Market Overview
Deep Learning Market Size will grow in the forecast period with a CAGR of almost 28.93%. The estimated Deep Learning Market Revenue will be USD 165.79 billion during the period.
The market size of deep learning is going larger every day rapidly. Voice recognition applications such as Apple Siri, and Amazon's Alexa, followed by the increasing demand in deep learning, is the main driving force behind the Deep Learning Market Growth. The main attributes of the market are the large-scale adoption of cloud-based services and increasing unstructured data. Additionally, models for image recognition, speech recognition, language translation, data mining also drive the market's growth.
The covid-19 outbreak has changed the entire state of the world, including the industry scenarios. But almost all segments have faced difficulties more or less by the covid-19 pandemic. Although, the deep learning industry is trying hard and overgrown now. The deep learning market global trends suggest that the industry will go through its highest growth in the forecast period.
The increasing numbers in adopting digital voice assistance and start-ups focusing on virtual reality and augmented technologies have a significant influence on the market's growth. Additionally, the growing healthcare sectors worldwide are also expected to become an essential contribution to market growth. Also, growth and development in chatbots, followed by the rise of other factors like deep learning technology and increasing investments in R&D, acts as a push in the market growth.
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Market Segmentation
The market of deep learning is segmented into four parts. Those are the following-
By Component:
The Deep Learning Market can be segmented into hardware, software, and service by offering.
By Application:
This market is further segmented into signal recognition, image recognition, and data mining. Additionally, there are two more aspects: NLP, which stands for Natural Language Processing & Recommendation engine.
By end-user Industry:
The sub-segments of the end-users in the industry are-
- Healthcare
- Automotive
- security
- Agriculture
- Retail
- Manufacturing
- Fintech
- Law
- Human resources
- Marketing
By Geography:
- Geographical sub-segments are listed below-
- North America (60%)- This consists of US and Canada zone.
- Europe (20%)- This consists of UK, Germany, France & Italy.
- APAC (15%): This region includes China, India, Australia, and Japan.
- RoW (5%): The primary contributor of the Rest of the World market is dependent on nations like Brazil, U.A.E., and Saudi Arabia.
Regional Analysis
In terms of the 2017 revenue, North America holds the biggest market in Deep Learning Research. The main reason behind the growing demand is the adoption of deep learning application models for image recognition, voice recognition, signal recognition, data mining, and diagnostic purposes. Additionally, the key players in the market mainly investing in the AI technology application-based platforms also have a positive and significant impact on the market growth of this region.
Industry News
In November 2020, from IIT Roorkee, a team(Ancient AI) of deep learning enthusiasts found some beneficial outcomes with deep learning technology. They were able to restore the Ajanta cave murals digitally. They used many reference paintings as a database and developed their AI model. This outcome made them win the top prize at the tech4heritage hackathon.
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