Deep Learning Market Overview
The global deep learning market size was valued at USD 34.8 billion in 2021 and is expected to reach USD 526.7 billion by 2030, registering a CAGR of 34.3% over the forecast period.
The technology is gaining prominence because of advancements in data center capabilities, high computing power, and the ability to perform tasks without human interactions. Moreover, the rapid adoption of cloud-based technology across several industries is fueling the growth of the market. Deep learning algorithms can perform several repetitive and routine tasks more efficiently within a shorter time than human beings.
Gather more insights about the market drivers, restrains and growth of the Global Deep Learning Market
In addition, the quality of the work is maintained and provides accurate insights. Thus, implementing deep learning in the organization can save time and money, which eventually frees up the employees to perform creative tasks that need human involvement. Therefore, deep learning is considered a disruptive technology across several end-use industries, uplifting the demand for technology.
Deep learning technology has grown due to recent developments in neural network architecture and training algorithms, Graphics Processing Units (GPU), and the availability of a significant amount of data across sectors. The increasing adoption of robots, IoT, cybersecurity applications, industrial automation, and machine vision technology led to a large volume of data. This data can serve as a training module in deep learning algorithms, which help diagnose and test purposes. The deep learning algorithms learn from past experiences and create a consolidated data environment. The more data there is, the more accurate the results will be, and the data will be managed consistently.
Deep learning finds applications in machine translation, chatbots, and service bots. A trained Deep Neural Network (DNN) translates the sentence or a word without using a large database. DNNs provide more accurate and better results than conventional machine translation approaches, which improves system performance. Deep learning algorithms can be used in chatbots and service bots to improve customer services and reduce the call center burden. Deep learning platform application in chatbots involves Automatic Speech Recognition (ASR) to translate audio to text and Natural Language Processing (NLP) for the automated call transfer process. According to the survey done by Oracle Corporation in 2018, 80% of businesses are currently using chatbots. Additionally, in 2018 there were 300,000 active chatbots on Facebook Messenger, and the number for the same is expected to increase in the coming years.
Deep Learning Market Segmentation
Based on the Solution Insights, the market is segmented into Hardware, Software, Services, Installation Services, Integration Services, Maintenance & Support Services
The software segment led the deep learning market and accounted for a revenue share of more than 49.0% in 2021.The number of software tools for developers has grown significantly over the last few years.
Based on the Hardware Insights, the market is segmented into Central Processing Unit (CPU), Graphics Processing Unit (GPU), Field Programmable Gate Array (FPGA), Application-Specific Integration Circuit (ASIC)
The Graphics Processing Unit (GPU) segment held the largest market share of around 57.3% in 2021.
Field Programmable Gate Array (FPGA) has emerged as the best possible choice for deep learning technology. FPGA configurations were once only used for training, but they are now widely employed for various applications.
Based on the Application Insights, the market is segmented into Image Recognition, Voice Recognition, Video Surveillance & Diagnostics, Data Mining
Image recognition held the largest market share of around 41.5% in 2021.
The increasing visual content on social media and the need for content modernization will drive the application of image recognition.
The data mining application segment is expected to expand at the highest CAGR of over 38.1% during the forecast period.
Based on the End-use Insights, the market is segmented into Automotive, Aerospace & Defense, Healthcare, Manufacturing, and Others
The automotive segment contributed around 12.2% revenue share in 2021.
The healthcare segment is expected to witness the strongest growth over the forecast period.
Several government initiatives to integrate AI and deep learning in healthcare are expected to drive the market over the forecast period.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America & Middle East and Africa
North America dominated the market with a revenue share of over 38.6% in 2021.
Europe has contributed significantly to the market growth as several new measures have been taken to support the artificial intelligence sector in the region to boost growth and deliver a digital economy.
Market Share Insights
December 2019: Intel Corp. acquired Habana Labs Ltd., an Israel-based startup working on deep learning algorithms for data center applications strengthening the AI capability of Intel Corporation.
November 2018: Amazon Web Services announced Amazon Elastic Inference, allowing users to add elastic GPU support, reducing deep learning costs by up to 75%.
Key Companies Profile
Some prominent players in the deep learning market include:
Advanced Micro Devices, Inc.
Order a Free sample PDF of the Deep Learning Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
Country: United States