Neural Network Software Market 2024 - By Industry Demand, Sales, Growth Rate, Key Application, Future Trends, and Outlook until 2033

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.

Market Overview -
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.

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Digitalization Fueling Growth In Neural Network Software Market
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.

Competitive Landscape -
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

Tech Advancements Propel Neural Network Software Market
Technological advancements are a key trend gaining popularity in the neural network software market going forward. Companies operating in the neural network software market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Open AI, a US-based artificial intelligence research company, launched GPT-4. GPT-4 is a natural language processing model based on deep neural network architecture and accepts image and text input to generate text outputs. GPT-4 achieves human-level performance on a variety of academic and professional benchmarks. Additionally, GPT-4 can solve novel and challenging problems across mathematics, programming, vision, law, medicine, psychology, and more.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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