Global Neural Network Software Market - Segmented By Type, Application, End-user, and Region - Growth, Trends, and Forecast (2018 - 2023)
The Neural Network Software Market is witnessing a CAGR of 35.2%, during the forecasted period (2018 - 2023).
The scope of this report is applications of neural network software. The Neural Network Software are developed by a number of software firms, like Google Inc., Qualcomm Technologies, and Intel Corporation, among others. North America is the major region for the Neural Network Software Market. There is an increasing demand for neural network software due to their applications and capabilities.
Increasing demand to Tackle Problems in various fields
Neural Networks are increasingly used for problem tackling and solving. The ability of neural networks to analyze and detect anomalies and avoid future problems has created high demand from various industries, like Healthcare, Defense, BFSI, and Logistics, among others. Large data cannot be easily interpreted and understood by specifically designed software. Neural Networks have the ability to shape their way around the data and predict the patterns and trends in it. This makes them a sought-after software in the market. Sophisticated prediction capabilities for any given data set and the ability to do so at a lower cost is another major reason for the soaring popularity of neural network software. BFSI and Logistics are some of the most important industries where neural networking software are use. Banking institutions use prediction software to determine the future trends in the stocks and bonds. Neural networks can efficiently and reliably predict these trends. Logistics and Defense industries need the ability for quick and accurate determination of alternative strategies and routes for transportation and delivery. A combination of all these capabilities in the neural networks makes them the center of future software applications.
Image Optimization is a Major Application Focus for Neural Network
Over the years, Neural Networks have achieved state of art performance in computer vision problems. Neural networks can be pre-trained on different data sets to boost their image classification, optimization and compression capabilities. With the pre-training it is possible for neural networks to add new layers and work with large number of constraints, which enhances their capabilities. Astronomy is one of the major field with high applications for image optimization and compression. The images obtained from space are compressed and optimized to be viewed over the digital screens. Similarly, images are from different formats and large sizes are compressed without deteriorating the quality. This is only possible with the use of advanced Neural Networks Software.
North America is the Largest Region
North America is the largest region for the development for Neural Networks market. Increasing infrastructure and Research and development has boosted the demand of Neural Networks software for applications in problem recognition, forecasting, and formulation. US is the most technologically advances country in this region with increasing market for industries, like BFSI, Defense, Healthcare, and Logistics, among others. Europe is second market where the demand for Neural Networks is emerging with new research and growing trend of automation and IoT.
Key Developments in the Market
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