ALBANY, New York, April 23, 2019 /PRNewswire/ --The global neural network software market has a consolidative vendor landscape, Transparency Market Research (TMR) estimated during study. Some of the prominent players including SAP SE, Microsoft Corporation, Oracle Corporation, Google Inc., IBM Corporation, Intel Corporation, and QUALCOMM Incorporated are dominating in the global neural network software market. Additionally, these players are trying to offer diversified products in order to gain profitable edge in the overall market.
According to TMR, the global neural network software market is assessed to expand at a CAGR of 22.9% over the forecast period from 2017 to 2025. With this vigorous CAGR, the market is expected to attain a value of US$26,021.1 mn by 2025-end.
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Based on the technology, the data mining and archiving segment dominated the global neural network software market and is expected to remain dominant over the forecast period. Based on end use, BFSI, and healthcare are the most lucrative segments in the global neural network software market owing to growing need for improved services for customer wellbeing. With respect to the region, North America dominated the global neural network software market and is expected to expand with a CAGR of 22% over the forecast period. This growth is attributable to the higher acceptance towards the new and advanced technologies across developed countries in the region.
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Growing Penetration of Advanced Technologies to Propel Market's Growth
Neural network software offers the benefits of the providing the predictive solutions coupled with suggestions of technological advancement. Additionally, growing penetration of the big data analytics across several end user industries including media, energy & utilities, and BFSI is expected to boost adoption of the neural network software solutions. Thus, growing demand for predictive solutions on the back of growing volume data and increasing digitization is propelling growth of the global neural network software market.
Further, the GCC countries including Saudi Arabia, UAE, and South Africa are increasingly adopting these solutions, which in turn helping them to generate high revenues in the region. Additionally, growing investment by players for widening their business is expected to drive growth of the market mainly in South America and Brazil. Additionally, cases of the financial losses and frauds have encouraged governments to implement regulations, which is creating favorable environment is propelling growth of the global neural networks software market.
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Lack of Trained People to Handle Software to Pose as Restrain to Market's Growth
Despite these factors, the market is facing several challenges such as high costs of software coupled with complexity of this software. In addition, the lack of trained operators is hampering adoption of neural networks software solutions, which is limiting growth of the neural network software market.
Nonetheless, booming automotive and health care sectors are rapidly adopting neural networks software solutions. Thus are further offering opportunities for growth of the market in the coming years. Additionally, increasing penetration of the wireless connectivity and technologies such as 3G and 4G mainly in developing countries along with introduction of 5G in developed countries are expected to offer opportunities for growth in coming years.
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This information is encompassed in the report by TMR, titled, "Neural Network Software Market (Software Type – Data Mining and Archiving, Analytical Software, Optimization Software, and Visualization Software; Industry Verticals – BFSI, Government & Utilities, Healthcare, Oil & Gas, Manufacturing, Telecom and IT, and Retail & E-commerce) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
For the study, the neural network software market has been segmented as follows:
- Data Mining and Archiving
- Analytical Software
- Optimization Software
- Visualization Software
- Government & Utilities
- Oil & Gas
- Telecom and IT
- Retail & E-commerce
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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