According to a new market research report “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″, published by MarketsandMarkets, the global ANN market size is expected to grow from USD 117 million in 2019 to USD 296 million by 2024, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period.
The major factors fuelling the market growth include the increasing demand to train large volume of data sets with low supervision to drive the market, and growing need for enhanced processing power, learning ability and speed of neural networks to drive the growth of the market.
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The government and defense segment to hold a larger market size during the forecast period
The ANN market is segmented on the basis of applications. The applications include image recognition, signal recognition, data mining, and others (recommender system and drug discovery). The data mining segment is expected to grow at a rapid pace in the coming years in the ANN market. It is one of the leading applications in the ANN market due to growing demand to extract hidden predictive information from huge databases.
Among services, the consulting services segment to grow at a higher CAGR during the forecast period
The ANN market is segmented based on services into two categories, namely, managed services and professional services. The professional services is further bifurcated into consulting services, support and maintenance services and deployment and integration. The consulting services segment is expected to grow at a rapid pace during the forecast period, as consulting services help organizations to utilize ANN tools capabilities that uses graph structures for semantic queries with nodes, edges, and properties to represent and store connected data. The vendors in this market offer services to industrial customers or end-users so that they can effectively manage and deploy ANN solutions.
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North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global ANN market. The region is witnessing significant developments in the ANN market. Many ANN solution providers in North America are experimenting in the ANN market by integrating AI, and deep learning functionalities with their existing ANN solutions. They are also adopting various growth strategies to strengthen their positions in the market.
Major vendors in the global ANN market 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).
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