LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global neural network software market is expected to grow at a CAGR of close to 26% during the forecast period.
This research report titled ‘Global Neural Network Software Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global neural network software market into three major product segments. They are:
- BFSI
- Healthcare
- Retail
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Global neural network software market by BFSI
In 2016, the banking, financial services, and insurance (BFSI) sector accounted for the highest market share of 45% of the global neural network software market. Neural networks and deep learning technologies are used as the core technology to develop a complete solution for banks and financial institutions. Neural networks are mainly applicable to various data problems of the financial industry.
With the growing technological advances, financial institutions are exploring the applications of machine learning techniques in areas like personal finance and wealth management, customer service, and fraud and risk management.
In April 2016, Singapore-based DBS Bank launched a banking app in India with inbuilt AI. Many large banks in India, such as ICICI Bank and HDFC Bank, are also trying to introduce the AI technology in various services, including retail banking
Global neural network software market by healthcare
The healthcare sector accounted for close to 28% of the market share of the neural network software in 2016. Neural networks provide substantial benefits in medical research. They are used for locating undetected patterns in research data, detecting characteristics in medical imagery, and controlling medical devices based on biofeedback.
One of the complex processes in healthcare is treatment recommendation. Healthcare providers, such as hospitals, decide based on information from various sources such as electronic medical records, diagnostic images, clinical trials, and research articles. Neural networks provide key insights and recommendations on treatments.
“The growing adoption of third-platform technologies such as neural networks have helped derive powerful and actionable insights at low cost, driving the growth of big data and deep learning system spending on healthcare. Neural networks help to improvise the decision-making procedure and improve patient care,” says Ishmeet Kaur, a lead analyst at Technavio for enterprise application research.
Global neural network software market by retail
Competition among retail organizations is becoming increasingly intense due to complexities of global expansion, rapid product cycles, currency fluctuation, and changing customer preferences. These continue to transform the consumer behavior. Data volumes are growing exponentially due to the explosion of data records, weblog files, sensor data, and social networks. Also, there is a need to store information and extract useful insights related to suppliers, in-store and online data, call center data, loyalty programs, mobile applications, social media, marketing programs, supply chain data, and information on business operations.
“The neural network is providing innovation in various areas such as content discovery, retail analytics, and user experiences because mobile and online services are generating a huge amount of customer data,” says Ishmeet.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Hewlett Packard Enterprise Development
- IBM
- Intel
- Microsoft
- Qualcomm Technologies
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