Comprehensive Study of the Artificial Neural Network Market 2032: Current Scenario and Future Prospects
Artificial Neural Network Market
The growth of the artificial neural network market is fueled by a rise in data volume, machine learning, and increasing applications in various industries.
PORTLAND, PORTLAND, OR, UNITED STATE, February 5, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Artificial Neural Network Market, by Component, Deployment Mode, Enterprise Size, Industry: Global Opportunity Analysis And Industry Forecast, 2023-2032" The artificial neural network market was valued at $227.80 million in 2022, and is estimated to reach $1.4 billion by 2032, growing at a CAGR of 19.9% from 2023 to 2032.
Neural networks, a set of algorithms emulating human brain functions, are pivotal in various financial service applications, including forecasting, marketing research, fraud detection, and risk assessment. The artificial neural network market is driven by escalating unstructured data, compelling analytics needs, and innovative solutions like advanced facial recognition. Despite challenges such as testing issues and complex system architecture, the market is poised for growth, bolstered by the emergence of deep learning technology and the increasing demand for automation solutions. The adoption of digital services in enterprises further contributes to the continuous expansion of the artificial neural network market.
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In an industrial context, Artificial Neural Networks (ANNs) play a vital role in boosting efficiency and refining decision-making processes. In manufacturing, ANNs streamline production schedules, predict equipment failures, and enhance quality control. These networks excel in predictive maintenance by analyzing sensor data to anticipate potential issues, minimize downtime. Additionally, ANNs contribute significantly to supply chain management, optimizing logistics and inventory. Their ability to derive insights from data empowers industries to make data-driven decisions, leading to improved operational efficiency and cost reductions across various industrial processes.
Based on deployment mode, the on-premise segment is expected to grow at the highest growth rate during the forecast period. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based artificial neural network solutions. Though on-premise mode is comparatively more expensive than cloud-based services, it is preferred owing to its reliability. However, the cloud segment is expected to exhibit the highest growth during the forecast period. This is attributed to the cost-efficient solutions provided by these solutions.
Based on components, the solution segment held the highest market share in 2022, accounting for less than two-fifths of the artificial neural network market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization which is one of the primary reasons enterprises are increasing their investment in the artificial neural network market. However, the services segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. The services segment is expected to witness the highest growth, as these services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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Based on region, North America attained the highest growth in 2022. The presence of prominent players such as Oracle Corporation, IBM Corporation, and others has influenced the growth of the artificial neural network market in North America. Moreover, the rise in government initiatives to strengthen database infrastructure across the region is further expected to drive the demand for Artificial neural network database solutions. However, Asia-Pacific is projected to be the fastest-growing segment during the forecast period, owing to the availability of cost-effective digital solutions and the rise in the amount of data generation across organizations. In addition, the proliferation of advanced technologies escalates system safety and reduces delays in database operations.
Based on industry vertical, the healthcare segment accounted for the largest share in 2022, contributing for less than two-fifths of the artificial neural network market revenue, owing to the development of digital technologies in IT sector. However, the manufacturing segment is projected to manifest the highest CAGR of 24.3% from 2023 to 2032. The surge in implementation of automation trends and the increase in utilization of digital technology in this sector are expected to provide lucrative opportunities for the market.
The outbreak of COVID-19 is projected to provide a range of new avenues for the market to grow over the forthcoming period. These novel opportunities include a surge in integration for IoT, artificial intelligence, and other advanced technologies coupled with the growing adoption of cloud solutions in several industrial operations. This entails businesses investing in artificial intelligence solutions for their organizations. Artificial intelligence solutions allow businesses to decode and understand the input in an intelligent system which is sometimes difficult for human beings to understand and allow industries to work digitally. This caused many businesses (both large and small) to invest in artificial intelligence to help increase their business continuation post the outbreak of the COVID-19 pandemic. Further, technology companies often deploy technologies like process automation and internet technology to continuously and rapidly provide improved efficiency and reduce network latency during the outburst of the COVID-19 crisis. Such instances are expected to support the growth of the artificial neural network market forecast period.
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The market players operating in the artificial neural network industry are Amazon Web Services Inc., Google Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Qualcomm Technologies Inc. and Salesforce Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the artificial neural network market globally.
Major companies operating in the artificial neural network market are focusing on strategic partnerships to develop advanced artificial neural network solutions. For instance, in November 2021, Royal Philips launched new AI-enabled innovations in magnetic resonance (MR) imaging. Philips’ new MR portfolio of intelligent integrated solutions is designed to speed up MR exams, streamline workflows, optimize diagnostic quality, and help ensure the efficiency and sustainability of radiology operations. Similar strategies by the market players operating at a global and regional level will help the market to grow significantly during the forecast period.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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