Integration of artificial intelligence in various systems, growth in demand for cloud-based solutions, and increase in the market for predictive analysis are the factors driving the growth of the artificial neural network market.
In addition, improved processing power, learning ability, and speed of neural networks propel the market growth. However, slow digitalization across emerging economies and lack of skilled professionals are the factors restraining the growth of the market.
Furthermore, increasing use of artificial neural network in IoT and data analytics is expected to provide lucrative opportunities to the growth of the artificial neural network market.
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COVID-19 Scenario Analysis
- The spread of COVID-19 virus across the world resulted into downfall of global economies. The imposed lockdown by the governments to stop the spread of the virus impacted the industrial growth. Industries were partially shut down and only a few sectors, such as healthcare and e-commerce, were able to survive the pandemic situation. The use of artificial neural network solutions in the field of healthcare for tracking patient activities and e-commerce sector for marketing drives the market growth.
- Rapid digitization is expected to boost the deployment of artificial neural network platforms in the pandemic period. The government initiative to integrate latest artificial neural network technology with the vaccination process to increase the effectiveness of vaccination drives as well as the use of this technology to recognize an existing drug available for COVID-19 treatment.
The wide use of artificial neural network in the industry has created opportunities for new innovations in the field of technology. An effective artificial neural network solution provides greater flexibility to the creators for programming as it has the ability to design & train customized deep neural networks and also provide an interface to common programming language. Artificial neural networking solutions help organizations to perform reasoning functions as problem-solving and machine learning.
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The shift toward the adoption of cloud platforms and replacing the traditional platform of working helps in increasing the efficiency and productivity of the business entity. The acceptance of cloud-based artificial neural networking solutions is expected to grow, mainly due to their advantages such as easy maintenance of generated data, cost-effectiveness, scalability, and effective management. Cloud-based services allows its user to work remotely resulting to drive the artificial neural network market growth.
Companies covered in this report are Alphabet Inc., International Business Machines Corporation, Intel Corporation, Microsoft Corporation, Qualcomm Inc., Ward Systems Group Inc., GMDH Inc., Alyuda Research LLC., Starmind International AG, NeuroDimension Inc.
Key benefits of the report
- This study presents analytical depiction of the artificial neural network market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the artificial neural network market share.
- The current market is quantitatively analyzed from 2021 to 2030 to highlight the artificial neural network market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the artificial neural network market.
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