Global Deep Learning Market Is Set For A Rapid Growth And Is Expected To Reach USD 23.6 Billion By 2024

02-Aug-2018 | Zion Market Research

Zion Market Research has published a new report titled “Deep Learning Market by Application (Speech Recognition, Image Recognition, Data Mining, Drug Discovery, Driver Assistance, and Others), by Components (Hardware and Software), by Architecture (Recurrent Neural Networks (RNN), Convolutional Neural Networks (CNN), Deep Belief Networks (DBN), Deep Stacking Networks (DSN), and Graphical Processing Units (GRU)), and by End-use Industry (Automotive, Healthcare, Media & Entertainment, BFSI, Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global deep learning market accounted for USD 2.3 billion in 2017 and is expected to reach USD 23.6 billion by 2024, growing at a CAGR of around 39% between 2018 and 2024. 

Deep learning is a tool used in machine learning that engages artificial neural networks with several layers each having a high degree of functionality. Unlike most of the machine algorithms, deep learning implements automatic feature extraction without any human intervention. It is mainly used for representing data that help in making significant decisions. 

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Browse the full "Deep Learning Market by Application (Speech Recognition, Image Recognition, Data Mining, Drug Discovery, Driver Assistance, and Others), by Components (Hardware and Software), by Architecture (Recurrent Neural Networks (RNN), Convolutional Neural Networks (CNN), Deep Belief Networks (DBN), Deep Stacking Networks (DSN), and Graphical Processing Units (GRU)), and by End-use Industry (Automotive, Healthcare, Media & Entertainment, BFSI, Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/deep-learning-market

Global Deep Learning Market

Increasing usage of deep learning in medical applications such as drug discovery, medical imaging, and detection of medical insurance fraud is preliminarily fueling the market growth. The technology is used to analyze the patient’s medical history so as to provide the best treatment possible. It is used in medical imaging techniques such as CT scans, MRI scans, and ECG that are used to diagnose cancer, heart disease, and brain tumor. The number of people with these hazardous diseases will increase over the coming years as per the recent predictions. In 2012, about 14 million people were suffering from cancer and the number is expected to reach 24 million by 2035 with almost 70% of the cases from developing countries. Countries such as China and India are taking precautionary steps to cure these diseases by investing in the healthcare sector. Chinese medical technology adopters that are using deep learning, have invested in the Indian medical devices and equipment market. Thus the healthcare sector is proving to be a major driver for the deep learning market. 

Hardware and software is the component segment of the global deep learning market. Software segment dominated the deep learning market in 2017 and is expected to continue its dominance during the forecast period. The share is attributed to the increasing adaptation of software as a service (SaaS) in deep learning. Further, the deep learning market is classified on the basis of architecture into RNN, CNN, DBN, DSN, and GRU. GRU segment is predicted to grow at a substantial rate during the projected time frame. The growth is anticipated due to the use of GRU in various applications such as speech recognition, handwriting recognition, natural language text compression, image captioning, and gesture recognition.

North America was the leading regional market with the largest share for deep learning in 2017. The U.S. is projected to lead the deep learning market during the forecast period. This growth is attributed to growing investments in Artificial Intelligence (AI). In the Asia Pacific, China is expected to be the most attractive nation for deep learning market owing to increasing research & development activities. China’s healthcare industry is also proving to be a good opportunity for startups. Key Chinese medical players have started to invest in startups with a view of using technology in dealing with hazardous diseases. A total of around USD 300 million were invested.

Some of the major participants in the deep learning market are IBM Corporation, Intel Corporation, NVIDIA Corporation, Alphabet Inc., Advanced Micro Devices Inc., Microsoft Corporation, Arm Holdings, Qualcomm Technologies Inc., Micron Technology Inc., and Amazon Web Services, among others.

The report segments of the global deep learning market as follows:

Global Deep Learning Market: Application Segment Analysis

  • Speech Recognition
  • Image Recognition
  • Data Mining
  • Drug Discovery
  • Driver Assistance
  • Others

Global Deep Learning Market: Component Segment Analysis

  • Hardware
  • Software

Global Deep Learning Market: Architecture Industry Segment Analysis

  • RNN
  • CNN
  • DBN
  • DSN
  • GRU

Global Deep Learning Market: End-use Industry Segment Analysis

  • Automotive
  • Healthcare
  • Media & Entertainment
  • BFSI
  • Others

Global Deep Learning Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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