Market Size – USD 11.37 Billion in 2018, Market Growth – CAGR of 30.6%, Market Trends – Increase in demand for neural network software in the BFSI sectors.
The global neural network software market is forecast to reach USD 97.11 Billion by 2026, according to a new report by Reports and Data. The neural network software distinguish the subtle nonlinear interdependencies with individual patterns of data and self-learn to produce complex decisions without being programmed. This revolutionizes the data mining by extracting the garbage data from the big data to facilitate highly accurate predictive models using advanced preprocessing automated algorithms. The neural network software evaluates the price data, which helps in making trade decisions based on data analysis.
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The predictive decisions by the various neural network software are accurate upto 60% of the time. The rising requirement of these software in clinical diagnosis, image & signal analysis and interpretation, and drug development, among others, are propelling the market growth broadly. The BFSI sector segment has the highest market share due to numerous application areas related to financial analysis, predictive costing, risk investigation, and others.
APAC is forecasted to achieve the fastest growth of about 33.1% in the period 2019 – 2026, due to its extensive development in the information technology infrastructure coupled with the massive proliferation of the internet availability and digital marketing. India and China are some of the fastest-growing countries due to the immense growth in their potential consumer base throughout all the major industry verticals and rise in the big data.
Further key findings from the report suggest
- Currency prediction, business analysis, debt risk assessment, failure prediction, and credit approval are some of the highly beneficial applications for the banking, financial services, and insurance (BFSI) sectors. The segment had the highest market revenue of USD 2.91 Billion in 2018 and is forecasted to grow at a CAGR of 32.0% during the forecast period.
- The neural network software helps in various aspects of the IT & telecommunication services. Unsupervised learning, nonlinear channel modeling, fraud detection, network routing, and designing are highly impactful using these software platforms. The IT & telecom segment had a market share of 13.2% in 2018 and has a CAGR of 30.7% during the forecast period.
- Open source software are the free versions easily available and made for standard requirements. NuClass7, and Sharky Neural Network are some of the instances of the open sources available. The segment is growing rapidly with a CAGR of 32.6% during the forecast period.
- Commercial software caters to the clients with specific requirements like predictive modeling for effective measurement, data output, and others. SPSS Neural Connection, NeuroXL, MemBrain and others lie under this segment. About 73.5% of the market share will be of this segment by 2026.
- North America is leading the global market, with 39.4% of market possession in 2018 and would continue dominating with a CAGR of 31.2% during the forecast period. The US possessed the highest market share in the global market in 2018.
- Europe would reach a market share of 23.7% by 2026 and would grow at a CAGR of 29.8% in the forecast period. Germany has the highest contribution to this region.
- Key participants include Microsoft, IBM, Google, Qualcomm Incorporated, Intel Corporation, Neural Technologies Limited, SAP SE, Oracle Corporation, Ward Systems, and Slagkryssaren.
For the purpose of this report, Reports and Data have segmented the global Neural Network Software Market on the basis of the type, component, availability, end-use verticals, and region:
Type Outlook (Revenue: USD Billion; 2016-2026)
- Data Preprocessing
- Analytical Tools
Component Outlook (Revenue: USD Billion; 2016-2026)
- Service Based Platforms
- Customized Software
Availability Mode Outlook (Revenue: USD Billion; 2016-2026)
- Open Source
End-Use Verticals Outlook (Revenue: USD Billion; 2016-2026)
- Retail & E-commerce
- Industrial Sector
- Transportation & Logistics
- IT & Telecom Service
- Education & Research
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Regional Outlook (Revenue: USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
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