Neural Network Market Report 2024 (Global Edition)

Global Neural Network Market Report 2024 Market Size Split by Component (Software, Services), by Industry Vertical (BFSI, IT & Telecom, Aerospace & Defense, Public Sector, Retail, Healthcare, Manufact...

Neural Network Market Report Description

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Neural Network Market Insights Video

Competitive Landscape of the Neural Network Market

The neural network market is highly competitive, featuring major players like NVIDIA, Google, and IBM who lead in innovation and technology development. Companies compete through advancements in AI algorithms, hardware optimization, and cloud-based solutions. Strategic partnerships, mergers, and acquisitions are common as firms aim to enhance their technological capabilities and market reach. Emerging startups also contribute by introducing novel applications and specialized solutions, intensifying competition and driving rapid advancements in the neural network sector.

In August 2022, Amazon has introduced new machine learning software designed to analyze patient medical records, aiming to improve treatment outcomes and reduce overall healthcare costs. (Source:https://aws.amazon.com/comprehend/medical/#:~:text=Amazon%20Comprehend%20Medical%20is%20a,prescriptions%2C%20procedures%2C%20or%20diagnoses. ) In May 2022, Intel has unveiled its second-generation Habana AI deep learning processors to enhance efficiency and performance. This launch highlights Intel’s commitment to its AI strategy, offering customers diverse solutions from cloud to edge to meet the increasing demands and complexity of AI workloads. (Source: https://www.intel.com/content/www/us/en/cloud-computing/cloud-technology.html?cid=sem&source=sa360&campid=2024_ao_cbu_in_gmocoma_gmocrbu_awa_text-link_brand_broad_cd_HQ-dcai-cloud_3500231769_google_b2b_is_non-pbm_intel&ad_group=DCAI_Brand_Cloud_Cloud_Broad&intel_term=Intel+Cloud+computing&sa360id=43700079954016837&gad_source=1&gclid=CjwKCAjw3P-2BhAEEiwA3yPhwDerKnGmWu4Ka33TYgsZdgWmBHdrIWeDpQQJZoti3pVBQiq90rSf2hoC4h8QAvD_BwE&gclsrc=aw.ds ) In September 2023, Amazon and Anthropic have formed a strategic partnership to combine their technology and expertise in generative artificial intelligence (AI). This collaboration aims to advance Anthropic’s foundation models and enhance their availability to AWS customers. (Source: https://press.aboutamazon.com/2023/9/amazon-and-anthropic-announce-strategic-collaboration-to-advance-generative-ai )

Top Companies Market Share in Neural Network Industry: (In no particular order of Rank)

• NVIDIA Corporation
• Google LLC
• IBM Corporation
• Microsoft Corporation
• Amazon Web Services
• Inc.
• Intel Corporation
• Facebook
• Inc
• Salesforce.com
• Inc.
• Baidu
• Inc.
• Amazon Web Services
• Alibaba Group
• SAP SE
• Oracle Corporation
• Hewlett Packard Enterprise
• Qualcomm Incorporated
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Neural Network Market

Which Region Dominates the Neural Network Market in 2024?

According to Cognitive Market Research, North America holds the largest market share in the neural network market due to its advanced technological infrastructure, high investment in AI research and development, and the presence of major technology companies. The region's strong emphasis on innovation and early adoption of cutting-edge technologies drives significant growth. Additionally, extensive funding for AI projects, a skilled workforce, and robust support for startups and established firms contribute to North America's dominant position in the market.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is growing at the fastest CAGR in the neural network market due to rapid advancements in technology, increasing investments in AI research, and a large, expanding base of tech-savvy users. The region benefits from a growing number of startups and technology firms driving innovation, coupled with supportive government policies and rising demand for AI applications in sectors like healthcare and finance. Additionally, the increasing adoption of digital technologies across various industries fuels the market's rapid growth.

