Driven by growing interest in artificial intelligence (AI), the global artificial neural network market is projected to grow from $117 million in 2019 to $296 million by 2024, for a compound annual growth rate (CAGR) of 20.5%, according to a study Artificial Neural Network Market by MarketsandMarkets.
The study said the major factors fueling the market growth include the increasing demand to train large volume of data sets with low supervision to drive the market, and growing need for enhanced processing power, learning ability and speed of neural networks to drive the growth of the market.
According to the study, the artificial neural network market is segmented into two categories, managed services and professional services. The professional services category includes the consulting services segment. This sector is expected to grow at a rapid pace during the forecast period as consulting services help organizations to utilize ANN tools capabilities that uses graph structures for semantic queries with nodes, edges, and properties to represent and store connected data. The vendors in this market offer services to industrial customers or end-users, so that they can effectively manage and deploy ANN solutions.
The study noted that North America is the most significant revenue contributor to the global ANN market. The region is witnessing significant developments in the ANN market, with many ANN solution providers in North America integrating AI and deep learning functionalities with their existing ANN solutions. They are also adopting various growth strategies to strengthen their market position.
Major vendors in the global artificial neural network market include Google (US), IBM (US), Oracle (US), Microsoft (US), Intel (US), Qualcomm (US), Alyuda (US), Ward Systems (US), GMDH, LLC (US), Starmind (Switzerland), NeuralWare (US), Neurala (US), and Clarifai (US).