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Software industry

Neural Network Software Market to Reach $65.27 Billion by 2027

Strategic Insights

— 1 min read

The global neural network software market is expected to grow significantly over the next few years, driven by technological advancements, increasing demand for digitalization, and the need for efficient data analysis. According to a report by ResearchAndMarkets.com, the market is expected to reach $65.27 billion by 2027, growing at a compound annual growth rate (CAGR) of 25.34%. Asia-Pacific is expected to be the fastest-growing region in the forecast period, with countries such as China, India, and Japan driving the growth.

Key Takeaways:

  • The global neural network software market is expected to grow from $21.26 billion in 2022 to $26.44 billion in 2023 at a CAGR of 24.37%.
  • The market is expected to reach $65.27 billion by 2027, growing at a CAGR of 25.34%.
  • Asia-Pacific was the largest region in the Neural Network Software market in 2022, with countries such as China, India, and Japan driving the growth.
  • The rising demand for digitalization is expected to propel the growth of the neural network software market, with 55% of small and medium enterprises (SMEs) exhibiting a moderate level of digital proficiency in their workplace.
  • The 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.
  • Key players in the market include Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Alyuda Research LLC, Neural Technologies Limited, Starmind, and Ward Systems Group Inc.

Statistics:

  • Global neural network software market size: $21.26 billion (2022), $26.44 billion (2023), $65.27 billion (2027)
  • CAGR for the global neural network software market: 24.37% (2022-2023), 25.34% (2023-2027)
  • Asia-Pacific neural network software market size: $7.33 billion (2022), $10.39 billion (2023), $26.12 billion (2027)
  • CAGR for Asia-Pacific neural network software market: 26.94% (2022-2023), 28.79% (2023-2027)

Sources:

  • ResearchAndMarkets.com, "Neural Network Software Market Size, Share & Trends Analysis Report By Type (Data Mining And Archiving, Analytical Software), By Component, By End-User, By Region, And Segment Forecasts, 2023 - 2032"
  • Digital Economy and Society Index (DESI), "Digital Economy and Society Index (DESI) 2022"
  • McKinsey, "Digital India Initiative"

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