The global Artificial Neural Network (ANN) market size was USD 160.8 Million in 2021 and register a revenue CAGR of 18.7% over the forecast period, according to a latest analysis by Emergen Research.
The global Artificial Neural Network (ANN) market size was USD 160.8 Million in 2021 and register a revenue CAGR of 18.7% over the forecast period, according to a latest analysis by Emergen Research. The rising adoption of artificial intelligence and machine learning technologies across various industry verticals is a major factor driving the growth of the market. Moreover, the increasing demand for predictive analytics and pattern recognition is expected to boost the market growth in the coming years.
Artificial neural networks (ANNs) are computational models that are inspired by the structure and functional aspects of biological neural networks. These networks are used to recognize patterns, learn from data, and make predictions. They are widely used in various applications such as identification of objects, facial recognition, and voice recognition.
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The increasing demand for ANNs in various applications is one of the major factors driving the growth of the artificial neural network market. Moreover, the increasing adoption of deep learning techniques is another factor expected to boost the market growth. However, the lack of skilled professionals is expected to restraint the market growth.
ANNs are extensively employed in a variety of medical disciplines such as neurosurgery, neurology, psychiatry, and ophthalmology for disease diagnosis and treatment. The global artificial neural network market is segmented on the basis of applications into industrial control, medical diagnostics, facial recognition, data mining, signal processing, and others.
The development of handwriting recognition systems and image processing systems has spurred the use of artificial neural networks in commercial applications. Also, with the advancement of big data analytics, the scope for ANNs is expected to grow further.
Some Key Highlights from the Report
- The industrial control application segment is further bifurcated into process control, quality control, and predictive maintenance. The predictive maintenance application is estimated to grow at the highest CAGR during the forecast period. This growth can be attributed to the increased demand for preventive maintenance from various end-use industries such as oil & gas, automotive, aerospace & defense, power generation, and chemical.
- The medical diagnostics application segment is further classified into disease diagnosis, drug development, and patient data analysis. The disease diagnosis application is expected to grow at the highest CAGR during the forecast period owing to the rising incidences of chronic diseases and the increasing adoption of ANNs in healthcare.
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- On the basis of type, the global artificial neural network market is bifurcated into single-layer perceptron, multi-layer perceptron, and radial basis function. The multi-layer perceptron segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to its capability to solve complex problems and increased adoption in various application areas.
- The on-cloud segment revenue accounted for the largest share in 2021 due to increase in adoption of cloud-based services among small and medium enterprises and large enterprises. The increase in demand for cloud-based services is attributed to features, such as scalability, pay-as-you-go model, and cost-effectiveness.
- The healthcare & life sciences segment generated the highest revenue in 2021 due to increase in adoption of ANNs in this sector for applications, such as disease prediction, drug discovery, and gene expression analysis.
- The retail & consumer goods segment is expected to grow at the highest CAGR during the forecast period due to increase in demand for customer segmentation and personalized marketing among retailers.
- North America is expected to hold the largest share of the market in 2018. This growth can be attributed to the presence of key players in the region and the increasing adoption of ANNs in various application areas.
- Some major companies in the market report include Google LLC, International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, Intel Corporation, Qualcomm Technologies, Inc., Alyuda Research, LLC., Ward Systems Group, Inc., Starmind, and Clarifai Inc.
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Emergen Research has segmented the global Artificial Neural Network market based on offering, deployment, application, industry vertical, and region:
- Offering Outlook (Revenue, USD Million, 2019-2030)
- Software
- Services
- Deployment Outlook (Revenue, USD Million, 2019-2030)
- On-Premise
- On-Cloud
- Application Outlook (Revenue, USD Million, 2019-2030)
- Image Processing
- Fraud Detection
- Data Mining
- Others
- Industry Vertical Outlook (Revenue, USD Million, 2019-2030)
- BFSI
- Medical
- Retail and Sales
- Others
- Regional Outlook (Revenue, USD Million, 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Israel
- Rest of Middle East & Africa
- North America
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