The global deep learning market was worth around USD 11542.9 million by 2021 and is estimated to grow to about USD 80769.6 million by 2028, with a compound annual growth rate (CAGR) of approximately 38.3% over the forecast period.
Deep Learning Market
The global deep learning market was worth around USD 11542.9 million by 2021 and is estimated to grow to about USD 80769.6 million by 2028, with a compound annual growth rate (CAGR) of approximately 38.3% over the forecast period. The report analyses the drivers of the deep learning market, the limitations/challenges, and the impact they have on demand during the forecast period. In addition, the report examines emerging market opportunities in the deep learning market.
Deep learning is a subset of machine learning that combines a series of computer commands or algorithms that stimulate activity and brain structure. Deep learning is more commonly known as active neural networks or deep neural networks. It is of great benefit to data scientists tasked with collecting, analyzing, and interpreting enormous amounts of data; deep learning makes this process faster and easier.
The deep learning is used across domains and has shown high demand in the recent past. The key drivers that has led to the growth of this market are improving computational power, decreasing hardware cost, and increasing adoption of cloud-based technology. These drivers add to the growth for speech recognition software, automotive vehicles and language translation services and receive comprehensive applications across the retail, healthcare, automotive, agricultural, security and manufacturing industries.
The challenges faced by the market are increasing complexity in hardware due to complex algorithm used in technology, lack of flexibility and multitasking as well as lack of technical expertise and absence of standards and protocols.
The COVID-19 pandemic is anticipated to notably widen the increase in the global deep learning market revenue, owing to rise in demand for anti-money laundering (AML), fraud detection solutions and various technological solutions during the pandemic situation.
In addition, the COVID-19 pandemic situation has brought the machine learning and technological aspects in the picture. This has led to the development and adverse use of deep learning models and tools. Furthermore, the application of artificial intelligence technology is likely to help combating the COVID-19 pandemic situation. Most countries are using the surveillance methos to track and trace the COVID cases.
During the pandemic many the industries have drifted towards online learning and working mode, thus the use for updated software and modern technologies have come forward. Using the deep learning tools and models have made the work efficient and effective.
Improving Computing Power and Declining Hardware Cost
The increasing demand for computing power among businesses and the growing adoption of IoT devices across various industries are encouraging market growth. Regularly, more than quintillion bytes of data are being created each day, and that number is increasing rapidly. The sheer volume of data generated by various business verticals provides highly beneficial opportunities for deep learning solutions to provide companies with efficient, flexible, and scalable data.
In addition, the banking, financial services, and insurance (BFSI) sector holds the share of the deepest learning market in 2020, as the sector produces prominent levels of confidential data, increase in cyber-attacks, and focuses on customer data protection, as well as compliance control, which drives market growth. Moreover, it has become cheaper and easier to use everything and send that data in real time through a messaging system that allows organizations to make informed decisions about faster prices that have a positive impact on market growth.
Lack of Technical Expertise and Absence of Standards and Protocols
The lack of technical expertise and limitation of standard protocols could lead to heighten security risks with availability of multiple touchpoints for hacking. Implementing information technology projects in the public sector is challenging. Although, new and advanced technological tools and models are needed and are implemented every day, but the technical expertise to run and utilize these models have also become a challenge to the industry.
Cumulative Spending in Healthcare, Travel, Tourism, and Hospitality Industries
The global deep learning market would benefit from more medical tourism and shorter treatment wait times. The cumulative costing in the fields of healthcare, travel, tourism, and hospitality industries have given adverse opportunities for the growth of deep learning market. In the recent past, we can see the development for healthcare and IT sector where the world amenities have been shifting towards the online learning and accessing mode. In year 2020-21 the budget for healthcare services is seen to be the most prior for many countries and the use of artificial intelligence technologies has uplifted.
The global deep learning market is segregated based on product type, application, and end-use industry.
Based on the type of product, the global market is divided into software, services, and hardware. In this case, the software component dominates the market which marks consistent growth due to the high adoption of smartphone assistants. In deep learning, software for flexible factory operations allows companies to build state-of-the-art testing systems with industrial automation. These programs provide effective visual testing of the reliability, duplication, and power of computer programs. The growing demand for software that displays ads on websites is another promising factor that encourages the growth of the industry.
Depending on the type of application, the market segmentation is based on image recognition, signal recognition, data mining, and more. In this case, the image recognition component is expected to show the best results for revenue in the coming years. The image recognition component is expected to be a major source of revenue for the deep learning industry driven by increasing penetration into the gaming industry and the growing influx of self-driving cars. High demand for face recognition and pattern as well as digital image processing will enhance the growth of the category.
As per the developments, in 2019 Skymind recently profited USD 11.5 million in a project with an objective to bring deep learning to multiple businesses, where it could help automate business processes in the North American team and accelerate the customer acquisition in the region.
Moreover, Baidu Inc. in 2021 have unveiled many new features in the Baidu Brain AI technology platform, updated in the latest version. The base layer of the platform is based on the deep learning platform PaddlePaddle, providing an improved foundation for a new generation of AI applications.
North America leads the global deep learning market because of its vast technological advancement and use of AI in industries across all domains. During the forecast period, the global deep learning market is predicted to rise at a rapid pace, with Asia-Pacific (APAC) region.
India and China are predicted to be the Asia Pacific region's fastest-expanding deep learning markets. Advanced technologies, more use of artificial intelligence, higher growth of industries and fast paced working model mention the need of deep learning tools as the large amount of data generated and required for the development needs to be easily accessed and curated at any required moment.
Listing some of the main competitors dominating the global deep learning market include - Amazon Web Services (AWS), Google Inc., IBM, Intel, Micron Technology, Microsoft Corporation, Nvidia, Qualcomm, Samsung Electronics, Sensory Inc., Pathmind, Inc. and Xilinx
By Product Type:
By End-Use Industry:
Improving computational power, decreasing hardware cost, and increasing adoption of cloud-based technology leads to the growth of the global deep learning market. On the other side, total spending in healthcare, travel, tourism, and hospitality industries is expected to offer further expansion of the market during the forecast period.
According to the Market Research report, the global deep learning market was worth around USD 11542.9 million by 2021 and is estimated to grow to about USD 80769.6 million with a compound annual growth rate (CAGR) of approximately 38.3% over the forecast period.
North America’s Deep-Learning Market held the largest market share in revenue, but in the past, we have seen a shift to other regions due to increased demand for deep learning as it is now being used across the sector for conveniences. Further, the APAC market is expected to show the highest growth.
These are some of the main competitors dominating the global deep learning market - Amazon Web Services (AWS), Google Inc., IBM, Intel, Micron Technology, Microsoft Corporation, Nvidia, Qualcomm, Samsung Electronics, Sensory Inc., Pathmind, Inc. and Xilinx.