Neural Network Software Market - Enormous Adoption of Wireless Connectivity Technologies such as 3G and 4G

Neural network software market is currently driven by growth in demand for predictive solutions, increasing adoption of big data analytics and various technological advancements. Predictive solutions are witnessing traction, with an increasing demand from end-use industries such as BFSI, health care, energy & utilities, and media. Exponential increase in the volume of data, increasing digitization, stringent regulations, and financial losses due to the rise in fraudulent practices are some fundamental factors responsible for rising demand for predictive solutions.

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Enormous adoption of wireless connectivity technologies such as 3G and 4G in developing regions and tremendous efforts made by developed countries to rollout 5G in the coming years is expected to have strong influence on market growth over the forecast period. Furthermore, cost and difficulty of collecting and storing data has reduced due to the use of big data analytics. Management and interpretation of enormous data is much easier with the help of big data resulting in its substantial adoption of bog data technologies. In 2016, the global neural network software market was valued at US$4,026.6 mn and is expected to reach US$26,021.1 mn by the end of 2025, expanding at a CAGR of 22.9% during the forecast period from 2017 to 2025.

Spike in Unorganized Data Boosts Demand for Data Mining and Archiving Software

The global neural network software market has been segmented on the basis of software type, industry vertical and region. On the basis of software type, the market has been divided into data mining and archiving, analytical software, optimization software and visualization software. In terms of revenue share, the market is dominated by analytical software segment, nonetheless, data mining and archiving software segment is projected to witness highest CAGR growth over the forecast period. Huge growth of unorganized and spatial data and need to classify this data to execute analytical and predictive operations is the primary reason for data mining and archiving software segment growth.

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In terms of industry vertical, the market has been segmented into BFSI, government & utilities, healthcare, oil & gas, manufacturing, telecom and IT, retail & e-commerce and others. Owing to the rising use of neural network software solutions to monitor and track the risk of various transactions done by customers in banking, BFSI industry is expected to witness significant growth rate over the forecast period. Furthermore, rising adoption of solutions in retail & e-commerce industry especially from Asian countries, is projected to be major contributor to the substantial CAGR of 22.9% for neural network software market. Expected growth of organized retail in coming years especially from Chinese and Indian economies is key factor for the rising adoption rate of neural network software solutions by retail & e-commerce players in Asia Pacific.

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