What is the Historic and Current Scenario of the Artificial Neural Network Market?
The artificial neural network market has seen considerable growth due to a variety of factors.
• The size of the artificial neural network market has seen rapid expansion in the preceding years. Projection indicates that it will rise from $0.49 billion in 2024 to a worth of $0.58 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.80%.
The recorded expansion during historical periods can be attributed to a rise in cyber attacks, growing needs for AI and automation, the development of autonomous systems, expanding acceptance of the Internet of Things (IoT), and a surge in the adoption of cloud-based solutions.
What are the Forecasted Growth and Key Factors of the Artificial Neural Network Market?
The artificial neural network market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate an accelerated expansion phase for the artificial neural network market in the upcoming years. By 2029, it's estimated to reach $1.11 billion with a compound annual growth rate (CAGR) of 17.44%.
The projected growth throughout this period is primarily driven by factors such as the surging demand in various industries for artificial intelligence (AI), growing preference for cloud-based services, increased utilization of voice assistants and conversational AI, heightened application in drug discovery and healthcare areas, and growing volumes of big data. Key trends expected to impact this forecast period would include advancements in machine learning and neural networks, their integration with big data and analytics, connectivity with Internet of Things (IoT) and edge computing, its integration between hybrid cloud and edge, and its incorporation with 5G networks.
What Are the Critical Driver Fuelling the Artificial Neural Network Market's Growth?
The escalating need for cloud-based technology is predicted to fuel the expansion of the artificial neural network market in the future. Cloud-based technology indicates services or applications which are run on distant servers retrievable via the internet, instead of being hosted on local servers or gadgets. The surge in demand for these solutions can be credited to their scalability, cost efficiency, enhanced accessibility of data, and remote collaboration support, which cater to the changing requirements of modern businesses. Artificial neural networks amplify these solutions by facilitating sophisticated data processing, predictive analytics, and smart decision-making functions for improved efficiency and adaptability. For example, Eurostat, a government agency from Luxembourg in the EU, documented a 4.2 percentage point rise in the purchase of cloud computing services by businesses in 2023 compared to 2021. Hence, the burgeoning demand for cloud-based solutions is propelling the artificial neural network (ANN) market's growth.
How Is the Artificial Neural Network Market segmented?
The artificial neural network market covered in this report is segmented –
1) By Component: Solutions, Platform Or Application Programming Interface (API), Services
2) By Deployment Mode: On-Premises, Cloud
3) By Enterprise: Large Enterprises, Small And Medium Enterprises
4) By Application: Image Recognition, Signal Recognition, Data Mining
5) By End-User: Banking, Financial Services, and Insurance (BFSI), Retail And E-Commerce, IT And Telecom, Manufacturing, Healthcare, Automotive
Subsegments:
1) By Solutions: Software Solutions, Hardware Solutions, Deployment Solutions, Data Management Solutions
2) By Platform Or Application Programming Interface (API): Cloud-Based Platforms, On-Premise Platforms, Open-Source APIs, Proprietary APIs
3) By Services: Consulting Services, Integration And Deployment Services, Support And Maintenance Services, Managed Services
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What New Trends Are Influencing the Artificial Neural Network Market?
Leading firms in the artificial neural network market are concentrating on creating novel platforms, such as those relying on AI, to augment data processing abilities, refine predictive analytics, and fine-tune machine learning models. This, in turn, allows for the delivery of more efficient and scalable solutions in sectors like healthcare, finance, and automobile. AI-based networking platforms are state-of-the-art systems that merge AI with networking technologies to boost data flow, elevate network management, and enhance overall performance. For example, in February 2022, the AI for Good neural network was initiated by the International Telecommunication Union, a specialized agency based in Switzerland. This revolutionary platform focuses on promoting sustainable development via AI. It incorporates cutting-edge AI algorithms to address global issues such as climate change, poverty, and health inequality. One of its primary features is its capability to process and examine large volumes of data from varied sources, thereby providing crucial insights for governments, organizations, and researchers to guide their decisions. Moreover, the platform values collaboration and encourages experts from diverse sectors to work together towards developing innovative and scalable solutions that promote sustainable growth and align with the UN's Sustainable Development Goals (SDGs).
Who Are the Key Players in the Artificial Neural Network Market?
Major companies operating in the artificial neural network market are include:
• Google Inc.
• Microsoft Corporation
• Amazon Web Services Inc.
• Intel Corporation
• IBM Corporation
• Qualcomm Technologies Inc.
• Oracle Corporation
• SAP SE
• Hewlett Packard Enterprise Development LP
• NVIDIA Corporation
• Salesforce Inc.
• Rockwell Automation Inc.
• OpenAI Inc.
• H2O.ai Inc.
• Anaconda Inc.
• Clarifai Inc.
• Neurala Inc.
• Ward Systems Group
• BrainChip Holdings Ltd.
• NeuroDimension Inc.
What Is The Most Dominant Region In The Artificial Neural Network Market?
North America was the largest region in the artificial neural network market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial neural network market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
