Significant advancement in the field of artificial intelligence (AI), surge in cloud disruption in the modern industry, and availability of advanced analytical tools and prediction solutions are expected to drive the growth of the growth of the global Neural Networks Market. On the other hand, lack of skilled professionals hinders the growth to some extent. However, rise in digitization and growing internet penetration across the globe are expected to offer lucrative opportunities in the industry.
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The global neural market is analyzed across component, industry vertical and region.By component, the software segment generated the highest share in 2020, accounting for nearly two-thirds of the global market. The service segment, however, would cite the fastest CAGR of 27.7% during the forecast period.
By industry, the BFSI segment accounted for the major share in 2020, holding nearly one-fifths of the global neural network industry. The manufacturing segment, however, would exhibit the fastest CAGR of 30.7% during the forecast period.
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Depending on industry vertical, the BFSI segment holds the largest market share neural network market, owing to rapid adoption of neural network software by various fintech and banking institutions for providing personalized message service and automated voice systems to the customer.
However, the manufacturing segment is expected to grow at the highest rate during the forecast period, owing to process and record financial & production data; manage plant-level strategies; and account for material, capacity, and labor constraints.
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Region wise, the neural network market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to technological advancements and new strategies applied by the major companies such as, Google, Microsoft, and Facebook to adopt AI as core strategic driver for business.
However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to industrialization and demand for efficient technologies in industries such as retail, IT & telecom, Banking, Financial Services and Insurance(BFSI), and growth of manufacturing & energy sectors in countries, such as China, India, and Japan.
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Key findings of the study
- Depending on component, the software segment accounted for the largest neural network market share in 2020.
- Region wise, North America generated the highest revenue in 2020.
- According to industry vertical, the BFSI segmented generated the highest revenue in 2020.
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