Rise in digitization and growing internet penetration across the globe are expected to offer lucrative opportunities in the industry.
Rise in digitization and growing internet penetration across the globe are expected to offer lucrative opportunities in the industry. Significant advancement in the field of artificial intelligence (AI), surge in cloud disruption in the modern industry, and availability of advanced analytical tools and prediction solutions are expected to drive the growth of the growth of the global neural networks market.
Key market players such as - Afiniti, Alyuda Research, LLC, GMDH Inc., Starmind, SWIFTKEY (Microsoft Corporation), Ward Systems Group, Inc., Neural Technologies Limited, NeuralWare, nDimensional, OLSOFT LLC.
The global neural network market was estimated 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.
By region, the region across North America held the lion’s share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 28.2% during the forecast period.
By component, the software segment generated the highest share in 2020, accounting for nearly two-thirds of the global market. The service segment, however, would cite the fastest CAGR of 27.7% during the forecast period.
By industry, the BFSI segment accounted for the major share in 2020, holding nearly one-fifths of the global neural network industry. The manufacturing segment, however, would exhibit the fastest CAGR of 30.7% during the forecast period.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a sharp decline on the growth of the neural network’s market during the initial phase of the pandemic in 2020 due to the prevalence of lockdowns in various countries across the globe, in order to curb the spread of the virus.
- However, the neural network industry is expected to recoup post-pandemic with the rise in demand for spatial data & analytical tools and several cloud-based & prediction solutions.
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