An artificial neural network (ANN) is a computational system which mimics the functioning of a human brain. It is a subset of machine learning which can assist scientists in recognizing patterns, trends, and formulating effective strategies. The global artificial neural network market report by Market Research Future (MRFR) contains insights and accurate evaluation of the market with supportive graphs and statistics supporting the hypothesis.
Artificial Neural Network Market Overview
The global artificial neural network market is expected to exhibit a stellar growth rate from 2018 to 2023 (forecast period). Emergence of ANN in healthcare and finance sectors are predicted to drive the market growth. Increasing prevalence of chronic diseases, growing number of admissions in hospitals, and inflated healthcare expenditure of nations are other drivers supporting the adoption of ANN in healthcare. Development of software to support the large patient volume can drive the market growth. For instance, the MAQ software by Microsoft Corporation contains an ANN to predict future trends.
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The finance sector uses a mix of data acquisition, data preprocessing, and implementation of neural network models for making accurate predictions in the stock market. The use of ANN for predicting accurate stock prices can bode well for the artificial neural network market. Moreover, ANNs are used for analyzing large data sets for training self-driving systems in gauging accurate customer behavior and adapting at a rapid rate.
Artificial Neural Network Market Segmentation
The artificial neural network market is segmented by type, component, and application.
By type, it is segmented into feedback artificial neural network, feedforward artificial neural network, and others. The feedforward artificial neural network segment is expected to reign supreme over the forecast period due to immense demand for advanced analytical systems.
By component, it is segmented into software, services, and platform.
By application, it is segmented into drug development, image analysis and interpretation, bioelectric signal analysis and interpretation, clinical diagnosis and prognostics, and others. The image analysis application is projected to possess future potential due to the use of deep learning algorithms for identifying faces in massive crowds. This is highly useful for law enforcement agencies in thwarting potential attacks.
Artificial Neural Network Market Regional Analysis
Regionally, the artificial neural network market covers the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa.
The Americas is anticipated to be the dominant region in the global market due to large number of enterprises for development of neural network technologies and well-developed healthcare sector. The large healthcare expenditure for the region is likely to bode well for the market growth. Emergence of self-driving or autonomous driving has gained the interest of various manufacturers in the technology. Artificial neurons can be used in analyzing driver behavior on the roads. This has become useful for Tesla, one of the biggest advocates of self-driving cars, in developing its Self Driving Computer.
Europe is assumed to be in the second position in the global market due to inflated healthcare expenditure and adoption of AI among healthcare providers. The ballooned defense expenditure of nations is likely to fuel the adoption of ANN and deep learning to further the development of autonomous systems to strengthen existing defenses. On the other hand, the APAC region is presumed to exhibit the fastest growth rate during the forecast period due to need to control healthcare costs and rising economic growth of countries. Digitization of patient records is expected to influence the market growth.
Artificial Neural Network Market Analyzed By Competition Landscape
SwiftKey, NeuroDimension, Inc., IBM Corporation, Neuralware, Starmind International AG, Alyuda Research, LLC, Qualcomm Technologies, Inc., Afiniti, Ward Systems Group, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, Neural Technologies Limited, Intel Corporation, Google Inc., and others are major players within the artificial neural network market.
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