New York, NY, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Deep Learning Market by Application (Speech Recognition, Image Recognition, Data Mining, Drug Discovery, Driver Assistance, and Others), by Components (Hardware and Software), by Architecture (Recurrent Neural Networks (RNN), Convolutional Neural Networks (CNN), Deep Belief Networks (DBN), Deep Stacking Networks (DSN), and Graphical Processing Units (GRU)), and by End-use Industry (Automotive, Healthcare, Media & Entertainment, BFSI, Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global deep learning market accounted for USD 2.3 billion in 2017 and is expected to reach USD 23.6 billion by 2024, growing at a CAGR of around 39% between 2018 and 2024.
Deep learning is a tool used in machine learning that engages artificial neural networks with several layers each having a high degree of functionality. Unlike most of the machine algorithms, deep learning implements automatic feature extraction without any human intervention. It is mainly used for representing data that help in making significant decisions.
Browse through 75 Tables & 39 Figures spread over 110 Pages and in-depth TOC on ”Global Deep Learning Market Size & Share 2017: Industry Trends, Growth Analysis and Forecast, 2024”.
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Increasing usage of deep learning in medical applications such as drug discovery, medical imaging, and detection of medical insurance fraud is preliminarily fueling the market growth. The technology is used to analyze the patient’s medical history so as to provide the best treatment possible. It is used in medical imaging techniques such as CT scans, MRI scans, and ECG that are used to diagnose cancer, heart disease, and brain tumor. The number of people with these hazardous diseases will increase over the coming years as per the recent predictions. In 2012, about 14 million people were suffering from cancer and the number is expected to reach 24 million by 2035 with almost 70% of the cases from developing countries. Countries such as China and India are taking precautionary steps to cure these diseases by investing in the healthcare sector. Chinese medical technology adopters that are using deep learning, have invested in the Indian medical devices and equipment market. Thus the healthcare sector is proving to be a major driver for the deep learning market.
Hardware and software is the component segment of the global deep learning market. Software segment dominated the deep learning market in 2017 and is expected to continue its dominance during the forecast period. The share is attributed to the increasing adaptation of software as a service (SaaS) in deep learning. Further, the deep learning market is classified on the basis of architecture into RNN, CNN, DBN, DSN, and GRU. GRU segment is predicted to grow at a substantial rate during the projected time frame. The growth is anticipated due to the use of GRU in various applications such as speech recognition, handwriting recognition, natural language text compression, image captioning, and gesture recognition.
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In terms of revenue, North America holds a substantial share in the global deep learning market. About 80% of the enterprises worldwide are already investing in “Artificial Intelligence” (AI) and almost half of them are located in North America. The presence of recognized companies such as IBM, Intel, Microsoft, and Qualcomm, among others is majorly contributing to the high market share. The U.S. government is also using AI in various military and defense applications. Thus, it is anticipated that North America will dominate the market over the forecast period.
European deep learning market is preliminarily driven by increasing usage of the technology in the automotive industry. From 2016 to 2017, automobile registrations in Europe grew by 3.3%. This number is predicted to rise during the time frame. Further, European automotive manufacturers such as BMW, Mercedes, and Volkswagen consider deep learning as an important part of their autonomous vehicles. These driverless vehicles are to be launched in the next five years. The UK and Germany are anticipated to hold significant market share in the Europe region.
Browse the full "Deep Learning Market by Application (Speech Recognition, Image Recognition, Data Mining, Drug Discovery, Driver Assistance, and Others), by Components (Hardware and Software), by Architecture (Recurrent Neural Networks (RNN), Convolutional Neural Networks (CNN), Deep Belief Networks (DBN), Deep Stacking Networks (DSN), and Graphical Processing Units (GRU)), and by End-use Industry (Automotive, Healthcare, Media & Entertainment, BFSI, Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/deep-learning-market
The Asia Pacific is expected to grow at the highest rate from 2018 to 2024 in the global deep learning market. Developing economies such as China and India have a great potential for deep learning applications. Rapid economic growth along with digitalization is predicted to drive the market in this region. India alone witnessed an increase in the number of internet users by almost 23% from 2016 to 2017. During this period, online transactions also increased which led to a risk of fraud. The number of online fraud cases in India during the last quarter of 2017 was over 10,000 as compared to 4,400 in 2016 during the same time. This number is predicted to propel during the forecast period and hence financial institutes have opted to use deep learning to secure online transactions and prevent data theft. Thus, the growth of deep learning in the Asia Pacific is still imminent.
Latin America is considered to be the potential market for deep learning. Rising adoption of deep learning in medical applications will propel the demand for the deep learning market in this region. The medical industry in this region grew by almost 2.2% during the last two years. Brazil and Argentina are anticipated to be the key contributors to the growth of this market in Latin America. The Middle East is projected to be one of the growing regional markets in the coming years. The military expenditure for countries in this region grew by 6.2% over the past year. Owing to its rising demand in military applications, deep learning market is predicted to grow at a substantial rate in this region.
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Some of the major participants in the deep learning market are IBM Corporation, Intel Corporation, NVIDIA Corporation, Alphabet Inc., Advanced Micro Devices Inc., Microsoft Corporation, Arm Holdings, Qualcomm Technologies Inc., Micron Technology Inc., and Amazon Web Services, among others.
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The report segments of the global deep learning market as follows:
Global Deep Learning Market: Application Segment Analysis
- Speech Recognition
- Image Recognition
- Data Mining
- Drug Discovery
- Driver Assistance
- Others
Global Deep Learning Market: Component Segment Analysis
- Hardware
- Software
Global Deep Learning Market: Architecture Industry Segment Analysis
- RNN
- CNN
- DBN
- DSN
- GRU
Global Deep Learning Market: End-use Industry Segment Analysis
- Automotive
- Healthcare
- Media & Entertainment
- BFSI
- Others
Global Deep Learning Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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