The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Neural Network Software Global Market Report 2024, the neural network software market is expected to show significant growth in the forecast period.

The neural network software market is expected to continue its exponential growth in the coming years, reaching $82.47 billion by 2028, with a CAGR of 25.7%. Factors driving this growth include edge computing integration, the exponential growth of the Internet of Things (IoT), explainable AI (XAI), the expansion of autonomous systems, and continuous model improvement.

Connected Smart Devices Driving Market Growth

The rise in the use of connected smart devices is anticipated to fuel the growth of the neural network software market. Connected smart devices, embedded with sensors, software, and network connectivity, use neural network software for advanced machine learning capabilities. These capabilities allow devices to analyze data patterns for intelligent decision-making and improved user experiences. For instance, Statistics Canada reported a rise in the use of Internet-connected smart devices, with smart speakers emerging as the most favored device. This trend is expected to drive the neural network software market forward.

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Technological Advancements Propel Market
Technological advancements are a key trend in the neural network software market, with companies adopting new technologies to sustain their market position. For example, Open AI launched GPT-4, a natural language processing model based on deep neural network architecture, achieving human-level performance on various benchmarks and solving novel and challenging problems across multiple domains.

Acquisitions Strengthen Market Players

Acquisitions are also shaping the neural network software market, with companies expanding their portfolios and solutions. Checkin.com acquired Datacorp OÜ, a European software development company specializing in neural network algorithms, computer vision, predictive analytics, and data analysis software. This acquisition enabled Checkin.com to include biometric technology through GetID and expand its portfolio of solutions.

Market Segmentation and Regional Outlook

The neural network software market is segmented by type, component, and end-user. By region, Asia-Pacific was the largest market in 2023 and is expected to be the fastest-growing region during the forecast period.

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