Artificial Neural Network Market
According to the report, the artificial neural network industry generated $227.8 million in 2022 and is anticipated to generate $1.4 billion by 2032, witnessing a CAGR of 19.9% from 2023 to 2032.
The notable factors positively affecting the artificial neural network market include the growing demand for AI-based solutions and the rising need for intelligent business processes. However, a lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN) can hinder market growth. Furthermore, advancements in big data analytics and the availability of high-performance computing systems offer lucrative market opportunities for the market players.
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Neural networks are a series of algorithms that duplicate the operations and processes of a human brain to recognize relationships between vast amounts of data. A neural network is used in a variety of applications in financial services, from forecasting and marketing research to fraud detection and risk assessment. Rising unstructured data volumes and the impending need for analytics primarily drive the artificial neural network market growth.
Moreover, innovative business offerings such as advanced facial recognition solution by neural network vendors play a significant role in its adoption. However, some of the restraints associated with its business attractiveness are higher testing-related issues during unit or system integration testing as compared to traditional system and the problems associated with handling complex system architecture which can limit the global market growth.
However, these challenges are expected to have a limited impact on the artificial neural network market growth due to the emergence of deep learning technology citing the increased need for automation solutions. Overall, the artificial neural network market is expected to continue to grow due to the rise in the adoption of digital services across enterprises.
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Artificial Neural Networks (ANNs) fulfill a crucial function within the industrial context through the augmentation of efficiency and the enhancement of decision-making procedures. Within the realm of manufacturing, ANNs possess the capability to streamline production schedules, anticipate equipment failures, and refine quality control. Furthermore, in the context of predictive maintenance, these networks analyze sensor data to anticipate potential issues, thereby minimizing periods of inactivity effectively.
ANNs also make notable contributions to the domain of supply chain management, optimizing both logistics and inventory management. The capacity of ANNs to absorb knowledge from data empowers industries to base their decisions on data-driven insights, leading to the advancement of operational efficiency and the attainment of cost reductions across the diverse spheres of industrial processes.
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.
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue. 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. However, the cloud segment is expected to portray the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
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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.
Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue, owing to the growing demand for artificial neural network solutions in large enterprises which is fueling the market growth in these enterprises. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 22.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the small and medium-sized enterprises organization.
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the artificial neural network market revenue. The increase in the usage of artificial neural network solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which is further expected to contribute to the growth of the market in this region.
Recent Product launches in the Artificial Neural Network Market
1. In April 2023, Google LLC launched a cloud-based automation toolkit for healthcare organizations and previewed Med-PaLM 2, a neural network capable of answering medical exam questions.
2. In August 2021, IBM Corporation unveiled details of the upcoming new IBM Telum Processor designed to bring deep learning inference to enterprise workloads to help address fraud in real-time.
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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.
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