Global Neural Networks Software Market
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:
- Increasing Deployment of LTE Wireless Broadband: Long term evolution is a 4 G wireless broadband technology that provides mobile device users with enhanced network capability and velocity.LTE have the ability to provide data transfer rates up to 100 Mbps and 30Mbps upstream. It also offers decreased data rates, scalable capability for bandwidth, and reverse connectivity with current GSM and UMTS technology. They provide the customers with improved with streaming, downloads and uploads. They help the user to get connect easily with anyone around the world without any lags or stutters
- Increasing Digitization: Digitization is the process which is used to transform any information into digital format. Information is structured in this format into separate data units that can be discussed individually. In this image, pictures and sounds are usually converted into the binary code. Digitized data is simpler to store, manage and communicate, and a range of electronic products devices are using digitization. Digitization is very beneficial for the businesses as they help them to increase productivity and improve their efficiency
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:
- In July 2018, Xilinx announced the acquisition of DeePhi. This acquisition will help the company to strengthen their position in the market and will also help them solidify their position in their growing AI market. The company will continue to invest in the DeePhi so they can enhance their machine- learning application
- In August 2016, nDimensional Inc announced the acquisition of NeuroDimension, Inc. This acquisition will help the company to expand their nD platform and this will also enhance their customer support, consulting services and training programs. This will move them to self- service market and help their users to shift from self service data discovery to advanced analytics
“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.
