Neural network software mainly deploys artificial neural network technology used for simulating analytical tools to carry out several operations such as research, forecasting/prediction and visualization, and optimization. MarketsandMarkets forecasts the market size to grow from USD 7.17 Billion in 2016 to USD 22.55 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.2%. Increasing demand for analytical and prediction tools to manage spatial and unorganized data have further bolstered the demand for the neural network software market during the forecast period.
The key players in the Artificial Neural Networks (ANN) ecosystem profiled in the research study include IBM Corporation (New York, U.S.), Intel Corporation (California, U.S.), Google Inc. (California, U.S.), Qualcomm Technologies Inc. (California, U.S.), Microsoft Corporation (Washington DC, U.S.), and SAP SE (Waldorf, Germany). The key innovators profiled in the neural network software market include Starmind International AG (Küsnacht, Switzerland), Slagkryssaren AB (Stockholm, Sweden), Swiftkey (London, U.K.), Neural Technologies Ltd. (England, U.K.), Neuralware (Pennsylvania, U.S.), AND Corporation (Ontario, Canada), Afiniti (Washington DC, U.S.), Alyuda Research LLC (California, U.S.), Ward Systems Group Inc. (Maryland U.S.), and GMDH LLC (New York, U.S.).
Players in this market have adopted numerous approaches to achieve growth. Many players adopted the strategies of business expansions, product launches, mergers, acquisitions, and partnerships to expand their product offerings and bring about innovative technological aspects in the neural network domain.
International Business Machines (IBM) Corporation is an established player and a globally renowned vendor for providing dedicated software, hardware, and related services. The company’s major business segments include global services, which comprise Global Financing, Global Technology Services (GTS), Global Business Services (GBS), and Systems and Technology, Software, and others. IBM caters to the diverse industries of communications, BFSI, energy and utilities, hospitality, healthcare, retail, travel and transportation, metals and mining, government sector, media and entertainment, and education. The company has a significant presence across in over 175 countries, and mainly serves the regions of the Americas, Europe, Asia-Pacific (APAC), and Middle East and Africa (MEA).
The company has developed IBM Watson, a business unit for cognitive computing technology. Artificial Intelligence (AI) based technology falls under the purview of cognitive computing. IBM has come up with several AI driven technologies enabling the company to from partnerships with major players in the varied industry domains. For instance, the company partnered with BMW and Pfizer for its AI driven technology, widening the company’s footprint in the neural network ecosystem.
Alyuda Research, LLC was founded in 2001 and is headquartered in Los Altos, California, U.S. The company is one of the leading developers of neural network-based software solutions catering large number of industry verticals. The company has successfully implemented the artificial intelligence technology to serve growing areas of applications such as financial transactions, banking, human resource, customer retention and other scientific applications.
The core algorithms followed by the company mainly comprise of automatic neural network architecture and data pre-processing tools.
Neural Network Software Market by Type (Data Mining and Archiving, Analytical Software, Optimization Software, and Visualization Software), Vertical, and Region - Global Forecast to 2021
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