Neural Nets Gaining Traction With Banks
Banking, insurance and financial services are driving the vibrant neural network software market along with growing uptake in the health care market, according to a new market forecast.
The estimated 26 percent annual growth rate for neural network software through 2021 is also being spurred by emerging real-time AI applications in diverse market segments such as public safety. For example, partners Motorola Solutions and AI specialist Neurala said this week they are collaborating on a project to integrate Neurala’s neural networking technology with Motorola software used in surveillance cameras.
Meanwhile, market researcher Technavio reported last week that global demand for neural network software is being fueled by financial services, which accounts for about 45 percent of the total market. “Neural networks are mainly applicable to various data problems of the financial industry,” the London-based market watcher said.
The forecast noted that Asian and Indian banks have recently launched banking apps and other retail banking services based on AI technology. “Financial institutions are exploring the applications of machine learning techniques in areas like personal finance and wealth management, customer service and fraud and risk management,” Technavio reported.
Elsewhere, the health care sector accounted for an estimated 28 percent of worldwide neural net software demand last year. Emerging applications included medical research, medical imaging and controlling new medical devices based on biofeedback.
Growing adoption of “neural networks have helped derive powerful and actionable insights at low cost, driving the growth of big data and deep learning system spending on healthcare,” Ishmeet Kaur, a lead analyst at Technavio for enterprise application research, noted in a statement releasing the forecast. “Neural networks help to improvise the decision-making procedure and improve patient care.”
Intense competition in the retail market is also stimulating demand for neural software as retailers struggle to keep pace with changing customer preferences and shorter product cycles. Those factors are driving exponential growth in data volumes generated by sensors, social media and weblog files, the forecaster noted.
Stores are increasingly using AI software for retail analytics as well as tracking customers using mobile and online services.
Among the top vendors of neural network software are Hewlett Packard Enterprise’s development unit, IBM, Intel, Microsoft and Qualcomm Technologies.
Another software vendor, Neurala, which specializes in deep learning neural network software deployed in platforms ranging from robots to smart cameras, said Monday (July 17) it is working with Motorola Solutions (NYSE: MSI) to integrate its software with intelligent cameras. The partnership would allow police to search for missing persons or criminals.
The collaboration aims to create smart cameras—including body-worn cameras—that can learn “at the edge” of a network to automatically search crowds for a missing child or a suspicious package.
Boston-based Neurala will initially work with Motorola Solutions to build a prototype real-time learning platform that could be used to search
Scrutinizing the Inscrutability of Deep Learning
missing persons. Motorola Solutions Venture Capital was a lead investor in Neurala’s Series A funding announced in January.