According to a research report "Artificial Neural Network Market by Component (Solutions, Platform/API and Services), Application (Image Recognition, Signal Recognition, and Data Mining), Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global ANN market size is expected to grow from USD 117 million in 2019 to USD 296 million by 2024, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period.
The data mining segment is expected to grow at a rapid pace in the coming years in the ANN market.
It is one of the leading applications in the ANN market due to growing demand to extract hidden predictive information from huge databases.Among services, the consulting services segment to grow at a higher CAGR during the forecast periodThe ANN market is segmented based on services into two categories, namely, managed services and professional services.
The professional services is further bifurcated into consulting services, support and maintenance services and deployment and integration.
The consulting services segment is expected to grow at a rapid pace during the forecast period, as consulting services help organizations to utilize ANN tools capabilities that uses graph structures for semantic queries with nodes, edges, and properties to represent and store connected data.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.