According to a new report, published by KBV research, The Global Neural Network Market size is expected to reach $160.37 billion by 2031, rising at a market growth of 26.1% CAGR during the forecast period.
The Software segment is leading the Global Neural Network Market by Component in 2023; thereby, achieving a market value of $82.96 billion by 2031. The increasing demand for machine learning frameworks, such as TensorFlow, PyTorch, and Keras, has been a major driver, as these tools simplify the design and training of complex neural models. Additionally, advancements in software capabilities, including user-friendly interfaces, pre-trained models, and cloud-based AI platforms, have reduced entry barriers, making neural network software more accessible to businesses of all sizes. The need for automation, real-time data processing, and predictive analytics across industries like healthcare, finance, and retail further fuels the demand for neural network software.
The BFSI segment captured a CAGR of 24.4 % during the forecast period. Neural networks are widely adopted for real-time fraud detection, credit scoring, and predictive analytics, helping financial institutions mitigate risks and streamline operations. The growing demand for AI-powered chatbots, automated financial advisory services, and personalized customer interactions further fuel the adoption of neural networks. Additionally, the sector's focus on compliance with stringent regulations and the need for robust security mechanisms have accelerated investments in neural network technologies.
Full Report: https://www.kbvresearch.com/neural-network-market/
The North America region dominated the Global Neural Network Market by Region in 2023; thereby, achieving a market value of $58.63 billion by 2031. The Europe region is expected to witness a CAGR of 25.7% during (2024 - 2031). Additionally, The Asia Pacific region would register a CAGR of 26.8% during (2024 - 2031).
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