Neural Network Software Market Segment Analysis – by Applications
Smart devices are analyzed to hold a significant growth at CAGR of 24.1% during the forecast period 2021-2026. APAC region is anticipated to witness the highest growth during the forecast period. Factors such as rapid urbanization, high population, high living standard and strong economic growth are set to be the key influencers for the growth of the market. APAC region is the manufacturing hub of smart devices. As per 2020 estimate, APAC region had the largest number of internet users globally with China ranked first with 854.5 million users and India being second with 687.6 million.
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Neural Network Software Market Segment Analysis – by End- User
Consumer Electronics is the fastest growing segment in Neural Network Software Market and is estimated to grow at around CAGR 23.5% during the forecast period 2021-2026, owing to the adoption of smart phones and smart devices. Samsung unveils new world for mobile phone by using neural processing units which are incorporated in mobile processor to deliver new advanced level of vision intelligence in mobile phones. In February 2020, Samsung launched Galaxy S20 Series with features like intelligent battery, neural processor and massive storage that would accelerate ML workload. Automotive sector also witnessed a significant growth in the market due to increase in demand for autonomous vehicle for tracking vehicles and detecting traffic lights. For instance Tesla, global provider for autonomous vehicle technology, announced the use of Tesla owned AI chip which covers neural network to be used in self driven cars.
Neural Network Software Market Segment Analysis – by Geography
North America dominated the Neural Network Software Market with a share of 37% in 2020, owing to the significant adoption of advanced technologies across various organizations. The presence of large number of key players investing towards improved processor is also analyzed to be one of the major drivers for the growth of the market. In addition to this growing investment in AI start-up is also a driving factor for the growth of the regional market. USA and Canada are extremely well developed and highly skilled labor pool with renowned research and development institution influencing the development of new technology in this region. According to a survey conducted by Tech Nation USA made an investment of $92 billion in emerging technologies such as AI, Robotics etc that influences the market growth of neural network processor.
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Neural Network Software Market Drivers
Increasing demand for smart devices and smart cities
The emerging technologies like AI and IOT have the capacity to initiate smart city programs in developing countries. AI and IOT enabled devices generate huge amount of data. Due to quick growth in the volume of data, there is surge in demand for high speed processors among all industries which is certainly influencing the development of the market. For instance in January 2021, DSP Group Inc, a leading provider of wireless and voice processing chipset solution announced the launch of low cost effective AI and ML SOC i.e. DBM10. The SOC contains Digital Signal Processor and nNetlite Neural Network Processor.
Increase in investment in emerging technologies
Investment in AI and Neural Network are a great commercial opportunity for every business. Neural Network Processor is used for object and sound detection, sound recognition, object tracking, facial recognition, keyword spotting and packet inspection. These features are embedded in smart devices. Government also spend huge amount in development of AI and real time analytics that is set to drive the Software Market. As per recent estimate, USA has the most AI start-up with venture capital funding. USA companies increased global AI investment by 56% between 2020 and 2015.
Neural Network Software Market Challenges
Lack of skilled workforce
Companies across all industries do not have much AI talent. Even during economic crunch due to COVID19 pandemic, the demand for AI talent has been strong. Leaders want to reduce cost through efficiency and automation and thus AI, Deep Learning Neural Network plays a pivotal role in that effort. As per report released by the Indian Government in 2020, India is facing shortage of skilled workforce in AI, ML, blockchain, Internet of Things, cyber security and data analytics. The gap will increase in coming years as per the report.
Neural Network Software Market Landscape
Partnerships, acquisitions, collaboration along with product launches are the key strategies adopted by the players in the Neural Network Software Market. The top 10 companies include CEVA Inc, Qualcomm Inc, Intel Corporation, IBM Corporation, Google Inc, NVIDIA Corporation, Brainchip Holdings Limited, Advanced Microdevices Inc, Graphcore Ltd and NXP Semiconductor.
Acquisitions/Technology Launches/Partnerships
In September 2019, Ceva Inc announced NeuPro-S processor which is designed for deep neural network workloads with features like high performance, improved power and memory bandwidth efficiency.
In August 2019, Intel Corporation announced the launch of AI-powered Nevana Neural Network Processor. The Processor is divided into Intel Nervana NNP-I (code-named Spring Hill) and Intel Nevana NNP-T (code-named Spring Crest).
Key Takeaways
The Key players in the Neural Network Software Market are CEVA Inc, Qualcomm Inc, Intel Corporation, IBM Corporation and so on with contracts and partnerships being adopted as key strategies.
Consumer Electronics is the fastest growing segment during the forecast period 2021-2026 owing to the increase in demand of smart phones and other smart devices.
North America dominated the market with a share of 36.2% in terms of value in 2020 due to the adoption of latest technologies among organizations as well as high investment to develop new technologies.
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