1. Market Size & CAGR of Artificial Neural Network Market in 2021

The global artificial neural network market is expected to reach a value of USD 15.3 billion by the end of 2021 with a CAGR of 6.8%.

2. COVID-19 Impact on the Artificial Neural Network Market

The onset of the COVID-19 pandemic had a mixed impact on the artificial neural network market. While there was a temporary slowdown in the market due to disruptions in supply chains and decreased investments, the market quickly recovered as the demand for AI technology surged across various industries seeking automation and optimization solutions in response to the pandemic.

3. Artificial Neural Network Dynamics

The dynamics of the artificial neural network market are driven by increasing adoption of AI in various sectors such as healthcare, finance, and automotive. The market is characterized by ongoing research and development activities, strategic partnerships among key players, and the introduction of advanced AI technologies.

4. Segments and Related Analysis

4.1 By Application

The artificial neural network market is segmented by application into:

• Image Recognition
• Speech Recognition
• Forecasting
• Anomaly Detection

4.2 By Industry Vertical

The artificial neural network market is segmented by industry vertical into:

• Healthcare
• Banking, Financial Services, and Insurance (BFSI)
• Automotive
• Retail

5. By Region Analysis

The artificial neural network market is analyzed across the following regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

6. Key Market Players and Competitive Landscape

The key players in the artificial neural network market include:

• Google
• IBM
• Microsoft
• Amazon
• Intel

These companies are actively involved in research and development, partnerships, and acquisitions to maintain their competitive edge in the market.

7. Recent Happenings in the Artificial Neural Network Market

Recent developments in the artificial neural network market include:

• Google unveiling a new AI chip for neural network processing
• IBM launching a new AI-powered software for healthcare applications
• Microsoft partnering with leading healthcare providers to implement AI solutions
• Amazon introducing AI-based predictive analytics tools for e-commerce
• Intel investing in AI startups to expand its neural network capabilities