Neural network software is used to perform research, generate and implement artificial neural networks, biological neural network-adapted software concepts, and in some cases a wider variety of adaptive systems such as artificial intelligence and machine learning. They are widely used because they have the ability to do data analysis by decreasing the cost and time. They are mainly used in the businesses as fraud detection or risk assessment. Neural networks are form of artificial intelligence that mimics the learning process of the brain to obtain patterns from historical information technology to work with. Optimization software, visualization software, analytical software and data mining & archiving are some of the common types of the neutral networks software. They are used in different industries such as healthcare, media, IT & Telecom, transportation & logistics among others.
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Some of the factors responsible for the growth of this market are as follow:
The global neural network software market is segmented on the basis of component as neural network software, services, platform and other enabling services; type as data mining and archiving, analytical software, optimization software, and visualization software and vertical as BFSI, government and defense, energy and utilities, healthcare, industrial manufacturing, media, telecom and IT, transportation and logistics, retail and ecommerce, and others
Some of the launches and acquisition by prominent player in the market are:
“According to Data Bridge Market Research, global neural network software market is set to witness a healthy CAGR of 35.70% in the forecast period of 2019 to 2026”
Few of the major competitors currently working in the global neural network software market are Google, IBM Corporation, Microsoft, Intel Corporation, Oracle, SAP SE, Qualcomm Technologies, Inc., Alyuda Research, LLC., Neural Technologies Limited, Ward Systems Group, Inc., Afiniti, GMDH, LLC., Starmind, NeuralWare, Slagkryssaren AB, AND Corporation, Slashdot Media, XENON Systems Pty Ltd, Xilinx Inc and others.
With technological advancement, there is the generation of large amount of data and to organize these data there is demand for data archiving tools which is accelerating the demand for neural network software in the market. Rising adoption of the digital technologies is also affecting the market growth. They are widely used in application such as fraud detection, portfolio management and hardware diagnostics. These are some of the factor effecting the growth of this market.
Global Neural Network Software Market - Industry Trends and Forecast to 2026