The global neural network software market seems to be consolidated, as key players hold substantial number of share in the global market. Leading players in the market are engaged in research and development activities that will help in strengthening their position in the market. They are also diversifying their product offerings to compete strongly against their competitors and expand their presence in different geographies. For instance, a new research published by Google elaborates on how neural network works. This research will help the company to develop better understanding about the abilities and working of neural networks.
In this report, analysts have considered few top players operating in the global neural network software market. It includes Microsoft Corporation, Oracle Corporation, Google Inc., SAP SE, IBM Corporation, Intel Corporation, and QUALCOMM Incorporated.
Based on the statistical information given by Transparency Market Research, the global neural network software market is expected to reach US$26.02 bn by the end of 2025. In 2016, the market earned US$4.02 bn. Over the course of eight years from 2017 to 2025, the global neural network software market is expected to progress at staggering 22.9% CAGR.
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Among a large number of industries, the demand for neural network software is high in BSFI sector. Neural network software helps in tracking and monitoring risk associated with transactions carried out in the banking sector. Moreover, the growing demand for these solutions in the retail & e-commerce industry in emerging economies is also expected to fuel growth in this market. With respect to geography, North America held largest share in 2016 and is likely to dominate in the forthcoming years. Growing demand from the automotive industries and the presence of a large number of players are the key factors driving growth in this market. Additionally, Asia Pacific also has higher chances of growth due to the high adoption rate of neural network software in countries like India, China, and Japan.
Growing Application in Various Industries to Increase Growth Prospects for Neural Network Software
Rising application of neural network software in various industries including BFSI, healthcare, government & utilities, manufacturing, oil & gas, retail & e-commerce, and telecom and IT is one of the major factor driving demand in the global neural network software market. Another significant factor is changing ways to tackle problems in different is evolving. The neural network helps in detecting anomalies and helps in avoiding future problems, which makes it more appropriate to be used in different industries.
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Adding further, neural networks can be reliable and effective in predicting further trends in the banking and finance industries and helps in analyzing future trends. It also has a higher demand in the logistics and defense industries, as it will help in making an accurate and quick determination of alternative routes and strategies for delivery and transportation.
Dearth of Expertise Obstructing Growth of Neural Network Software
Despite all the favorable conditions, there are few factors that might restrict growth in the global neural network software market. One of the major concern is the lack of trained and experienced operators that can help in easy adoption and implementation of neural network software. Additionally, the high cost of software along with complexities of maintaining this software are also likely to deter demand in this global neural network software market. On the other hand, increasing demand for predicating solutions and availability of analytical tools and spatial data might assist in overcoming these challenges and push growth in this market.
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