Artificial Neural Network Market 2032: A Comprehensive Industry Analysis

According to the report, the artificial neural network industry generated $227.8 million in 2022 and is anticipated to generate $1.4 billion by 2032, witnessing a CAGR of 19.9% from 2023 to 2032.

An Artificial Neural Network (ANN) is a computational algorithm inspired by the biological network of human brains, comprising neurons, utilized to tackle intricate nonlinear functions. This model, often termed a "black box," adeptly represents high-dimensional, nonlinear datasets. The ANN model has garnered widespread utilization across diverse domains such as medical science, environmental engineering, weather prediction, and economics.

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Furthermore, ANN solutions have permeated numerous facets of daily life, experiencing remarkable growth in recent years. They are prominently employed in spell-checking, machine translation, facial recognition, and various other real-world applications.

The notable factors positively affecting the artificial neural network market include the growing demand for AI-based solutions and the rising need for intelligent business processes. However, a lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN) can hinder market growth. Furthermore, advancements in big data analytics and the availability of high-performance computing systems offer lucrative market opportunities for the market players.

Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue, owing to the growing demand for artificial neural network solutions in large enterprises which is fueling the market growth in these enterprises. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 22.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the small and medium-sized enterprises organization.

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Based on components, the solution segment held the highest market share in 2022, accounting for less than two-fifths of the artificial neural network market revenue. It is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization which is one of the primary reasons enterprises are increasing their investment in the artificial neural network market. However, the services segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. The services segment is expected to witness the highest growth, as these services help reduce the time and costs associated with optimizing systems in the initial deployment phase.

Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing more than one-fourth of the artificial neural network market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based artificial neural network solutions. However, the cloud segment is expected to portray the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the artificial neural network market revenue. The increase in the usage of artificial neural network solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which is further expected to contribute to the growth of the market in this region.

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Leading Market Players: -

• Amazon Web Services Inc.
• Google Inc.
• Hewlett Packard Enterprise Development LP
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• NVIDIA Corporation
• Oracle Corporation
• Qualcomm Technologies Inc.
• Salesforce Inc.

The report provides a detailed analysis of these key players in the artificial neural network market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Product Launches in the Artificial Neural Network Market

• In April 2023, Google LLC launched a cloud-based automation toolkit for healthcare organizations and previewed Med-PaLM 2, a neural network capable of answering medical exam questions.

• In August 2021, IBM Corporation unveiled details of the upcoming new IBM Telum Processor designed to bring deep learning inference to enterprise workloads to help address fraud in real-time.

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Recent Partnerships in the Artificial Neural Network Market

• In June 2023, Snowflake partnered with Microsoft to simplify joint customers' artificial intelligence projects. A core focus of the collaboration is Microsoft's Azure OpenAI Service. It provides cloud-based versions of OpenAI LP's machine learning models, including GPT-4.

• In November 2021, Qualcomm Technologies partnered with Google Cloud, on Neural Architecture Search (NAS), enabling the companies to create and optimize AI models automatically rather than manually.

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