Interface Market
2. Artificial Neural Network Market
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