The Latin America, Middle East and Africa Neural Network Market would witness market growth of 28.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Neural Network Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,452.2 million by 2031. The Argentina market is registering a CAGR of 29.6% during (2024 - 2031). Additionally, The UAE market would witness a CAGR of 27.7% during (2024 - 2031).
Neural networks are driving advancements in emerging technologies such as the Internet of Things, augmented reality (AR), virtual reality (VR), and blockchain by enabling real-time data processing and decision-making. In IoT, neural networks analyze vast data streams from interconnected devices, optimizing energy usage, security, and efficiency. For instance, smart thermostats like Nest use neural networks to learn user preferences and maintain energy-efficient environments, while industrial IoT applications leverage predictive maintenance to reduce factory downtime. Neural networks are integral to the functionality of autonomous drones, facilitating their navigation through intricate environments for purposes such as delivery and disaster response. They achieve this by analyzing real-time data obtained from sensors and cameras.
In AR and VR, neural networks enhance immersive experiences by analyzing real-time inputs and personalizing interactions. Apps like IKEA Place use neural networks to integrate virtual furniture into physical spaces, creating realistic AR experiences, while VR applications leverage neural networks for 3D environment rendering and user interaction. In blockchain, neural networks improve fraud detection and optimize transaction processing by identifying anomalies in cryptocurrency patterns. They also contribute to decentralized finance platforms by predicting market trends and automating investment decisions.
In South Africa, the public sector leverages neural networks to improve governance, optimize resource allocation, and enhance citizen services. Neural networks are used in traffic management, urban planning, and social services delivery, helping address critical socio-economic challenges. The government’s Artificial Intelligence Institute and initiatives to foster AI innovation have provided the necessary infrastructure and support to integrate neural networks into public administration. These efforts improve operational efficiency and position South Africa as a leader in AI-driven public sector transformation within the African continent. Hence, the region will drive new investment opportunities to expand the market.
Free Valuable Insights: The Worldwide Neural Network Market is Projected to reach USD 160.37 Billion by 2031, at a CAGR of 26.1%
Based on Component, the market is segmented into Software (Analytical Software, Data Mining & Archiving, Optimization Software, Visualization Software, and Other Software Type), and Services. Based on Vertical, the market is segmented into BFSI, Retail, Healthcare, Telecom & IT, Manufacturing, Aerospace & Defense, Public Sector, Business Function, and Other Vertical. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Component
By Vertical
By Country
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