PUBLISHER: Allied Market Research | PRODUCT CODE: 1414822
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414822
According to a new report published by Allied Market Research, titled, "Artificial Neural Network Market," 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.
The report covers the study of the artificial neural network market along with its component, deployment mode, enterprise size, and industry. The research involves a study of artificial neural network solutions, which includes revenue realized from the sale of commercial licenses as well as revenue realized from the upgrade charges of open-source artificial neural network solutions. The applications of the artificial neural network solutions considered in the report are image recognition, fraud detection, and data mining processes.
Furthermore, the market is profoundly influenced by considerable expenses related to artificial neural network solutions and services. Primarily, these expenses can serve as a deterrent for smaller and medium-sized enterprises (SMEs) with constrained budgets. SMEs may perceive artificial neural networks as a financial burden, leading to insufficient investment in these solutions. In addition, even larger organizations may exhibit hesitation in allocating substantial resources to artificial neural network solutions, particularly when faced with competing budgetary demands. Moreover, excessive costs associated with artificial neural network solutions may hinder the adoption of global market in industries or regions where there is limited awareness of its benefits.
Furthermore, 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.
The global artificial neural network market is segmented on the basis of component, deployment mode, enterprise size, industry, and region. By component, it is categorized into solution and services. On the basis of deployment mode, it is divided into on-premise and cloud. As per enterprise size, it is segmented into large enterprises and small and medium-sized enterprises. Depending on industry, it is categorized into healthcare, BFSI, retail and e-commerce, manufacturing, automotive, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global Artificial neural network market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include 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.
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