According to a new report, published by KBV research, The Global Convolutional Neural Networks Market size is expected to reach $131.7 billion by 2031, rising at a market growth of 40.2% CAGR during the forecast period.
Financial institutions are adopting CNNs to enhance their fraud detection capabilities by analyzing transaction patterns and identifying anomalies in real-time, thus minimizing losses. Banks and insurance companies use CNNs to process and verify financial documents, streamline operations, and improve compliance. Social media platforms and online communities increasingly adopt CNNs for real-time content moderation to detect inappropriate material, ensuring community standards are maintained effectively.
The On-Premise segment captured the maximum revenue in the Global Convolutional Neural Networks Market by Deployment Mode in 2023, thereby, achieving a market value of $71.9 billion by 2031. This segment’s growth can be attributed to organizations prioritizing data security, compliance, and control over their infrastructure. Many businesses, particularly in sectors like healthcare and finance, prefer on-premises deployment to maintain strict data governance and privacy standards.
The Hardware segment is experiencing a CAGR of 39.6 % during the forecast period. The importance of hardware in the convolutional neural networks market is underscored by the need for powerful and specialized processors, such as GPUs (Graphics Processing Units) and TPUs (Tensor Processing Units), which are essential for the training and inference of CNN models. These processors are designed to handle the complex computations required by CNNs more efficiently than traditional CPUs.
The Image & Video Recognition segment led the maximum revenue in the Global Convolutional Neural Networks Market by Application in 2023, thereby, achieving a market value of $50 billion by 2031. This segment’s growth is fuelled by the widespread use of image and video recognition technologies in security and surveillance, social media, automotive, and retail industries. CNNs are particularly effective in identifying patterns and objects within images and videos, making them invaluable for facial recognition, automated tagging, and quality inspection applications.
The Healthcare segment is growing at a CAGR of 38.6 % during the forecast period. This significant share can be attributed to the increasing utilization of CNNs in various healthcare applications, such as medical image analysis, predictive analytics, and personalized medicine. CNNs enhance diagnostic accuracy, early disease detection, and treatment planning, improving patient outcomes.
Full Report: https://www.kbvresearch.com/convolutional-neural-networks-market/
The North America region dominated the Global Convolutional Neural Networks Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $45.8 billion by 2031. The Europe region is anticipated to grow at a CAGR of 39.8% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 41% during (2024 - 2031).
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