Artificial intelligence is a well-known word, and recent developments and breakthroughs have given AI recognition in a variety of sectors. AI's job is to train computers to learn from their errors and perform tasks more efficiently. One of its advances in artificial intelligence is the artificial neural network (ANN), which operates similarly to the jobs performed by neurons in the human brain.
Applications of Artificial Neural Networks in a Variety of Industries
The market for artificial neural networks (ANN) has grown rapidly in the domains of artificial intelligence (AI) and machine learning. The market is expanding as a result of advances in computing power, the availability of huge amounts of data, and rising demand for AI applications across several sectors.
Furthermore, demand has expanded in a variety of industries, including healthcare, banking, retail, manufacturing, transportation, and others. Pattern recognition, picture and voice recognition, data analysis, predictive modeling, and decision-making are all applications of the technology.
DataM Intelligence’s artificial neural networks report highlights the rising demand for predictive analysis and aggressive strategies from market players as the major market drivers. Lack of standardization will hamper the artificial neural networks market growth. Cloud-based arrangements, interest in spatial information, and logical apparatuses provide lucrative opportunities.
Market Drivers
Rising Demand for Predictive Analysis Drives the Market Growth
The increasing use of predictive analytics in a variety of sectors, including healthcare, banking, financial services, insurance, retail, and e-commerce, is boosting the artificial neural networks (ANN) industry in a variety of ways.
Data, statistical algorithms, and machine learning approaches are used in predictive analysis to determine the probability of future events based on previous data. Because they can learn patterns and correlations from big datasets and utilize this knowledge to create accurate predictions, artificial neural networks are especially effective for predictive analysis.
Aggressive Strategies from Market Players
Market participants such as IBM, Amazon, Google, Microsoft, and research institutes are actively promoting improvements in ANN technology and its applications. Market participants are significantly investing in R&D initiatives to improve ANN algorithms, structures, and training procedures. These studies attempt to increase ANN models' accuracy, efficiency, and scalability, allowing them to handle more complicated jobs and bigger datasets.
Market Restraints
Lack of Standardization
The lack of standardization and static approach is a major restraint on market growth. The designs, methods, and implementations of ANN solutions vary greatly, making it challenging for companies and organizations to compare and assess various solutions. It may also cause compatibility and interoperability challenges when combining ANN solutions with other systems.
Market Size and Growth Analysis:
According to the latest research report published by DataM Intelligence, the Global Artificial Neural Networks Market was valued US$ 164.3 million in 2022 and is projected to reach US$ 600.3 million by 2030. The market is expected to exhibit a CAGR of 17.6% during the forecast period (2023-2030).
Market Opportunities:
The artificial neural network market is expanding owing to cloud-based arrangements, interest in spatial information and logical apparatuses, and an increase in market forecast solutions. Increased application regions for deep neural networks are expected to identify valuable artificial neural network industry opportunities.
Competitive Landscape
The artificial neural network market is fairly consolidated with a few small and medium-sized market players accounting for majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market are:
IBM Corporation, Qualcomm Technologies, Inc, Intel Corporation, Oracle, nDimensional, Alyuda Research, LLC, Microsoft, SAP SE, Starmind, Afiniti, Ward Systems Group, Inc, Google LLC, NeuralWare, Microsoft.
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