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Neural Network Software Market Trends

Report ID: GMI10136
Published Date: Jul 2024
Report Format: PDF

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Neural Network Software Market Trends

The neural network software industry is witnessing unprecedented growth, driven by the rapid adoption of AI and ML technologies. Organizations are setting up dedicated AI research labs and collaborating with academic institutions to develop cutting-edge neural network algorithms and applications. Companies across various industries are recognizing the transformative potential of neural network software and are actively expanding their portfolios to stay competitive and meet the growing demand for AI-driven solutions.

There is a growing interest in and research in graph neural networks, which are specialized for processing data represented as graphs. Applications range from social networks & recommendation systems to drug discovery & physical simulations. Systems that can learn continually from new data without forgetting previously learned information are gaining traction.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of neural network software was reached USD 37.5 billion in 2023 and is expected to register over 32% CAGR from 2024 to 2032, owing to the growing development of autonomous vehicles and Advanced Driver Assistance Systems (ADAS) worldwide.

Neural network software industry from the data mining & archiving segment is expected to register over 30% CAGR from 2024 to 2032, due to rising growth in data generation across various sectors including BFSI, healthcare, and retail.

Asia Pacific neural network software industry is expected to reach USD 95 billion by 2032, due to countries such as China, Japan, South Korea, and India significantly investing in AI infrastructure including neural network software development in the region.

Google LLC, Microsoft, IBM Corporation, Intel Corporation, NVIDIA Corporation, Oracle, and Qualcomm Technologies, Inc., are some of the major neural network software companies worldwide.