According to Transparency Market Research (TMR), the global neural networks aftermarket is moderately consolidated with players such as Microsoft Corporation, SAP SE, Oracle Corporation, IBM Corporation, Google Inc., Intel Corporation, QUALCOMM Incorporated, Afiniti, Alyuda Research, LLC. and Neural Technologies Limited, leading in the market. Players in the market are diversifying their product offerings so as to gain market shares.
According to Transparency Market Research, the global neural network software market will exhibit a 22.9% CAGR and reach US$26,021.1 mn by 2025. In terms of technology, much growth can be seen within the data mining and archiving segment. On the basis of geography, North America is leading in the market on account of high acceptance of technology. Between 2017 and 2025, North America is expected to expand at a 22% CAGR. In terms of end-user, the BFSI and Healthcare segments are emerging as most promising on account of the increasing need for improved services to customers as well as the need to understand the mindset of consumers.
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GCC Nations and Asia Pacific to Show Increased Adoption Rates
There is increased adoption rate of these solutions across Asia Pacific, especially in countries such as Japan, India, and China. Moreover, the gulf cooperation Council countries such as UAE, Saudi Arabia, and South Africa are also generating High revenues in the Middle East and Africa region. The growing investment by market players with in the South America region is expected to make this Market grow in South America, with Brazil at the forefront.
Increased Demand for Predictive Solutions Driving Growth of Market
The growing adoption of neural network software solutions is changing the way business is done. Its demand is basically driven by the growing need for predictive solutions, rising adoption of big data analytics, and advancements in technology. From several end-user Industries such as energy and utilities, media, Healthcare, and BFSI, there is a growing demand for predictive Solutions on account of exponential increase in the volume of data, and increasing digitization.
Rising Number of Fraudulent Cases Behind Implementation of Strict Regulations
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With an increasing number of cases of financial losses due to fraud practices, there has been several regulations implemented with regards to this and are creating a favorable environment for the growth of the neural networks of fair market. The successful adoption of Wireless connectivity Technologies such as 3G and 4G in emerging nations is one of the key factors pushing the roll out of 5G by taking much efforts. With neural network software, the difficulty of storing data, collecting the data as well as the high cost issue due to the use of big data analytics, has been resolved.
Complexity of Software to Pose a Challenge
On the other hand, this market has several challenge in the form of high cost of software as well as the complexity of this software. A lack of trained operators who can help businesses with the same as adoption of neural networks that software Solutions will also be a challenge and will limit the growth of the neural network software Market. On a bright note however, the automotive in health care sectors are rapidly adopting neural networks software solutions and this will expand the growth opportunities within the market.