Artificial Neural Network Market Poised to Expand at a Robust Pace Over 2027 | Market Research Future
The global artificial neural network market is quadrupling mainly due to the broad uptake of this technology in the burgeoning healthcare sector for diagnostic and drug discovery purposes. The proliferation of artificial intelligence and its increasing integration with neural network algorithms are the two major dynamics changing the paradigms of the healthcare sector.
Besides, increasing prevalence of myriads of chronic diseases, increasing healthcare expenditure, and the growing number of hospitalizations, accelerate the growth of the market. According to Market Research Future (MRFR), the global artificial neural network market is estimated to create substantial revenues by 2023, registering a modest CAGR during the forecast period (2018 – 2023).
Artificial neural networks provide significant benefits in medical research, which drives the market demand predominantly. Also, the rising adoption of artificial neural network in the burgeoning healthcare sector defines the growing landscape of the market. Over the past decade, image-guided analysis and bioelectric signal analysis & interpretation have become important diagnostic tools for the detection of a number of chronic diseases.
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Also, there have been a few advances that occurred within the imaging technologies., as a cumulative effect of these factors, the size of the market is growing continually. On the other hand, digitization across emerging economies and reluctance among healthcare professionals to adopt artificial intelligence-based technologies are the major growth impeders for the market. Nevertheless, the rising preference for minimally invasive diagnostic procedures and increasing demand for image-guided diagnostic procedures would support market growth during the assessment period.
Major Players:
Leading players in the global artificial neural network market include Oracle Corporation, IBM, Microsoft Corporation, Intel Corporation, Qualcomm Technologies Inc., Neuralware, Google Inc., Alyuda Research LLC, NeuroDimension Inc., SAP SE, Ward Systems Group Inc., Afiniti, Starmind International AG, SwiftKey, and Neural Technologies Ltd. Many players in the global artificial neural network market are engaged in developing software based on artificial neural networks. Expanding in emerging regions such as Asia Pacific and Latin America is also likely to be a popular tactic for players among the global artificial neural network market over the forecast period.
Market Segmentation
The segment study of the global artificial neural network market is based on Type, Component and Application.
- The Type-based segments of the artificial neural network market are feedback artificial neural network, and feedforward artificial neural network among others.
- The Component-based segments of the artificial neural network market are platform, software, and services.
- The Application-based segments of artificial neural network market are image analysis and interpretation, clinical diagnosis and prognostics, drug development, and bioelectric signal analysis and interpretation among others.
Regional Analysis:
Geographically, the the global artificial neural network market can be segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The region-specific study holds clue to various demographic challenges that can impact the market notably.
The Americas dominate the global artificial neural network market due to the strong presence of the healthcare sector in the region. The healthcare sector in North America is highly advanced and home to several leading players in the artificial neural network market. Companies such as Google, Intel, Microsoft, and IBM have their headquarters in the U.S., which leads to easy development of advanced technology and software related to artificial neural networks.
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Europe is the second largest regional market for artificial neural networks, followed by Asia Pacific. Asia Pacific is likely to exhibit growth at a rapid pace over the forecast period due to the growing adoption of digitized healthcare platforms in countries such as China, India, and South Korea.
The APAC market is expecting strong growth due to the hike in investment for infrastructural revamping. The regional growth would be substantial due to emerging trends of having these systems incorporated in various healthcare research centers and hospitals. Japan, China, and others are expected to fetch notable revenue for the regional market.