The current report Scope analyzes Neural Network Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Neural Network Market

According to Cognitive Market Research, the global Neural Network market size was estimated at USD 15214.20 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 6085.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Neural Network market with a market size of USD 4801.60 million in 2024 and is projected to grow at a CAGR of 25.2% during the forecast period. The U.S. market's advanced technological infrastructure, high investment in AI research, and the presence of leading tech companies is driving the Neural Network market.
• The Canada Neural Network market had a market share of USD 730.28 million in 2024 and is projected to grow at a CAGR of 26.2% during the forecast period. Canada’s strong support for startups is driving the Neural Network market.
• The Mexico Neural Network market is projected to witness growth at a CAGR of 25.9% during the forecast period, with a market size of USD 553.80 million in 2024.

Europe Neural Network Market

According to Cognitive Market Research, the global Neural Network market size was estimated at USD 15214.20 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 4564.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.7% from 2024 to 2031.

• The United Kingdom Neural Network market had a market share of USD 766.80 million in 2024 and is projected to grow at a CAGR of 26.5% during the forecast period. In the UK, Neural Network sales witness an upswing due to robust technological infrastructure and significant investments in AI research and development.
• The France Neural Network market is projected to witness growth at a CAGR of 24.9% during the forecast period, with a market size of USD 419.91 million in 2024.
• According to Cognitive Market Research, the German Neural Network market size was valued at USD 903.72 million in 2024 and is projected to grow at a CAGR of 25.9% during the forecast period. In Germany, Neural Network surged due to presence of major market players.
• The Italy Neural Network market is projected to witness growth at a CAGR of 25.1% during the forecast period, with a market size of USD 392.53 million in 2024.
• The Russia Neural Network market is projected to witness growth at a CAGR of 24.7% during the forecast period, with a market size of USD 707.46 million in 2024.
• The Spain Neural Network market is projected to witness growth at a CAGR of 24.8% during the forecast period with a market size of USD 374.27 million in 2024
• The Luxembourg Neural Network market is projected to witness growth at a CAGR of 25.8% during the forecast period, with a market size of USD 141.49 million in 2024.
• The Portugal Neural Network market is projected to witness growth at a CAGR of 25.5% during the forecast period, with a market size of USD 95.85 million in 2024.
• The Greece Neural Network market is projected to witness growth at a CAGR of 26.0% during the forecast period, with a market size of USD 54.77 million in 2024.
• The Rest of Europe's Neural Network market is projected to witness growth at a CAGR of 24.4% during the forecast period, with a market size of USD 707.46 million in 2024.

Asia Pacific Neural Network Market

According to Cognitive Market Research, the global Neural Network market size was estimated at USD 15214.20 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 3499.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 29.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Neural Network market size was valued at USD 1574.67 million in 2024 and is projected to grow at a CAGR of 28.7% during the forecast period. Neural Network surged in China due to rapid advancements in technology and significant investments in AI research.
• The Japan Neural Network market is projected to witness growth at a CAGR of 27.7% during the forecast period, with a market size of USD 482.90 million in 2024.
• The India Neural Network market had a market share of USD 419.91 million in 2024 and is projected to grow at a CAGR of 31.0% during the forecast period. India's increasing adoption of AI across industries is driving the Neural Network market.
• The South Korean Neural Network market is projected to witness growth at a CAGR of 28.3% during the forecast period, with a market size of USD 349.93 million in 2024.
• The Australian Neural Network market is projected to witness growth at a CAGR of 28.9% during the forecast period, with a market size of USD 181.96 million in 2024.
• The South East Asia Neural Network market is projected to witness growth at a CAGR of 30.2% during the forecast period, with a market size of USD 241.45 million in 2024.
• The Rest of Asia Pacific Neural Network market is projected to witness growth at a CAGR of 29.0% during the forecast period, with a market size of USD 248.45 million in 2024.

