An artificial neural network is a form of artificial intelligence which is based on the structure and functions of human neural networks. The artificial neural network software can be used for medical research, drug development, clinical diagnosis of various diseases, and interpretation of clinical imaging techniques, among others.
Key factors driving the growth of the market are the emergence of artificial intelligence, increasing healthcare expenditures by the government in developed regions, and increasing adoption of the artificial neural network in the healthcare sector. Moreover, the increasing prevalence of several chronic diseases globally is likely to contribute to the growth of the artificial neural network. In January 2017, a scientist demonstrated that the IBM Watson for oncology would be a reliable Artificial Intelligence (AI) system for assisting the diagnosis of cancer.
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However, slow digitization across emerging regions and reluctance among healthcare professionals to adopt artificial intelligence-based technologies are some factors that can hinder the growth of the market during the forecast period.
Global Artificial Neural Network Key Players
Some of the prominent players in the global artificial neural network market are Starmind International AG, Neural Technologies Limited, SwiftKey, Afiniti, Ward Systems Group, Inc., SAP SE, NeuroDimension, Inc., Alyuda Research, LLC., Google Inc., Neuralware, Qualcomm Technologies, Inc., Intel Corporation, Microsoft Corporation, IBM Corporation, and Oracle Corporation.
The global Artificial Neural Network Market Size has been segmented into type, component, and application.
The market, on the basis of type, has been segmented into feedback artificial neural network, feedforward artificial neural network, and others.
The market, by component, has been segmented into software, services, and platform.
The global artificial neural network market, by application, has been segmented into clinical diagnosis and prognostics, image analysis and interpretation, bioelectric signal analysis and interpretation, drug development, and others.
The market in the Americas is expected to dominate the global artificial neural network market during the forecast period owing to the well-established healthcare sector, the presence of a large number of companies such as Microsoft Corporation, Intel Corporation, and Google Inc. engaged in the development of neural network technologies, and growing adoption of artificial intelligence in the healthcare sector. The European market is expected to be the second-largest market due to the increasing preference for artificial intelligence among healthcare providers, growing healthcare expenditure, and rising prevalence of chronic diseases. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to technological development and favorable government initiatives for healthcare facilities. The market in the Middle East & Africa is likely to account for the least market share of the global artificial neural network market. The market growth in this region can be attributed to growing technological implementations and increasing healthcare expenditures.
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