In-Depth Analysis on Neural Network Market Size, Demand and Forecast by 2030

According to a recent report published by Allied Market Research, titled, "Neural Network Market by Component and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,"

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.

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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.

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.

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Competitive Analysis:
The competitive environment of Neural Network Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Neural Network Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Afiniti
Alyuda Research, LLC
GMDH Inc.
Neural Technologies Limited
NeuralWare
nDimensional
OLSOFT LLC
Starmind
SWIFTKEY (Microsoft Corporation)
Ward Systems Group, Inc and Many More

By 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.

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The outbreak of COVID-19 is anticipated to have a positive impact on the neural network market size. It worked as a prediction model to help detect the positive cases, thus reducing spread of the virus. Moreover, the neural network-based prediction models not only helped allocating medical resources but also raising the preparedness of involved healthcare systems. However, application of ANN to predict the COVID-19 outbreak is limited.

Services segment is expected to experience fastest growth in the coming years, owing to adoption of various services by SMES and large enterprises such as, outsourced product development (OPD), call recording, email management, enterprise resource planning, chat platforms, project setup & forecast review, custom software development, and remote training.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.