Neural Network Market is Predicted to Reach USD 152.61 billion at a CAGR of 26.7% by 2030

Neural Network Market

The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections

WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 6, 2024 /EINPresswire.com/ — The global 𝐍𝐞𝐮𝐫𝐚𝐥 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐌𝐚𝐫𝐤𝐞𝐭 was valued 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. The growth in demand for cloud-based solutions, increase in demand for spatial data & analytical tools, and rise in market prediction solutions drive the growth of the market. Furthermore, surged applications areas for deep neural networks are anticipated to create lucrative opportunities for neural network market growth. However, lack of trained professionals is expected to hamper the market growth during the forecast period.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 – 253 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/2326

The end-use industry segment includes banking, financial services & insurance (BFSI), public sector, energy & utilities; retail, IT & telecom, manufacturing, aerospace & defense, healthcare, and others. The banking, financial services, and insurance (BFSI) segment dominated the global market with nearly 19% share in 2016. Whereas, the aerospace & defense segment is estimated to grow at the highest CAGR of 30.2% in between 2016-2023.

Neural network is a simple processing element, node, or unit, which is an interconnection of groups, whose functionality is derived from the features of neurons. Moreover, it is known as artificial neural network (ANN). ANN has several advantages, such as ability to detect complex nonlinear relationships between dependent & independent variables and ability to learn from observing data sets. Neural network software is used in various fields such as, speech recognition, machine translation, video games, and medical diagnosis.

The Neural Network Market report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/neural-network-market/purchase-options

Advancement in the field of artificial intelligence (AI) market and growth in cloud disruption in the modern industry boost the growth of the global neural network market. In addition, availability of advanced analytical tools and prediction solutions positively impacts the growth of the market. However, huge requirement and high dependency on data, lack of experienced professionals, and difficulties in training multilayer neural network hamper the market growth. On the contrary, growing application areas for deep neural networks is expected to offer remunerative opportunities for expansion of the market during the forecast period.

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 software segment dominated in 2016, with around 66% revenue share of the global market.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2326

Region wise, the neural network market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to technological advancements and new strategies applied by the major companies such as, Google, Microsoft, and Facebook to adopt AI as core strategic driver for business. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to industrialization and demand for efficient technologies in industries such as retail, IT & telecom, Banking, Financial Services and Insurance(BFSI), and growth of manufacturing & energy sectors in countries, such as China, India, and Japan.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2326

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐀𝐟𝐢𝐧𝐢𝐭𝐢
𝐀𝐥𝐲𝐮𝐝𝐚 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐋𝐋𝐂
𝐆𝐌𝐃𝐇 𝐈𝐧𝐜.
𝐍𝐞𝐮𝐫𝐚𝐥 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐋𝐢𝐦𝐢𝐭𝐞𝐝
𝐍𝐞𝐮𝐫𝐚𝐥𝐖𝐚𝐫𝐞
𝐧𝐃𝐢𝐦𝐞𝐧𝐬𝐢𝐨𝐧𝐚𝐥
𝐎𝐋𝐒𝐎𝐅𝐓 𝐋𝐋𝐂
𝐒𝐭𝐚𝐫𝐦𝐢𝐧𝐝
𝐒𝐖𝐈𝐅𝐓𝐊𝐄𝐘 (𝐌𝐢𝐜𝐫𝐨𝐬𝐨𝐟𝐭 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧)
𝐖𝐚𝐫𝐝 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐆𝐫𝐨𝐮𝐩, 𝐈𝐧𝐜

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𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

Depending on component, the software segment accounted for the largest neural network market share in 2020.

Region wise, North America generated the highest revenue in 2020.

According to industry vertical, the BFSI segmented generated the highest revenue in 2020.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

Encryption Software Market – https://www.alliedmarketresearch.com/world-encryption-software-market

ultra-secure smartphone market – https://www.alliedmarketresearch.com/ultra-secure-smartphone-market

Edge Computing Market – https://www.alliedmarketresearch.com/edge-computing-market

David Correa
Allied Market Research
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