DUBLIN--(BUSINESS WIRE)--The "Artificial Neural Network Market by Component (Solutions, Platform/API and Services), Application (Image Recognition, Signal Recognition, and Data Mining), Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Artificial Neural Network (ANN) Market is expected to grow from USD 117 million in 2019 to USD 296 million by 2024, at a CAGR of 20.5%.
- This market study covers the ANN market across segments.
- It aims at estimating the market size and the growth potential of this market, across different segments, such as provider, application, organization size, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The ANN market is driven by enhanced processing power, learning ability, and speed of neural networks to drive the growth of the market. However, Difficulty in tracking the outcomes of in-process stages can hinder the growth of the ANN market.
The report includes the study of the key players offering ANN solutions and services. It profiles major vendors in the global ANN market. The major vendors include Google (US), IBM (US), Oracle (US), Microsoft (US), Intel (US), Qualcomm (US), Alyuda (US), Ward Systems (US), GMDH, LLC (US), Starmind (Switzerland), NeuralWare (US), Neurala (US), and Clarifai (US). It also includes an in-depth competitive analysis of the key players in the ANN market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
Solutions segment to grow at a higher CAGR during the forecast period
The ANN market is segmented based on components, such as solutions, platform/API, and services. The solution segment is expected to grow at a rapid pace during the forecast period. An efficient ANN solutions offer greater flexibility to developers for programming owing to the ability to design and train customized deep neural networks, and it also provides interfaces to common programming language. ANN solutions help organizations to perform such cognitive functions as problem-solving and machine learning.
Manufacturing segment to grow at the highest CAGR during the forecast period
The ANN market by industry vertical has been segmented into Banking, Financial Services, and Insurance (BFSI), telecommunication and IT, retail and eCommerce, healthcare and life sciences, manufacturing, government and defense, transportation and logistics, and others (media and entertainment, travel and hospitality, and education). The manufacturing segment is projected to grow at the highest CAGR during the forecast period, owing to the growing demand to predict the mechanical proprieties of processed products based on given technological parameters.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China India, South Korea, Japan, Australia and New Zealand (ANZ), and Rest of APAC, growing government regulations and initiatives are expected to drive the growth of the market in APAC.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall ANN market and the sub-segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- Enhanced Processing Power, Learning Ability, and Speed of Neural Networks to Drive the Growth of the Market
- Increasing Demand to Detect Complex Non-linear Relationships Between Variables and Recognize Patterns in Big Data
- Demand to Train Large Volumes of Data Sets With Low Supervision to Drive the Market
- Difficulty in Tracking the Outcomes of In-Process Stages
- Increasing use of ANN in IoT and Data Analytics
- Extrapolation Issues in ANN Being a Drawback to the Market
- Ward Systems
- GMDH, LLC
For more information about this report visit https://www.researchandmarkets.com/r/jrew32