• Markets and Markets forecast the global Artificial Neural Network Market size to grow from USD 117 million in 2019 to USD 296 million by 2024, at a Compound Annual Growth Rate of 20.5% during the forecast period. The major growth drivers of the market include the increasing use of emerging technologies to detect complex nonlinear relationships between variables and patterns.

Among applications, the data mining segment to grow at the higher CAGR during the forecast period:

ANN is segmented based on applications. The verticals include image recognition, signal recognition, data mining, and others. The data mining segment is the fastest-growing segment in the Artificial Neural Network Market due to the growing demand for active data mining to turn raw data into useful information.

Deployment via the cloud to grow at a rapid pace during the forecast period

Most of the vendors in the Artificial Neural Network Market offer cloud-based maintenance solutions to gain maximum profits and effectively automate the equipment maintenance process. The adoption of cloud-based ANN solutions is expected to grow, mainly due to their benefits, such as easy maintenance of generated data, cost-effectiveness, scalability, and effective management.