Neural Network Software Market Report 2024: Latest Insights, Growth Rate, Future Trends And Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Neural Network Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The neural network software market size has grown exponentially in recent years. It will grow from $26.44 billion in 2023 to $33 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to growing big data analytics, rise of artificial intelligence (ai), increasing awareness and education, advancements in hardware, emergence of deep learning, industry-specific applications.

The neural network software market size is expected to see exponential growth in the next few years. It will grow to $82.47 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The growth in the forecast period can be attributed to edge computing integration, exponential growth of iot, explainable ai (xai), expansion of autonomous systems, continuous model improvement. Major trends in the forecast period include exponential growth in deep learning, automated machine learning (automl), transfer learning and pre-trained models, advancements in natural language processing (nlp, diversity in neural network architectures.

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Market Segmentation:
The neural network software market covered in this report is segmented -
1) By Type: Data Mining And Archiving, Analytical Software, Optimization Software, Visualization Software, Other Types
2) By Component: Artificial Neural Network, Deep Neural Network, Services, Platform, Other Components
3) By End User: BFSI, Healthcare, Telecom And IT, Transportation, Other End Users

Major Driver - Digitalization Fueling Growth In Neural Network Software Market
The rising demand for digitalization is expected to propel the growth of the neural network software market going forward. Digitization refers to the process of turning physical, paper documents and files into digital versions. As more and more companies and industries move towards digitalization, there is a large amount of data generated. The increase in the availability of large amounts of data and the development of high-performance computing systems enable more widespread use of neural network software. For instance, in December 2022, according to a report published by the Digital Economy and Society Index (DESI), a European Commission-published annual composite index that monitors the digital performance of Europe, 55% of small and medium enterprises (SMEs) exhibited a moderate level of digital proficiency in their workplace, while 38% of businesses used electronic platforms for sharing information. Additionally, in November 2022, according to the U.S. Bureau of Economic Analysis (BEA), a US-based government agency reported that, in 2021, the U.S. digital economy produced $3.70 trillion in current-dollar gross output in 2021, up from $3.30 trillion in 2020. Therefore, the rising demand for digitalization is driving the growth of the neural network software market.

Competitive Landscape:
Major companies operating in the neural network software market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Alyuda Research LLC, Neural Technologies Limited, Starmind International AG, Ward Systems Group Inc., Afiniti Ltd., NVIDIA Corporation, Oracle Corporation, Qualcomm Technologies Inc., GMDH Inc., Amazon.com Inc., Facebook Inc., Cognex Corporation, BrainChip Holdings Ltd., Skymind Inc., Sentient Technologies, Vicarious, General Vision Inc., Darktrace Limited, Ayasdi Inc., Numenta Inc., Preferred Networks Inc., AIBrain AB, Fluid AI Inc., Clarifai Inc., Squirrel AI Inc., Darwin AI

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Top Trend - Tech Advancements Propel Neural Network Software Market
Technological advancements are a key trend gaining popularity in the neural network software market going forward. Companies operating in the neural network software market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Open AI, a US-based artificial intelligence research company, launched GPT-4. GPT-4 is a natural language processing model based on deep neural network architecture and accepts image and text input to generate text outputs. GPT-4 achieves human-level performance on a variety of academic and professional benchmarks. Additionally, GPT-4 can solve novel and challenging problems across mathematics, programming, vision, law, medicine, psychology, and more.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Neural Network Software Market Characteristics
3. Neural Network Software Market Trends And Strategies
4. Neural Network Software Market - Macro Economic Scenario
5. Neural Network Software Market Size And Growth
…..
27. Neural Network Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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