In 2023, the global neural network software market is projected to be worth USD 8.1 billion, with a compound annual growth rate (CAGR) of 33.1% anticipated over the forecast period. One of the main causes of the market's expansion is the exponential rise in the amount of data that must be processed. Neural network software has emerged as the foundation of intelligent systems because to the growing demand for AI and ML solutions, facilitating uses such as speech processing, picture identification, and predictive analytics.

Large, varied datasets are readily available, which increases model accuracy and promotes sector-wide adoption. Neural networks are being used by industries like healthcare, automotive, finance, and retail to obtain a competitive edge. In order to promote the development and uptake of AI technology, numerous governments throughout the world are funding AI research and providing grants, tax breaks, and regulatory assistance.

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Growth Drivers

Increased data generation from digital platforms and Internet of Things devices, growing demand for AI-driven solutions across multiple industries, improvements in AI-driven solutions across multiple industries, the need to handle massive amounts of data, and neural networks' capacity to spot intricate patterns in the data are all factors propelling market expansion.

The creation and implementation of neural network models has been made easier by the advent of reliable, open-source frameworks like TensorFlow, PyTorch, and others. In order to promote the development and uptake of AI technologies, such as neural network software, numerous governments throughout the world are funding AI research and providing grants, tax breaks, and regulatory assistance.

Segmentation

By Component

·         Solutions

·         Platform/API

·         Services

o   Managed Services

o   Professional Services

·         Consulting Services

·         Deployment and Integration

·         Support and Maintenance Services

By Deployment Mode

·         On-premises

·         Cloud

Vertical

·         Banking, Financial Services, and Insurance (BFSI)

·         Retail and E-Commerce

·         Telecommunication and Information Technology (IT)

·         Healthcare and Life Sciences

·         Manufacturing

·         Government and Defense

·         Transportation and Logistics

·         Others (Media and Entertainment, Travel and Hospitality, and Education)

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         Google

·         IBM

·         Oracle

·         Microsoft

·         Intel

·         Qualcomm

·         Alyuda

·         Ward Systems

·         GMDH, LLC

·         Starmind

·         NeuralWare

·         Neurala

·         Clarifai

·         Other Players

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