Neural Network Software Global Market Report 2024

The neural network software market has grown exponentially in recent years. It will grow from $26.44 billion in 2023 to $33 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. Historical growth in this context can be attributed to several factors, including the expansion of big data analytics, the proliferation of artificial intelligence (AI) technologies, heightened awareness and education regarding these technologies, advancements in hardware capabilities, the emergence and development of deep learning methodologies, and the increasing adoption of industry-specific applications leveraging these technologies.

The neural network software market is expected to see exponential growth in the next few years. It will grow to $82.47 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. Anticipated growth in the upcoming period is linked to the integration of edge computing, the rapid expansion of the Internet of Things (IoT), the adoption of Explainable AI (XAI) techniques, the proliferation of autonomous systems, and a focus on continuous improvement of models.

The growing demand for digitalization is poised to drive the expansion of the neural network software market. Digitalization involves transforming physical documents into digital formats, leading to a substantial increase in data generation across industries. This surge in data availability, coupled with advancements in high-performance computing systems, is fueling the wider adoption of neural network software. For instance, recent reports from the Digital Economy and Society Index (DESI) revealed that 55% of small and medium enterprises (SMEs) exhibited moderate digital proficiency, while 38% utilized electronic platforms for information sharing by December 2022 in Europe. Additionally, the U.S. Bureau of Economic Analysis reported a notable rise in the U.S. digital economy, reaching $3.70 trillion in gross output in 2021, showcasing a clear influence of digitalization on the neural network software market.

The increasing utilization of connected smart devices is anticipated to propel the growth of the neural network software market. These devices, embedded with sensors and network connectivity, gather and exchange data for improved functionality and remote control. Neural network software plays a vital role in enabling advanced machine learning capabilities within these smart devices, empowering them to analyze data patterns and make intelligent decisions. Statistics Canada noted a rise in Internet-connected smart devices, with a 47% adoption rate in 2022 compared to 42% in 2020, particularly highlighting the popularity of smart speakers at 30%. This surge in connected smart devices directly influences the demand for neural network software.

Technological advancements remain a pivotal trend shaping the neural network software market. Companies within this sector are embracing innovative technologies to solidify their market positions. Notably, in March 2023, Open AI introduced GPT-4, a natural language processing model leveraging deep neural network architecture capable of processing image and text inputs to generate human-level text outputs. GPT-4's remarkable performance spans various academic and professional benchmarks while demonstrating problem-solving capabilities across diverse domains such as mathematics, programming, law, and medicine.

Major players in the neural network software market are actively developing groundbreaking technologies, including on-chip neural networks (NetGNT), to offer advanced functionalities such as traffic analysis. Broadcom Inc.'s November 2023 launch of Trident 5-X12 stands as a prime example, introducing the first switch integrated with an on-chip neural network (NetGNT). This innovation enables machine learning capabilities directly on the semiconductor chip, enhancing network efficiency by identifying traffic patterns across the chip. The Trident 5-X12 boasts a bandwidth of 16.0 Terabits/second, double that of its predecessor, and supports 800G ports for direct connection to Tomahawk 5. It's a power-efficient solution for data centers, consuming 25% less power per 400G port while delivering enhanced telemetry capabilities and maintaining compatibility with legacy APIs.

In December 2021, Checkin.com, a Europe-based information technology and services, eCommerce, and online banking company, acquired Datacorp OÜ for $4.7 million. Through this acquisition, Checkin.com benefited from the inclusion of biometric technology through GetID and expanded its portfolio of solutions for enabling customers to access online services. Datacorp OÜ is a European software development company specializing in neural network algorithms, computer vision, predictive analytics, and data analysis software.

Major companies operating in the neural network software market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Alyuda Research LLC, Neural Technologies Limited, Starmind International AG, Ward Systems Group Inc., Afiniti Ltd., NVIDIA Corporation, Oracle Corporation, Qualcomm Technologies Inc., GMDH Inc., Amazon.com Inc., Facebook Inc., Cognex Corporation, BrainChip Holdings Ltd., Skymind Inc., Sentient Technologies, Vicarious, General Vision Inc., Darktrace Limited, Ayasdi Inc., Numenta Inc., Preferred Networks Inc., AIBrain AB, Fluid AI Inc., Clarifai Inc., Squirrel AI Inc., Darwin AI.

Asia-Pacific was the largest region in the Neural network software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global neural network software market report during the forecast period. The regions covered in the neural network software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the neural network software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key types of neural network software encompass data mining and archiving, analytical tools, optimization platforms, visualization software, and other specialized variants. Data mining involves scrutinizing vast datasets, leveraging neural network software to replicate complex input-output relationships, identify data patterns, or efficiently manage and gather information from company databases. This software includes components such as artificial and deep neural networks, various services, platforms, and other elements catering to end-users across sectors such as BFSI, healthcare, telecom, transportation, and various other industries.

The neural network software market research report provides neural network software market statistics, including global market size, regional shares, competitors with a neural network software market share, detailed neural network software market segments, market trends and opportunities, and any further data you may need to thrive in the neural network software industry. This neural network software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neural network software market includes revenues earned by entities through providing neural network software services, including knowledge discovery in data, medical diagnosis, targeted marketing, and chemical compound identification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The neural network software market consists of sales of standalone software, cloud-based software, and open-source software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.