Artificial Neural Network
- 07 Feb 2022
- 4 min read
Why in News?
Recently, the global Artificial Neural Network (ANN) Market report was published.
- It is an information bank that delivers comprehensive information about the market ranging from the establishment to the predictable growth trend.
- As per the current report, ANN Market to Set Phenomenal Growth from 2021 to 2028.
What is an Artificial Neural Network?
- It is a vital subset of machine learning that helps computer scientists in their work on complex tasks, such as, strategizing, making predictions, and recognizing trends.
- It is a computational model that mimics the way nerve cells work in the human brain. It is designed to simulate the way the human brain analyzes and processes information.
- It is not like other machine learning algorithms that crunch numbers or organise data, it is an algorithm that learns from experience and repeated tasks performed by its users.
- It is also known as a Neural Network (NN). ANN is a computational model based on the functions and structure of biological neural networks.
- Information that runs through the network affects the structure of the artificial neural network due to the fact that a neural network learns or changes based on the input and output.
- NNs are fed massive volumes of data in the beginning phases. In most cases, training is done by providing input and informing the network about what should be the output.
- Many smartphone makers, for example, have recently integrated facial recognition technology.
What are the Major Drivers of ANN Growth?
- Rapid digitization is anticipated to boost the deployment of artificial neural network platforms. Furthermore, an extensively used application of artificial neural networks is in the field of predictive analytics.
- Predicting consumer behaviour and sales forecasting are expected to drive the artificial neural network market during the forecast period.
- ANN helps marketers predict the outcome of a campaign by recognizing the trends from previous marketing campaigns.
- While neural networks have been available for a while, it is mainly the recent emergence of Big Data that has made this technology extremely useful in the field of marketing.
- Cloud computing also provided enormous computing resources that are needed for ANNs to “work through” massive volumes of data.
What are the Limitations of ANN?
- One of the most significant technological hurdles is the time it takes to train networks, which frequently demand an acceptable level of computational power for even complex tasks.
- The second factor to consider is that neural networks are computer systems in which the user categorises the trained data and gets responses. They have the ability to fine-tune the responses, but they do not have access to the specific decision-making process.