The global neural network software market is expected to grow at a significant rate during the forecast period. The major factors that will contribute to the market growth include the increasing investment in AI (artificial intelligence) technologies and the increasing adoption of big data analytics. According to the World Economic Forum, the connected world is producing data at a pace that is unprecedented in human history. According to its data published in February 2017, more than 3 billion people are connected to the internet compared to just 2.3 million in 1990. These 3 billion people generating data every second have led to the growth of big data.
The growth of this data is continuing to increase exponentially. Big data has attracted unprecedented attention from both academics and industries. Massive amounts of data are being collected by many organizations on an ongoing basis from various sources, including the World Wide Web (WWW), social networks and sensor networks among major others. The effective management of big data sets can give rise to critical intelligence including artificial neural network (ANN) tostimulate informed decisions and wider vision. To realize the complete potential of big data, efficient and effective algorithms that can analyze this data are required. Therefore, researchers have made attempts to apply ANN within the context of big data analytics.
Moreover, continuous developments in AI are further increasing the scope for applications of neural networks. AI can bring a significant transformation with the new technique, such as Recurrent Neural Networks (RNN) that can assist to detect fraud at initial stages across industries, such as BFSI and e-commerce and enable thousands of secured transactions immediately. It is an advanced deep learning algorithm that is used for modeling sequence to sequence information. RNN focuses on cases where there is a significant probability of fraud and thereby, saves a lot of time.
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Neural Network Software Market Segmentation
By Type
- Data Mining Software
- Visualization Software
- Optimization Software
- Analytical Software
By End-User
- Telecom & IT
- BFSI
- Government & Defense
- Others (Healthcare, Retail & E-Commerce)
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