South America Neural Network Market

According to Cognitive Market Research, the global Neural Network market size was estimated at USD 15214.20 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 760.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 26.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Neural Network market size was valued at USD 325.58 million in 2024 and is projected to grow at a CAGR of 27.2% during the forecast period. Neural Networks flourished in Brazil due to increasing investments in technology and digital transformation.
• Argentina's Neural Network market had a market share of USD 127.80 million in 2024 and is projected to grow at a CAGR of 27.5% during the forecast period. Argentina's government initiatives to support tech innovation is driving the Neural Network market.
• Colombia Neural Network market is projected to witness growth at a CAGR of 26.4% during the forecast period, with a market size of USD 67.70 million in 2024.
• Peru Neural Network market is projected to witness growth at a CAGR of 26.8% during the forecast period, with a market size of USD 62.38 million in 2024.
• Chile Neural Network market is projected to witness growth at a CAGR of 26.9% during the forecast period, with a market size of USD 54.77 million in 2024.
• The Rest of Latin America's Neural Network market is projected to witness growth at a CAGR of 25.7% during the forecast period, with a market size of USD 122.47 million in 2024.

Middle East and Africa Neural Network Market

According to Cognitive Market Research, the global Neural Network market size was estimated at USD 15214.20 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 304.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 26.9% from 2024 to 2031..

• The GCC Countries Neural Network market is projected to witness growth at a CAGR of 27.7% during the forecast period, with a market size of USD 130.23 million in 2024. Neural Network sales flourish due to the presence of major market players.
• The Egypt Neural Network market is projected to witness growth at a CAGR of 27.2% during the forecast period, with a market size of USD 31.95 million in 2024.
• The South Africa Neural Network market is projected to witness growth at a CAGR of 27.9% during the forecast period, with a market size of USD 48.08 million in 2024. Neural Network sales flourished in South Africa due to increasing investments in technology and innovation.
• The Turkey Neural Network market is projected to witness growth at a CAGR of 26.4% during the forecast period, with a market size of USD 26.17 million in 2024.
• The Nigeria Neural Network market is projected to witness growth at a CAGR of 26.0% during the forecast period, with a market size of USD 31.95 million in 2024.
• The Rest of the MEA Neural Network market is projected to witness growth at a CAGR of 25.9% during the forecast period, with a market size of USD 35.91 million in 2024.

Neural Network Market Analysis

Neural Network Market Component Segment Analysis

According to Cognitive Market Research, Software Neural Networks are likely to dominate the Neural Network Market over the forecast period. The software component captured the largest market share in the neural network market due to its essential role in developing and deploying neural network models. Software solutions, including frameworks, libraries, and platforms, provide the tools necessary for building, training, and optimizing neural networks. The rapid advancement and wide adoption of these software tools across industries such as healthcare, finance, and technology drive their dominance. Additionally, continuous innovation and updates in software enhance performance and scalability, further solidifying its market leadership.

The services component is growing at the highest CAGR in the neural network market due to increasing demand for specialized support, consulting, and managed services. Organizations seek expert assistance for developing, implementing, and optimizing neural network solutions, as well as for integrating AI technologies into existing systems. The growing complexity of neural network applications and the need for ongoing maintenance and updates drive demand for these services. Additionally, the rise in custom solutions and cloud-based AI services contributes to this rapid growth.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Neural Network Industry. Request a Free Sample PDF!

Neural Network Market Industry Vertical Segment Analysis

According to Cognitive Market Research, the BFSI segment holds the largest share of the market. The BFSI (Banking, Financial Services, and Insurance) industry captured the largest market share in the neural network market due to its extensive use of AI for fraud detection, risk management, and customer service. Neural networks enhance capabilities in analyzing large datasets, identifying patterns, and automating complex financial processes. The industry’s high demand for advanced analytics, predictive modeling, and personalized financial services drives significant adoption of neural network technologies, solidifying its dominant market position.

The IT & Telecom industry is growing at the highest CAGR in the neural network market due to the sector's increasing reliance on advanced AI for network optimization, customer experience enhancement, and data management. Neural networks are utilized for improving network performance, predictive maintenance, and personalized services. The rapid expansion of 5G technology and the need for efficient handling of massive data volumes further drive the adoption of neural network solutions, accelerating growth in this vertical.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Manjiri Kanhere

Senior Research Associate at Cognitive Market Research

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Manjiri Kanhere is an experienced market researcher focused on the Pharma & Healthcare industry. With over 3+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry.

Author's Conclusion