Deep Neural Networks Market to Reach USD 5.98 Billion By 2027 | CAGR of 21.4%: Emergen Research

- Growing demand for deep learning through neural networks is driving the demand for the market

- Market Size - USD 1.26 Billion in 2019, Market Growth - CAGR of 21.4%, Market Trends - High demand in cognitive analytical insights

The Global Deep Neural Networks Market is projected to reach USD 5.98 billion in 2027. The market is expected to be driven owing to expansion in the big data analytics, emergence of deep learning through neural networks and cognitive analytical procedures in various verticals including IT & telecommunication, BFSI, e-commerce, and healthcare, among others. The rising implementation of the deep neural networks in clinical diagnosis, image & signal analysis and interpretation, and drug & vaccine development, among others, are propelling the market growth broadly. The BFSI sector segment had a mentionable market share due to numerous application areas related to financial analysis, predictive costing, risk investigation, and others.

By eliminating the logical burden from an application developer and disregarding the rule-based preset algorithms, deep neural networks sets an artificial humanlike cognizance which further opens up a wide range of new possibilities to solve many kind of applications without a human inspector. Incorporating neural networks make the computer visions quite easier to work with and extends the limit of what the conventional programming could do.

Further key findings from the report suggest

Software and applications are the most commonly used attributes that have been incorporating deep neural networks in use for research simulators, building visualization to monitor training process, simulate the behavior of consumers using apps and software, among others. Software and application sub-segment is expected to be growing at a CAGR of 22.6% throughout the forecast period.

The market is projected to witness substantial growth owing to its extensive implementation in various sectors especially in North American region. Increasing use of advanced technology in BFSI, IT & telecommunication and healthcare sectors is anticipated to stimulate demand for the deep neural networks in the region.

The deep neural networks are widely used in the field of visualization and visual analytics for the communicating information and discovering meaningful insights by using various visual encodings to transform the abstract data into useful representations.

In 2018, Switzerland based leading AI tech company, Starmind, announced an investment of USD 15 million in its self-learning next generation designing and algorithms, based on the artificial neural network.

Key players in the market include Google, Oracle, Microsoft, IBM, Qualcomm, Intel, Ward Systems, Starmind, Neurala, NeuralWare, and Clarifai, among others.

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SOURCE: Emergen Research