Neural Network is the software which is used in stimulating, developing, researching and applying artificial neural networks to a wide array of adaptive systems such as machine learning and artificial intelligence. It is a system which is a combination of hardware and software. The global neural network software market is expected to grow with a CAGR of about 32% during the forecast period of 2016-2023. Increasing adoption of digital technologies, increasing demand for predicting solutions, availability of spatial data and analytical tool are fueling growth in the global neural network software market. Moreover, increasing usage of data archiving tools to deal with large amount of unorganized data generated and increasing applications of neural network software in artificial intelligence and machine learning are also driving the growth of the global neural network software market. However, slow digitization rate across emerging economies is the factor that restrains the growth of global neural network software market.
Geographically, North America accounted for thehighest revenue share in 2016. North America is expected to generate the largest market revenue or the neural network software market during the forecast period owing to the rapid developments in infrastructure and higher adoption of digital technologies in the region. Moreover, Asia Pacific is estimated to be the fastest growing region for neural network software market during the forecast period. The factors such as rising investment in smart cities, digitization of process and operations across commercial, industrial and public sectors and increasing number of technological implementation are responsible for the growth of the neural network software market in Asia Pacific region during the forecast period.
The growth in global neural network software market is also influenced by the presence of major players such as Google (U.S.), Qualcomm (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), IBM (U.S.) etc. product launches, mergers & acquisitions etc. are some crucial strategies adopted by the major players to gain competitive advantage.
Global neural network software market report covers segmentation analysis of component, vertical and software. Analytical software is expected to dominate the global neural network software market in terms of software type during the forecast period. The deployment of analytical software is mainly driven by the increasing demand for data predictive solutions across various end user sectors especially in Banking, Financial Services and Insurance (BFSI), healthcare, energy and utilities and media. The BFSI sector holds the large-scale application areas for neural network software technology, which include stock market analysis, foreign exchange prediction and other activities thereby holding the largest market share among the other end user verticals of the global neural network software market.