The Global Neural Network Market size is estimated to reach $376 million by 2026, growing at a CAGR of 21.7% over the forecast period of 2021-2026.
Neural networks mimic human brain to solve common problems in the field of AI. At the core lies computer science and statistics, that unravel the relation between data sets, and is called artificial neural networks (ANN). It is a subset of Machine Learning (ML) and involves a series of algorithms to come to an output value.
Driving Factors
Rise of Artificial Intelligence (AI) industry and expansion of cloud computing in the industry enhances the growth of neural network market. Neural networks can track user activity to develop tailor-made recommendations.
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They can also analyse all user behavior and discover new products or services that catch the eye of a specific user. Furthermore, access to advanced analytical tools and solutions and predictive behavior positively impact market growth.
Restraints
However, data dependence and requirement for humongous data, including shortage of well-versed professionals in the industry, restrains the market growth adversely.
Opportunities
However, an uptick in demand for neural networks in conversant end-user industries is beaming with opportunities in the neuron network market.
The growth of the industry during COVID-19 outbreak and surge in deep learning in many industries gave birth to neural network market.
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How do neural networks work?
With neural networks, computers can distinguish and recognize images similar to humans.
· Visual recognition in self-driving cars so they can recognize road signs and other road users
· Content optimization to automatically remove foul content from image and video archives
· Facial recognition to identify faces and recognize features such as open eyes, glasses, and facial hair
· Retail stores identifying brand logos, clothing, safety gear, and other image details in brand labelling
Segmentation
By Component
According to component, the software industry in keeping step with learning and accuracy in data retrieval across various industries is helping the market to grow. Though, the service industry will be the fastest growing market in forecast period owing to outsourced product development (OPD), email management, ERP and chat platforms.
By Region
North America holds the greatest potential in neural network market. This region is observing the singular most artificial neural network (ANN). Many ANN solution providers are merging AI with deep learning capabilities to bolster their position in the market.
Asia Pacific holds the key to the most imaginative market amongst regions because of investments made in enhancing the ANN solution worldwide, giving a doorway to the neural network market.
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Key Developments
· In Sept 2022, Andrej Karpathy sets out with ‘Neural Networks: Zero to Hero’ on GitHub. The lectures would comprise a set of exercises in the video description to familiarize with the concepts.
· In 1989, Yann LeCun delivered the first practical demonstration of backpropagation at Bell Labs. He joined neural networks with back propagation to read “handwritten” digits. This system was finally deployed to read the numbers of handwritten checks.
· In Sept 2018, Curalate, a Philadelphia-based start-up, helps brands convert social media posts into sales. Brands use Curalate’s intelligent product tagging (IPT) service to automate the collection and curation of user-generated social content.
Furthermore, IPT uses neural networks to automatically find and recommend products relevant to the user’s social media activity. Consumers don't have to hunt through online catalogues to find a specific product from a social media image. Instead, they can use Curalate’s auto product tagging to purchase the product with ease.
Key Players
Major players in the neural network market include Google, IBM, Alyuda, Ward Systems, GMDH, Starmind, Neuraware, Neurala and Clarifai.
Segmentation
By Component
Software
Services
By Industry Vertical
Banking
Financial Services
Insurance (BFSI)
IT & Telecom
Aerospace & Defense
Public Sector
Healthcare
Manufacturing
Energy & Utilities
Others
By Region
North America
Europe
Asia Pacific
Middle East & Africa (MEA)
South America
TOC:
Chapter 1 Neural Network Market Overview
1.1 Product Overview and Scope of Neural Network
1.2 Neural Network Market Segmentation by Type
1.2.1 Global Production Market Share of Neural Network by Type in 2019
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 Neural Network Market Segmentation by Application
1.3.1 Neural Network Consumption Market Share by Application in 2019
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