ID: MRFR/ICT/4600-CR | February 2020 | Region: Global | 177 pages
Deep Learning Market Overview:
The market size of deep learning is going larger every day at a rapid speed. Voice recognition application such as Apple Siri, Amazon's Alexa and 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 in services of cloud-base and increasing unstructured data. Additionally, models for image recognition, speech recognition, language translation, data mining also drive the growth of the market. According to the MRFR (Market Research Future), Deep Learning Market Size will grow in the forecast period with a CAGR of almost 30.87%. During the period, the estimated Deep Learning Market Revenue will be 17.4 billion. The increasing numbers in adopting digital voice assistance and start-ups focusing on virtual reality and augmented technologies have a great influence on the growth of the market. Additionally, the growing healthcare sectors all across the world are also expected to become a major contribution behind the market growth. Also, growth and development in chatbots, deep learning technology, increasing investments in R&D act as a push in the market growth.
Deep Learning Market Covid-19 Analysis:
the covid-19 development has changed the entire state of the world, including the industry scenarios. The pandemic forced businesses across the world to go through unprecedented changes. The industry scenario is mixed as some industries are flourishing and some are battling. But in short, almost all segments have faced difficulties more or less by the covid-19 pandemic. Although, the deep learning industry is trying hard and growing rapidly now. It is expected that the industry will go through its highest growth in the forecast period.
Based on the report of Deep Learning Market Forecast, the manufacturing industry is supposed to grow highest with the highest level of CAGR during the forecast period. Deep learning technology is applied in machine vision systems, industrial robots, and many other processes. This technology is used in the improvement of product quality, cycle time minimization, efficiency increasing in the whole manufacturing. Also, the key players are investing in deep learning technology in the healthcare and finance industries which is creating many Deep Learning Market Opportunities.
The increase in Deep Learning research applications is acting as the main driving force behind the growth of Deep Learning Market Demand. These applications are- signal recognition, data mining, and image recognition.
The major restrain in this market is the lack of protocols, standards, technical expertise. Also, due to complicated algorithms, huge complex changes are going through the hardware, only making it complex every day.
Some of the basic challenges which might create havoc in the market for deep learning are the Quality of data, the issues related to talent gaps, Data security measures & AI (Production grade).
Out of the mentioned challenges, quality of data remains to be one of the biggest factors as models like deep learning need a lot of quality data. This is very much required for processes like image recognition; without accurate and adequate data, it becomes a fairly uphill task for the deep learning model to reach the next stage and ensure a greater grasp in the market.
Cumulative Growth Analysis:
With a great scope in the future, the deep learning model will be able to learn with little or almost no help from human beings. What is more interesting is the fact that they are very much flexible and adaptive to different kinds of environments as well. Deep learning processes will definitely create a great impact in dealing with problems related to cognitive and reflexive issues.
With so many of promising scopes, the global market size of deep learning is going larger every day at a rapid speed. Voice recognition application such as Apple Siri, Amazon's Alexa and 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 in services of cloud-base and increasing unstructured data.
Deep Learning Market Segment Overview:
The market of deep learning is segmented into four parts. Those are the following-
By offering, the Deep Learning Market can be segmented into hardware, software, and service. Hardware is further bifurcated into Processor, memory, and network components. Software is bifurcated into Solution and platform, and the Service segment is divided into Solution and platform.
By application, this market is further segmented into signal recognition, image recognition, data mining others. Additionally, there are two more aspects to it: NLP, which stands for Natural Language Processing & Recommendation engine.
Deep Learning Market Regional Analysis:
In terms of the 2017 revenue, North America holds the biggest market in Deep Learning Research. The main reason behind the growing market 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 largely investing in the AI technology application-based platforms also have a positive and large impact on the market growth of this region. The rising of digital business and transformation, along with the increasing investment in R&D, is also driving the market growth in the region as well. Mostly, a rise in the usage of deep learning applications for signal recognition, image recognition, and data mining accelerates market growth. The automotive and manufacturing sectors of Canada, Mexico, and the US also substantiate the growth of the market.
The Asia Pacific holds the second position in the Deep Learning Market Share globally. The growing penetration and development in deep learning technology are the driving forces behind the market's growth. Additionally, the spurring rise of digitization and image and voice recognition platforms is giving a boost to the growth of the market. Moreover, foreign investments in model applications of deep learning favour the growth of the regional market.
The deep learning market is going through a rapid change in Europe. European Government taking the deep learning technology for various purposes like- data mining, fraud detection, surveillance, healthcare diagnostics is accelerating the growth with a huge speed. Most importantly, this region has many notable key players of the market that are investing and largely supporting the deployment across many industries.
Deep Learning Market Competitive Landscape:
Having many well-established key players in the market, this industry is highly competitive and fragmented. Innovation, brand reinforcement, merger & acquisition are the Deep Learning Market Trends for the most notable key players in the market. These key players deliver leading-edge and modern services and solutions, and they also make substantial investments in R&D for developing products and technologies.
In November 2020, some Binghamton University team researchers announced that using deep learning technology in number analyzing has helped improve public safety.
In November 2020, from IIT Roorkee, a team(Ancient AI) of deep learning enthusiasts found some restorative outcomes with deep learning technology. They were able to digitally restore the Ajanta cave murals with the help of utilizing many reference paintings as a database and developing their AI model. This outcome made them won the top prize at the tech4heritage hackathon.
This report covers several offerings associated with the deep learning market and technology and developments related to it across industries and regions.
This report also aims at the potential size and growth of the market during the forecast period.
It has a segmental overview such as components, regions, end-users, and applications.
Furthermore, the report discusses market dynamics, the competitive landscape of the market, and the major key players.
Frequently Asked Questions (FAQ) :
Google LLC (USA), Qualcomm Technologies Inc. (USA), Mellanox Technologies (USA), Xilinx Inc. (USA), Adapteva, Inc. (USA), and NVIDIA Corporation (USA) are the challengers in the market.
The end-user segments of manufacturing, retail, security, automotive, healthcare, and agriculture are characterizing the market.
A 30.87 % CAGR is proposed to transform the market in the upcoming years.
The regional segments of North America, Europe, and the APAC region are included in the study.
A 30.87% CAGR is estimated to steer the market towards profitable outcomes in the forecast period.
The mounting investments for progressing machine learning are estimated to create promising growth traction.
The North American region is expected to play a major role in the market.