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Neural network software market set to $22.55 billion by 2021

IT Market Research

The Global neural network software market to expand from USD 7.17 billion in 2016 to USD 22.55 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.2%.

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The key players in the Neural Network Software Market include – Google Inc. (California, U.S.), IBM Corporation (New York, U.S.), Microsoft Corporation (Washington DC, U.S.), Intel Corporation (California, U.S.), Oracle Corporation (California, U.S.), SAP SE (Waldorf, Germany), and Qualcomm Technologies Inc.

(California, U.S.). The key innovators concentrating mainly on neural network software include Alyuda Research LLC (California, U.S.), Neural Technologies Ltd.

(England, U.K.), Ward Systems Group Inc. (Maryland U.S.), Afiniti (Washington DC, U.S.), GMDH LLC (New York, U.S.), Starmind International AG (Küsnacht, Switzerland), Neuralware (Pennsylvania, U.S.), Slagkryssaren AB (Stockholm, Sweden), AND Corporation (Ontario, Canada), and Swiftkey (London, U.K.)

The artificial neural network ecosystem is segmented by components which include neural network software, services and platform, and other enabling services. Neural network software is further sub-segmented on the basis of software type, end users, and region.

Neural network software types include data mining and archiving, analytical software, optimization software, and visualization software. Segmentation on the basis of end-use verticals  include BFSI, government and defense, energy and utilities, healthcare, media, transportation and logistics, telecom and IT, industrial manufacturing, retail and eCommerce, and others.

The regional analysis includes the study of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

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global neural network software market to expand from USD 7.17 billion in 2016 to USD 22.55 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.2%. The market is escalating rapidly owing to rising digitization trend and the surplus amount of spatial and unorganized data.

The need to cluster such data and derive valuable insights with the help of analytical tools has led to the growing demand for neural network software, which helps in smooth and efficient completion of the task.

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The neural network software type market has been segmented in to data mining and archiving, analytical software, optimization software, and visualization software. The deployment of analytical software is high majorly due to the growing amount of data across varied end use verticals and the need to manage it.

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