Neural Network Software Market

Global Neural Network Software Market Size (2023 to 2028)

The global neural network software market is expected to be worth USD 26.63 billion in 2023 and USD 74.6 billion by 2028, growing at a CAGR of 22.88% from 2023 to 2028.

Neural network software acts as a toolkit enabling the creation, training, and implementation of artificial neural network models inspired by the human brain. Popular tools such as TensorFlow and PyTorch are invaluable aids for developers and researchers, facilitating the construction of intelligent systems. They assist in designing these networks by defining their structure and connections and then training them with data to learn and predict patterns. These software packages also include features for testing and refining the networks to ensure optimal performance. Once trained, these models can be integrated into applications for tasks like image recognition or language processing. They empower users to leverage the capabilities of neural networks across diverse fields, from healthcare to finance and more.

Global Neural Network Software Market Drivers:

The global neural network software market is witnessing robust growth driven by rapid advances in artificial intelligence (AI) and machine learning (ML) technologies. Businesses are increasingly recognizing the transformative potential of AI and ML, fuelling a surge in demand for sophisticated neural network software tools. This surge is particularly evident as organizations across diverse industries seek to leverage these technologies for various applications. The evolving landscape reflects a profound integration of neural networks into business processes, emphasizing the critical role of advanced software solutions. As the demand for more intricate and specialized neural network tools continues to rise, the market is poised for further expansion. The ongoing developments in AI and ML are not only shaping the technological landscape but are also propelling the neural network software market into a pivotal position within the broader realm of innovative and intelligent solutions.

The neural network software market is experiencing a profound impact from the abundant availability of big data, serving as a pivotal driver for the global market growth. The indispensable role of large datasets in training neural networks, especially deep learning models, is propelling the demand for advanced software solutions. The necessity for massive data sets is intrinsic to achieving high accuracy in neural network models, prompting businesses to seek robust tools that can handle and process such extensive information. The ready availability of big data is not only fuelling the development of more accurate neural networks but also enabling the training of increasingly complex models. As organizations across various sectors harness the power of big data, the neural network software market is poised to thrive, providing essential tools to navigate and extract meaningful insights from the wealth of available information.

Global Neural Network Software Market Restraints:

The neural network software market confronts a significant restraint in the form of high computational costs, particularly during the training of intricate neural network models such as deep learning architectures. This computational intensity poses a considerable challenge for smaller businesses and organizations with limited resources. The financial constraints associated with acquiring and maintaining the requisite computational infrastructure can impede the widespread adoption of neural network software in these sectors. As these organizations grapple with the cost implications, the market is faced with the task of devising cost-effective solutions, perhaps through cloud-based services or streamlined algorithms, to mitigate the financial burden on smaller players.

The scarcity of skilled professionals proficient in AI and machine learning is another significant restraint to the growth of the neural network software market. The development and deployment of effective neural network solutions demand specialized expertise, creating a bottleneck as industries seek to harness the potential of these technologies. The shortage of skilled professionals poses a significant constraint, hindering the widespread adoption and implementation of neural network software across diverse sectors. As businesses navigate the complexities of neural network integration, the emphasis on cultivating a skilled workforce stands out as a pivotal factor in unlocking the full potential of AI and machine learning applications.

Impact of COVID-19 on the global neural network software market:

The COVID-19 pandemic had a notable impact on the neural network software market. Initially, disruptions in businesses and uncertainties in various sectors affected investments in AI technologies, including neural network software. Many companies postponed or reevaluated their AI adoption plans due to financial constraints. However, the pandemic also accelerated the importance of AI and neural network software in various applications. Industries sought innovative solutions for remote operations, healthcare diagnostics, and data analysis. Neural network software proved valuable in pattern recognition, predictive modeling, and optimizing processes, aiding in pandemic response efforts. Overall, the Neural Network Software Market is poised for growth. As economies recover, the demand for AI technologies, including neural networks, is expected to surge across industries. Businesses recognize the potential for AI-driven solutions to enhance efficiency, decision-making, and innovation, positioning neural network software as a fundamental component in the post-pandemic era of digital transformation.

REPORT COVERAGE:

This research report on the global neural network software market has been segmented and sub-segmented based on software type, component and region.

Global Neural Network Software Market - By Software Type:

• Data Minning Archiving
• Analytical Software
• Optimization Software
• Visualization Software

Global Neural Network Software Market - By Components:

• Software & Service
• Managed Services

Global Neural Network Software Market - By Vertical:

• BFSI
• Government & Utilities
• Healthcare
• Oil & Gas
• Manufacturing
• Telecommunications & IT
• Retail
• E-Commerce

Global Neural Network Software Market - By Region:

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• Latin America.

North America is the most dominant in the Neural Network Software Market growth by the presence of major tech companies and a strong focus on innovation. It is also a thriving tech ecosystem with significant investments in research and development and a robust adoption of artificial intelligence (AI) technologies.

Europe holds the second largest market share in the Neural Network Software Market by making substantial contributions to the neural network software market. It also exhibits a commitment to technological advancements and has a considerable presence in industries such as automotive, healthcare, and finance, driving the market demand for neural network solutions.

Asia-Pacific is also witnessing rapid growth, by a combination of strong economic growth, increasing investments in AI, and a burgeoning tech industry.

Latin America, the Middle East, and Africa are also part of the neural network software market by factors such as economic conditions, technological infrastructure, and the pace of digital transformation.

KEY MARKET PLAYERS:

Companies playing a dominating role in the global neural network software market are Google Inc. (California, United States), IBM Corporation (New York, United States), Microsoft Corporation (Washington DC, United States), Intel Corporation (California, United States), Oracle Corporation (California, United States), SAP SE (Waldorf, Germany) and Qualcomm Technologies Inc. (California, United States). The main innovators who mainly focus on neural network software are Alyuda Research LLC (California, USA), Neural Technologies Ltd. (England, United Kingdom), Starmind International AG (Küsnacht, Switzerland), Neuralware (Pennsylvania), United States), Slagkryssaren AB (Stockholm, Sweden), ET Corporation (Ontario, Canada) and Swiftkey (London, United Kingdom).

RECENT HAPPENINGS IN THE MARKET:

• In March 2019, Nvidia introduced a set of AI tools for radiologists, with a constant focus on AI hardware and software. The 13 AI toolsets and next-generation segmentation and classification software tools specifically designed for radiologists are expected to help radiologists use AI and save time and resources.
• In November 2018, Acumos released its first Acumos AI project software that supports open-source innovation in the fields of artificial intelligence, machine learning and deep learning. Acumos AI is an open-source platform and framework that makes it easy to create, share, and deploy AI applications.