Deep Learning Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Deep Learning Market: Snapshot
The global deep learning market is prognosticated to expand from US$ 11.33 Bn in 2020 to US$ 152.24 Bn by 2028. This suggests that the market for deep learning is likely to register growth at a CAGR of 38.6% during the forecast period of 2021 to 2028.
The deep learning technology is being increasingly adopted owing its data-driven applications such as image and voice recognition. With the rise in penetration of the Internet across the globe, there has been immense increase in the amount of data generated by companies operating in a wide range of industries. This factor is resulting into profitable avenues for companies operating in the global deep learning market.
Enterprises from different end-use industries such as law, automotive, retail, agriculture, security, marketing, manufacturing, human resources, and healthcare are increasing the use of cloud-based services. This factor is leading to revenue-generation opportunities in the global deep learning market. Furthermore, the market for deep learning is being driven by rising requirement for machine and human interaction with enhanced capabilities and solutions.
The volume of unstructured data has been increased in the recent years. This factor is propelling the global deep learning market. In addition, rise in the applications of deep learning for data mining, language translations, and image/speech recognition is expected to drive the sales prospects in the market for deep learning. Rise in the number of humanoid robots are fueling the demand opportunities in the deep learning market.
Companies operating in the global deep learning industry are increasing investments in order to develop deep learning and machine learning applications. Furthermore, several players in the global machine learning market are executing different strategic moves such as mergers, acquisitions, partnerships, and collaborations. These strategies are helping in the expansion of the global deep learning market.
The scope of deep learning technology traverses across the areas of artificial intelligence, machine learning, and big data analytics, yet is quite distinct from each of them. In recent years, the application of deep learning technologies has gathered much steam in developing autonomous systems that help make decisions and solve problems. Using the massive amount of data fed through neural networks, it has the potential to solve just about any problems in the way humans think and decide. Deep learning can be considered to be a very specific subset of machine learning tools that are focused on developing neural networks, which in essence expands the real-life applications of autonomous systems. Most popular applications of deep learning lies in the domain of business to consumer (B2C), and are said to benefit a wide range of industries that constantly seek to capitalize on these systems to drive consumer satisfaction.
Self-driving cars using deep learning technologies have already gained traction with several technology behemoths and prominent car makers. This has been showing promising prospects in the automotive and automobile industries, with the option of driverless cars in the not-so-distant future. Another attractive application of deep learning is making sense of unstructured data emanating from a wide range of smart consumer products and services. With the proliferation of IoT devices, the volumes of organizational data is likely to soar to unmanageable levels in the coming years. Autonomous systems with the help of deep learning will churn these data and transform them to provide meaning information and finally into useful business insights. Driven by the advances in natural language processing, this will pave way for data-driven decisions.
Global Deep Learning Market: Overview
Deep learning is an approach to artificial intelligence, which is anticipated to revolutionize several industries. For example, deep learning is used for voice and image recognition by Google, promotion of what to watch next by Netflix, and highlighting related products to potential customers by Amazon. As the technology of deep learning evolves, many new applications are expected and consequently, the demand in the global deep learning market is projected for a robust growth rate during the forecast period of 2017 to 2025.
This report on global deep learning market is aimed at providing a comprehensive overview of the current scenario and based on an analysis of all the factors that may impact the growth rate, it estimates the future of the market until 2024. The report also picks-out a few trends that must be noted in order to stay ahead of the competition. It also contains a dedicated section on company profiles, wherein a number of key players have been studied for their market share, regional presence, and recent strategic developments. The global deep learning market can be segmented on the basis of application into image recognition, signal recognition, and data mining, whereas on the basis of offering, the market can be bifurcated into hardware and software. By end-use industry, the market can be categorized into aerospace and defense, automotive, medical, finance, retail, media and advertising, IT and telecommunication, and oil, gas, and energy. Geographically, the report studies the opportunities available in the regions such as North America, Europe, Asia Pacific, and the Middle East and Africa.
Global Deep Learning Market: Trends and Opportunities
Increasing application of deep learning in several industries including advertising, automotive, and healthcare is the primary driver for the market. In addition to that, rigorous research and development that are currently underway are expected to evolve the technology and ability of the processing hardware in a way that other industries can enhance their production. Increasing need for discovering useful insights from available information, growing need for enhanced human and system interaction, and the demand for more knowledge about decisions and processes are other factors favoring the growth rate of the market. Conversely, the lack of experienced talent is expected to hinder the growth to a certain extent during the forecast period.
Currently, data mining is the most profitable application segment of the global market, which is a reflection of increasing usage of deep learning in cyber security, database systems, data analytics, and fraud detection. In terms of end-use industries, the medical segment is expected to expand at the best growth rate, wherein deep learning is used for processing medical images for diagnosis, drug discovery, and virtual patient assistance. In terms of application, the segment of image recognition serve maximum demand in the current scenario of the market. Deep learning are used for pattern recognition, code recognition, optical character recognition, facial recognition, and digital image processing.
Global Deep Learning Market: Region-wise Outlook
The region of North America serves the maximum demand for deep learning, which is a result of high adoption rate of new technologies in the developed countries of the U.S. and Canada. In these countries, government funding is readily available and several leading players have their headquarters. The country-wide market of the U.S. has been encouraging deep learning technology within organizations for safeguarding content from piracy and data breaches, cyber-attacks, preserve against data losses, and negotiate with web and network security threats.
Companies mentioned in the research report
Google, Inc., IBM Corporation, Microsoft Corporation, Facebook, Inc., and Qualcomm, Inc. are some of the prominent players currently operational in global deep learning market, while several new players with financial might are expected to join this evolving sector.
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