iCrowdNewswire Jan 23, 2021 8:00 AM ET
The global artificial neural network market is expected to grow significantly over the forecast period. It is estimated that the global artificial neural network market is expected to grow significantly during the forecast period from 2018 to 2023.
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An artificial neuron network is a computational model which resembles the function and structure of the human brain’s neuron system. The emergence of artificial intelligence and increasing adoption of the artificial neural network in the healthcare sector are the major drivers for the global artificial neural market. Factors such as the increasing healthcare expenditure, growing number of hospitalizations, and increasing prevalence of chronic diseases contribute to the growth of the market. Moreover, artificial neural networks provide significant benefits in medical research which is expected to fuel the market growth during the forecast period. Furthermore, owing to the growing adoption of artificial neuron network, many companies are engaged in developing artificial neuron network-based software. For instance, MAQ software by Microsoft implements an Artificial Neural Network (ANN) to learn from the historical data and predict the future values.
Despite the drivers, slow digitization across emerging economies and reluctance among healthcare professionals to adopt artificial intelligence-based technologies are likely to hamper the growth of the market during the assessment period.
The global artificial neural network market has been segmented into type, component, and application.
The market, on the basis of type, has been segmented into feedback artificial neural network, feedforward artificial neural network, and others.
The market, by component, has been segmented into software, services, and platform.
The global artificial neural network market, by application, has been segmented into clinical diagnosis and prognostics, image analysis and interpretation, bioelectric signal analysis and interpretation, drug development, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The artificial neural network market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European artificial neural network market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The artificial neural network market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The artificial neural network market in the Middle East & Africa has been segmented into the Middle East and Africa.
Neural Technologies Limited, SwiftKey, Starmind International AG, Afiniti, Ward Systems Group, Inc., SAP SE, NeuroDimension, Inc., Alyuda Research, LLC, Google Inc., Neuralware, Qualcomm Technologies, Inc., Intel Corporation, Microsoft Corporation, IBM Corporation, and Oracle Corporation are some of the key players in the global artificial neural network market.
Regional Market Summary
Geographically, the Americas is anticipated to dominate the global artificial neural network market owing to a well-developed healthcare sector, due to the presence of a large number of enterprises in the development of neural network technologies, and high adoption advanced technology in the healthcare sector. According to the Centers for Disease Control and Prevention, in 2015, the total national health expenditure was USD 3.2 trillion.
Europe is expected to hold the second largest position in the global artificial neural network market. The market growth in this region is attributed to the growing adoption of artificial intelligence among healthcare providers and increasing healthcare expenditure coupled with the rising prevalence of chronic diseases.
The Asia-Pacific region is expected to exhibit the fastest growth throughout the forecast period owing to the accelerated economic growth of countries in the region and the growing need to control the increasing healthcare costs. These factors are also responsible for the emerging trend towards the digitization of patient records among healthcare organizations in this region.
The Middle East & Africa has the least share of the global artificial neural network market. However, this region is expected to have a potential growth opportunity for the artificial neural network market during the forecast period. The key factors driving the growth rate in this region include increasing technological implementations and rising healthcare investments.
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