How is the Neural Network Software Market Poised for Growth: Trends and Opportunities Through 2034
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What key factors are powering the surge in the neural network software market right now?
The size of the neural network software market has seen a dramatic increase in the past few years. The expected growth is from $33.19 billion in 2024 to a staggering $41.47 billion in 2025, suggesting a compound annual growth rate (CAGR) of 25.0%. The historical growth can be associated with factors like the expansion of big data analytics, the advent of artificial intelligence (AI), rising consciousness and education, advancements in hardware technology, the rise of deep learning, and the introduction of industry-specific applications.
How fast Is the neural network software market expected to grow, and what’s its future value?
In the ensuing years, the market size for neural network software is projected to experience massive expansion. It’s predicted to attain “$106.03 billion by 2029, with a compound annual growth rate (CAGR) of 26.5%. The integration of edge computing, the rapid expansion of the Internet of Things (IoT), explainable Artificial Intelligence (XAI), the growth of autonomous systems, and consistent model enhancement are key contributors to the growth forecasted for this period. Significant forecast period trends include massive growth in deep learning, automated machine learning (AutoML), transfer learning and pre-trained models, advancements in Natural Language Processing (NLP), and diversified neural network architectures.
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What are the leading drivers of growth in the neural network software market?
The anticipated surge in demand for digital transformation is poised to stimulate growth trends in the neural network software industry. Digital conversion, essentially the process of converting manual, paper-based documents and records into their digital counterparts, is increasing as more businesses and sectors adopt this strategy. This, in turn, leads to substantial data production. The rapid data availability coupled with the evolution of high-performance computing systems facilitates the broader utilization of neural network software. Furthermore, a study released by the Digital Economy and Society Index (DESI) in December 2022 echoes this sentiment. DESI, an annual index compiled by the European Commission to track Europe’s digital progression, indicated that 55% of small to medium enterprises (SMEs) displayed a fair level of digital competency in their operational ecosystem. Simultaneously, 38% of firms utilized digital platforms for information exchange. This escalating demand for digital transformation is therefore fuelling the expansion of the neural network software market.
What are the key segments defining the neural network software market?
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
Subsegments:
1) By Data Mining and Archiving: Data Preparation Tools, Data Warehousing Solutions, ETL (Extract, Transform, Load) Tools
2) By Analytical Software: Predictive Analytics Tools, Statistical Analysis Software, Machine Learning Platforms
3) By Optimization Software: Linear Programming Tools, Constraint Programming Tools, Heuristic And Metaheuristic Algorithms
4) By Visualization Software: Dashboard And Reporting Tools, Data Visualization Platforms, Geographic Information Systems (GIS)
5) By Other Types: Simulation Software, Neural Network Frameworks, Specialized AI Software Solutions
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Who are the key players steering the development of the neural network software market?
Major companies operating in the neural network software market include 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., Meta Platforms 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
What emerging trends are influencing the growth of the neural network software market?
Advancements in technology are becoming an increasingly popular trend in the neural network software market. Firms active in this market are employing new technological measures to retain their market standing. For instance, in March 2023, Open AI, an American artificial intelligence research firm, introduced the GPT-4. This sophisticated model uses a deep neural network structure to accept image and text inputs and produce text outputs. The GPT-4 showcases competence at a range of scholarly and professional benchmarks. Furthermore, the GPT-4 is capable of addressing a wide range of intricate and unique challenges in areas such as mathematics, programming, vision, law, medicine, psychology, and beyond.
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Which regions are most influential in expanding the neural network software market?
Asia-Pacific was the largest region in the Neural network software market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global neural network software market report during the forecast period. The regions covered in the neural network software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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