Neural Network Software Market Growth Outlook Through 2024-2033

Overview and Scope
Neural network software refers to a technique in artificial intelligence that instructs computers to analyze data in a manner patterned after the human brain. Neural network software allows users to design, train, and test neural networks for a variety of applications, such as pattern recognition, prediction, and decision-making.

Sizing and Forecast
The neural network software market size has grown exponentially in recent years. It will grow from $26.44 billion in 2023 to $33 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to growing big data analytics, rise of artificial intelligence (ai), increasing awareness and education, advancements in hardware, emergence of deep learning, industry-specific applications.

The neural network software market size is expected to see exponential growth in the next few years. It will grow to $82.47 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The growth in the forecast period can be attributed to edge computing integration, exponential growth of iot, explainable ai (xai), expansion of autonomous systems, continuous model improvement. Major trends in the forecast period include exponential growth in deep learning, automated machine learning (automl), transfer learning and pre-trained models, advancements in natural language processing (nlp, diversity in neural network architectures.

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Segmentation & Regional Insights
The neural network software market covered in this report is segmented –

1) By Type: Data Mining And Archiving, Analytical Software, Optimization Software, Visualization Software, Other Types
2) By Component: Artificial Neural Network, Deep Neural Network, Services, Platform, Other Components
3) By End User: BFSI, Healthcare, Telecom And IT, Transportation, Other End Users

Asia-Pacific was the largest region in the Neural network software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global neural network software market report during the forecast period. The regions covered in the neural network software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rising demand for digitalization is expected to propel the growth of the neural network software market going forward. Digitization refers to the process of turning physical, paper documents and files into digital versions. As more and more companies and industries move towards digitalization, there is a large amount of data generated. The increase in the availability of large amounts of data and the development of high-performance computing systems enable more widespread use of neural network software. For instance, in December 2022, according to a report published by the Digital Economy and Society Index (DESI), a European Commission-published annual composite index that monitors the digital performance of Europe, 55% of small and medium enterprises (SMEs) exhibited a moderate level of digital proficiency in their workplace, while 38% of businesses used electronic platforms for sharing information. Additionally, in November 2022, according to the U.S. Bureau of Economic Analysis (BEA), a US-based government agency reported that, in 2021, the U.S. digital economy produced $3.70 trillion in current-dollar gross output in 2021, up from $3.30 trillion in 2020. Therefore, the rising demand for digitalization is driving the growth of the neural network software market.

Key Industry Players
Major companies operating in the neural network software market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Alyuda Research LLC, Neural Technologies Limited, Starmind International AG, Ward Systems Group Inc., Afiniti Ltd., NVIDIA Corporation, Oracle Corporation, Qualcomm Technologies Inc., GMDH Inc., Amazon.com Inc., Facebook Inc., Cognex Corporation, BrainChip Holdings Ltd., Skymind Inc., Sentient Technologies, Vicarious, General Vision Inc., Darktrace Limited, Ayasdi Inc., Numenta Inc., Preferred Networks Inc., AIBrain AB, Fluid AI Inc., Clarifai Inc., Squirrel AI Inc., Darwin AI

The neural network software market report table of contents includes:

1. Executive Summary
2. Neural Network Software Market Characteristics
3. Neural Network Software Market Trends And Strategies
4. Neural Network Software Market – Macro Economic Scenario
5. Global Neural Network Software Market Size and Growth
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31. Global Neural Network Software Market Competitive Benchmarking
32. Global Neural Network Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Neural Network Software Market
34. Neural Network Software Market Future Outlook and Potential Analysis
35. Appendix

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