New York, US, July 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Deep Learning Market Analysis by Component (Hardware, Software, Services), By Application (Image Recognition, Data Mining, Signal Recognition), By End User (Security, Manufacturing, BFSI, Healthcare, Agriculture) - Forecast till 2030” valuation is poised to reach USD 165.79 Billion by 2030, registering an 28.93% CAGR throughout the forecast period (2020–2030).
Deep Learning Market Overview
The increasing use of deep learning algorithms in chatbots will boost market growth over the forecast period. Deep learning algorithms are used in chatbots & service bots for improving customer service and lessening the burden on call centres. In chatbots, deep learning platform application includes Automatic Speech Recognition (ASR) to convert audio to text and NLP for automated call transfer.
Deep Learning Market Report Scope:
| Report Metric | Details |
| Market Size | USD 165.79 Billion by 2030 |
| CAGR | 28.93% From 2020 to 2030 |
| Base Year | 2019 |
| Forecast Period | 2020 to 2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Intel Corporation (USA) Samsung electronics co. Ltd (South Korea) Amazon Inc (USA) Micron Technology (USA) Sensory Inc (USA) Mellanox technology (USA) Google LLC (USA) Xilinx Inc (USA), Qualcomm Technologies Inc., and NVIDIA Corp. |
| Key Market Opportunities | Rising Adoption of Cloud-Based Technology to offer Robust Opportunities |
| Key Market Drivers | Increasing Use of Deep Learning Algorithms in Chatbots to Boost Market Growth |
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Drivers
Rising Adoption of Cloud-Based Technology to offer Robust Opportunities
Cloud analytics is the combination of infrastructural, technological, and analytical techniques and tools that assist clients in extracting useful information from large datasets. Furthermore, deep learning analytics that are cloud-based assist institutes in lowering operational costs as well as infrastructure and storage costs. Furthermore, it provides superior security and enhanced safety to an organization's critical data, providing lucrative opportunities for the market. Furthermore, cloud computing assists institutes in analyzing large amounts of data and improving their analytics skills, which drives future demand for deep learning.
Rising Complexity in Hardware to act as Market Challenge
The rising complexity in hardware owing to the use of complex algorithm in the deep learning technology, absence of protocols and standards, and lack of technical expertise may act as market challenges over the forecast period.
Deep Learning Market Segments
The global deep learning market is bifurcated based on end user, application, and component.
By component, software will lead the market over the forecast period.
By application, image recognition will dominate the market over the forecast period.
By end user, security will spearhead the market over the forecast period.
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Deep Learning Market Regional Analysis
North America to Sway Deep Learning Market
North America has the largest Deep Learning Research market. The adoption of DL application models for voice recognition, image recognition, data mining, signal recognition, and diagnostic purposes is the primary driver of the market's growth. Furthermore, the market's key players are heavily investing in AI technology application-based platforms, which have a positive and significant impact on the region's market growth. The rise of digital business & transformation, as well as increased R&D investment, is also driving market growth in the region. The automotive & manufacturing sectors of Mexico, Canada, and the United States also contribute to the market's expansion. Because of increased investments in AI and neural networks, North America dominated the market. The region's widespread use of image and pattern recognition is expected to create new growth opportunities in the forecast period. Furthermore, the region is a quick adopter of advanced technologies, causing organizations to rapidly adopt deep learning capabilities.
Furthermore, rising government support is likely to have a positive impact on the region's industry growth. The establishment of artificial intelligence and machine learning subcommittees in the federal government is offering traction for growth. In terms of revenue, North America has the largest market share. The growing need for the deep learning software, like signal recognition, image recognition, and data mining, in industries like healthcare, automotive, IT and telecommunications, aerospace & defence, as well as ongoing projects and the formation of artificial intelligence and machine learning subcommittees within the federal government, will drive the market in North America.
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APAC to Have Admirable Growth in Deep Learning Market
The Asia Pacific region ranks second in the world in terms of Deep Learning Market Share. The market's growth is being driven by increasing penetration and advancements in deep learning technology. Furthermore, the rapid rise of digitization & image as well as voice recognition platforms is boosting market growth. Furthermore, foreign investments in deep learning model applications promote regional market growth. Several government initiatives in the APAC region related to digitalization and the increasing adoption of the next-generation technologies like AI & machine learning demonstrated the rapid growth of deep learning technology.
Deep learning is gaining popularity as it is used in more than just electrical items such as smartphones, tablets, and PCs, but also in healthcare & automotive products. The rapid economic development of key countries such as China and India is critical to the expansion of the APAC deep learning market. An increase in R&D activities across the region is a primary growth driver for the region's deep learning market. China & India are increasing their investments in deep learning. In these two countries, there are numerous startups conducting deep learning research and identifying various deep learning applications.
Deep Learning Market Competitive Analysis
Dominant Key Players on Deep Learning Market Covered are:
- Intel Corporation (USA)
- Samsung electronics co. Ltd (South Korea)
- Amazon Inc (USA)
- Micron Technology (USA)
- Sensory Inc (USA)
- Mellanox technology (USA)
- Google LLC (USA)
- Xilinx Inc (USA)
- Qualcomm Technologies Inc.
- NVIDIA Corp.
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COVID-19 Impact Analysis
The COVID-19 epidemic has had a significant increase in the revenue of the deep learning market as a result of increased demand for AML, fraud detection, and other solutions during the pandemic situation. Furthermore, the COVID-19 pandemic has changed model performance because more continuous monitoring & validation is needed to mitigate different types of risk, as opposed to static validation and testing methods, which drives the development of deep learning models. Furthermore, as digital transformation accelerates, various governments have implemented stringent regulations to protect end users' data, such as the GDPR and the CCPA, which are driving market growth.
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