The deep learning market is anticipated to witness healthy growth from 2018 to 2023, a research report suggests. Growing at a CAGR of 30.87%, the market is projected to reach US$17.4 billion by 2023. Rising automation is expected to support the market growth along with rising uses of humanoid robots and augmented (AR) displays. As predicted by analysts, the lack of technical expertise will negatively affect the market’s performance from 2018 to 2023. During the forecast period, the market will be supported by deep learning-based speech and image recognition and consumers aiming for more convenience. The high-cost training requirements on the other hand will challenge neural networks sector based organizations functioning in the global deep learning market. Analysts have split the market into components, applications, and end-user segments based on products and services. Neural networks based companies have been profiled.
A low research and development budget is set to affect the global market during the forecast period 2018 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of neural networks segment based organizations to help new entrants and established businesses. The neural networks sector itself is supported by technological developments as well as the growing application areas. During the forecast period 2018 to 2023, the deep learning market is set to witness a health growth across components, applications, and end-user segments as well as regional markets.
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The neural networks sector has seen growth across components, applications, and end-user segments owing to the rise in distribution channels and advancements in technology. To study the market, analysts have further segmented components, applications, and end-users into hardware, software, and service on the basis of components. The market is further segmented into applications sub segment which is split into image recognition, data mining, signal recognition, and others. Additionally, the deep learning market on the basis of end-user is segmented into agriculture, automotive, BFSI, healthcare, manufacturing, media & entertainment, retail, security, and others.
The segmental analysis presented in the report provides neural networks field based organizations insights into key growth factors such as the changing social behaviour as well as challenges such as high initial investments the market will face from 2018 to 2023. The presence of effective communication and technological advancements are some of the key factors having an influence on neural networks industry based companies, suggest analysts as per the deep learning market report. But the report also identifies problems related to the supply chain and the increasing demand for highly skilled professionals as major threats companies in neural networks will face till 2023.
Neural networks market based companies in the deep learning market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The growing urbanization will be a key growth driver for regional markets. However, the lack of investments in research and development will turn out to be a threat. For the forecast period 2018 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and neural networks vertical based companies are spread across the United States, Canada, and Mexico.
Dynamic policies and regulations will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by high demand across industry verticals as well as the rising industrialization, suggests the report. Similarly, the neural networks sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the deep learning market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.
The global deep learning market research report brings a comprehensive study of components, applications, and end-user market segments, regional analysis, and neural networks vertical based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to the presence of untapped market opportunities and the increasing awareness among consumers, the market is set to grow at a compound annual growth rate of 30.87% and is predicted to reach a value of US$17.4 billion by 2023. With SWOT analysis of neural networks sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as growing concerns regarding high cost and the lack of demand from developing countries, companies in the neural networks sector can change the way business is done.
Facebook has been busy developing AI technologies in fields including machine vision, natural language processing (NLP), and "deep learning" over the last few years, in part through purchasing promising startups in the field. As a result, the social media behemoth has turned to the United Kingdom for AI expertise, acqui-hiring NLP startup Bloosbury AI in 2018 and, most recently, acquiring Scape Technologies, a British firm that uses machine vision to provide more precise location positioning for virtual reality.