Artificial Neural Network Market Synopsis
According to Market Research Future Reports (MRFR), the global artificial neural network market is expected to acquire a significant market value, thriving at a substantial CAGR during the forecast period.
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The advent of AI and the rise in the adoption of artificial neural networks in the healthcare sector is expected to be the most crucial factor driving the global artificial neural network market 2020. The increasing healthcare expenditure, the number of hospitals, growing chronic illness are estimated to drive the global market further. Owing to the increasing popularity of artificial neuron network, several companies are working to develop artificial neuron network-based software. Further, the advantages provided by neural networks in the medical field are estimated to propel the market growth during the review period.
On the contrary, the emerging economies are slow in adopting the latest technology, leading to slow digitization, which negatively impacts the global market. Further, a lot of healthcare professionals are not willing to adopt the AI-based technologies, which is another factor of impediment. However, the increasing demand for analytical tools and cloud-based solutions for accurate prediction solutions is likely to counter the obstructing factors.
Artificial Neural Network Market Segmentation
The segmental analysis of the global artificial neural market is done on the basis of component, application, type, and region.
The component-based segment of the global artificial neural market are services, software, and platform.
The application-based segment of the global artificial neural market is drug development, image analysis and interpretation, clinical diagnosis and prognostics, bioelectric signal analysis and interpretation, and others.
The type-based segment of the global artificial neural market is feedforward artificial neural network, feedback artificial neural network, and others.
The region-based segment of the global artificial neural market is the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Artificial Neural Network Market Regional Analysis
Based on the region, the global market can be segmented into North America, Asia-Pacific, Europe, and the MEA. As per the evaluation, the Americas are expected to dominate the global artificial neural network market due to advanced healthcare infrastructure. Further, the increased participation of enterprises in developing the neural network technologies, and increased inclination towards the usage of advanced methods are likely to augment the regional market substantially.
Europe is estimated to acquire the second position. The region has allotted a hefty budget for healthcare expenditure, which drives the regional market significantly. In addition, the increasing incidences of chronic illness in Europe is further expected to develop the market.
The APAC region is estimated to be the fastest-growing regional market during the forecast period due to the increased economic expansion of the developing countries like India, China, and Japan. The region is experiencing a demand to regulate healthcare expenditure, which further enhances the market strength. Further, the demand for digitization of patient records among healthcare organizations is estimated to boost the regional market.
The MEA region is expected to hold the least share of the global artificial neural network market. However, the MEA region is projected to hold a substantial growth opportunity during the review period. The region is expected to be a lucrative market owing to the increased investment in healthcare investments, and the growing implementation of technological methods is estimated to drive the regional market significantly during the forecast period.
Artificial Neural Network Market Key Players
The renowned players of the global artificial neural network are SwiftKey, IBM Corporation, Neural Technologies Limited, Starmind International AG, Ward Systems Group, Inc., Afiniti, SAP SE, Alyuda Research, LLC, NeuroDimension, Inc., Google Inc., Neuralware, Intel Corporation, Qualcomm Technologies, Inc., Microsoft Corporation, and Oracle Corporation.
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