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This industry research report identifies Hewlett Packard Enterprise Development, IBM, Intel, Microsoft, and Qualcomm Technologies as the key vendors in the global neural network software market. The neural network software market forecast report also presents a competitive analysis of the industry by deployment model (on-premises neural network software and cloud-based neural network software), by end-user (BFSI, healthcare, and retail), and by geography (the Americas, APAC, and EMEA).
Market research analysts at Technavio predict that the global neural network software market size and share will grow steadily at a CAGR of close to 26% by 2021. This market research analysis identifies the increasing deployment of LTE wireless broadband as one of the primary factors for the neural network software market growth. The growth in Internet of Things (IoT) and the increased deployment of long-term evolution (LTE) globally have fueled the demand for LTE-enabled deep learning systems and IoT devices as they provide higher bandwidth and faster data connections. The implementation of the neural network technologies helps various enterprises in obtaining real-time information and enhancing their operations by reducing expense. Furthermore, the combination of cellular networks with neural networks enables IoT to improve the efficiency of organizations by improving speed and accuracy of the information and data shared without human intervention. Thus, the increased adoption of connected devices among consumers as well as enterprises will drive the market during the forecast period.
The increasing emergence of neural networks in different sectors is one of the latest neural network software market trends that will gain traction in the market in the coming years. The economic growth forecasting is important to make policies on national economic development. Neural networks are an artificial intelligence (AI) method for modeling complex target functions. For some types of problems, such as learning to interpret complex real-world sensor data, artificial neural networks (ANNs) are among the most effective learning methods.
The global neural network software market is witnessing an intense competition because of the presence of numerous vendors. Major vendors are constantly competing to attain high market shares with innovation and new development that cater to the needs of customers. Additionally, the leading vendors are acquiring small vendors to gain technological advances and strengthen their market presence.
The leading vendors in the market are -
The other prominent vendors in the market include Alyuda Research, Deep Instinct, Cloudera, Cognisess, Enlitic, GUMGUM, Hu:toma Artificial Intelligence, MulticoreWare, Neurala, NeuroDimension, Palisade, Wave Computing, Ward Systems Group, XENON Systems, and XILINX.
During 2016, the cloud-based neural network software segment accounted for the major shares of this market. The cloud-based neural network is scalable and enables the management of IT resources in a complex IT ecosystem. This software processes information centrally and streamlines the workflow of the enterprise and cloud applications are more accessible and easier to use because all that end-users need is a web browser and an Internet connection. These factors will contribute to the growth of this industry segment in the coming years.
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market by 2021 because of the availability of adequate IT infrastructure and wide geographic dispersion of employees’ due to the increasing globalization. Additionally, the increased implementation of the cloud-based neural network in small and medium-sized enterprises (SMEs) and large enterprises in this region has further contributed to the market growth.
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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