Artificial Neural Network Market Overview
An artificial neural network resembles the function and structure of the human’s brain neuron system which facilitates improved analytical output. Artificial neural network finds application in medical research, drug development, clinical diagnosis of various diseases and interpretation of clinical imaging techniques.
As per the analysis of Market Research Future (MRFR), the global artificial neural network market is poised to exhibit moderate growth and reach a significant valuation by the end of the forecast period of 2018-2023.
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The emergence of Big Data is a crucial factor in boosting the growth of the artificial neural network market. Artificial neural networks are capable of beating state-of-the-art algorithms and can extract abstract features from raw data.
The advent of artificial intelligence and the growing adoption of artificial neural network in the healthcare sector is one of the prime factors stimulating the growth of the market. Artificial neural networks find application within the medical domain for clinical diagnosis since they can solve complex problems which do not have an algorithmic solution and hence well suited in the healthcare sector.
Growing adoption of the artificial network for marketing purposes adds fuel to the growth of the global artificial neural networks market. Artificial neural networks are transforming the available set of marketing technologies by presenting better and novel tools for content creation, marketing automation, prediction of consumer behavior, and sales forecasting.
On the downside, slow digitization across developing economies and reluctance on the part of healthcare professionals towards the adoption of artificial neural network technology is likely to restrict the growth of the market over the forecast period.
Artificial Neural Network Market Segmentation
The global artificial neural network market has been segmented based on type, component, and application.
By type, the global artificial neural network market has been segmented into feedback artificial neural network, feedforward artificial neural network, and others.
By component, the global artificial neural network market has been segmented into software, services, and platform.
By application, the global artificial neural network market has been segmented into clinical diagnosis and prognostics, image analysis and interpretation, bioelectric signal analysis and interpretation, drug development, and others.
The artificial neural network market is spanned across the regions of the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas is the largest market for artificial neural network and is expected to dominate the global market over the forecast period. The presence of a large number of technology giants such as Microsoft Corporation, Intel Corporation, and Google Inc. in the region who are actively engaged in the development of artificial neural network technology can be accredited for the growth of the Americas market. Also, the region tends to quickly adopt advanced technologies which further supports the growth of the artificial neural network market.
Europe is the second largest market for artificial neural network owing to the rapid adoption of the technology in the healthcare sector.
APAC is slated to be the fastest growing market for artificial neural network due to technological development in the region.
The MEA market is expected to account for the least share of the market but is expected to exhibit moderate growth which can be attributed to growing technological implementations and expanding healthcare expenditure.
Artificial Neural Network Market Competitive Landscape
Alyuda Research, LLC., Neuralware, Ward Systems Group, Inc., Oracle Corporation, Starmind International AG, SwiftKey, Afiniti, Microsoft Corporation, Qualcomm Technologies, Inc., NeuroDimension, Inc., Neural Technologies Limited, Google Inc., Intel Corporation, SAP SE, and
IBM Corporation are some of the key players operating in the global artificial neural network market.
Artificial Neural Network Industry Updates
- November 2018- a fully automated crypto trading platform was launched by Napston. The groundbreaking platform is based on a distributed artificial neural network and can accurately predict the market.
- November 2018- the first functioning quantum neural network was developed by a group of researchers in Italy. The single-layer artificial neural network is a breakthrough technology which paves the way for quantum AI.
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