According to the report, the Neural Network Software Market is expected to reach over USD 22.55 billion by 2024 at a growing CAGR of 33.2 percent. A neural network is a structure of hardware and software patterned after the operation of neurons in the human brain. The software is utilized to simulate, research, build, and deploy Artificial Neural Networks. The report included detailed competitive aspects, such as market share and leading participants of the market.
For the growth of Neural Network Software Market, key driving factors involve augmenting the use of Deep Neural Network, availability of spatial data and analytical tools, and escalating demand for predictive solutions. In terms of key players, Alyuda Research LLC, GMDH LLC, Neuralware, Google Inc, Microsoft, IBM Corp, Intel, Oracle, SAP SE, Qualcomm Technologies drive the growth of Neural Network Software Market. The further Key players profiled in the report that mainly focused on neural network software- Ward Systems Group Inc., Starmind International AG, Slagkryssaren AB, AND Corporation, and Afiniti. The Market for Neural Network Software is classified into Artificial Component Analysis, Type Analysis Vertical Analysis, and Regional Analysis.
By Artificial Component Analysis, the market is categorized in Neural Network Software, Services and Platform, and Other Enabling Services. With Vertical Analysis, it segmented in industries, from BFSI, Government and Defense, Energy and Utilities, to Healthcare, Industrial Manufacturing, Media, Telecom and IT, to Transportation and Logistics, Retail and e-commerce and others. And by Regional Analysis, the Market for Neural Network Software divided into North America, Europe, and Asia-Pacific, and some other nations. Apart from these facts, the report also contains some retraining factors that hinder the Neural Network, Software Market. Lack of expertise and other operational challenges; slow digitization rate across emerging economies; and Difficulty in Training Multilayer Neural Networks.