Pune,India, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Deep Learning Market Size was valued at USD 12.67 billion in 2022 and is projected to grow from USD 17.60 billion in 2023 to USD 188.58 billion by 2030, exhibiting a CAGR of 40.3% during the forecast period.
Deep Learning (DL) uses a wide range of neural networks for different tasks such as voice recognition, natural language processing, and machine vision. DL is considered a subset of Artificial Intelligence (AI) that imitates the functioning of a human brain and machines. Some of the latest innovations introduced in DL include virtual assistance, self-driving cars, digital marketing, news accumulation, and image & visual recognition. These developments are predicted to improve the deep learning market growth. Fortune Business Insights™ displays this information in a report titled, "Deep Learning Market, 2023-2030."
Key Industry Development-
January 2022 – SuperGradients, an "all-in-one" deep learning training library for computer vision models, was introduced by Deci, a DL development company that uses AI to build AI.
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Key Takeaways-
- Deep Learning Market is expected to flourish & reach USD 188.58 Billion in 2030
- Compared to analogue DL, digital DL is slower and more energy-intensive.
- There are several benefits of the DL platform that can stimulate market expansion.
- Big Data and machine learning require precision, and poor algorithms may yield poor outcomes.
- Deep Learning Market Size in North America was USD 4.74 Billion 2022
Discover the Leading Players Featured in the Report-
“Advanced Micro Devices, Inc. (U.S.), Clarifai, Inc. (U.S.), NVIDIA Corporation (U.S.), Google Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), SAS Institute Inc. (U.S.),Meta Platforms, Inc. (Facebook) (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 40.3% |
| 2030 Value Projection | USD 188.58 Billion |
| Base Year | 2022 |
| Deep Learning Market Size in 2022 | USD 12.67 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Component, Application, Industry, Regional, |
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Drivers and Restraints-
Rising Applications in Automotive Industry to Enhance Market Forecast
Tesla, AutoX, Journey, and many other leading automakers are using advanced technologies, such as big data analytics, Machine Learning (ML), and Artificial Intelligence (AI) to customize their end-product according to the needs of their customers. There are several uses of DL in the automotive sector. For example, DL systems have becoming quite useful in improving the performance of computer vision. This factor can make autonomous driving safer, thereby fueling the market growth.
However, lack of accurate algorithms and technical weaknesses can hinder the market progress.
Leading Segments Covered in this Report-
By Component
- Hardware
- Central Processing Unit (CPU)
- Graphics Processing Unit (GPU)
- Field Programmable Gate Array (FPGA)
- Application-Specific Integration Circuit (ASIC)
- Software
By Application
- Image Recognition
- Signal Recognition
- Data Mining
- Video Surveillance & Diagnostics
- Others (Machine Translation, Drug Discovery)
By Industry
- BFSI
- Automotive
- Healthcare
- Aerospace and Defense
- Retail & E-commerce
- Media and Entertainment
- Others (Manufacturing)
Regional Insights-
North America to Dominate Global Market Due to High Investments in Futuristic Technologies
North America is expected to dominate the market in the coming years as market players across the region have increased their investments in futuristic technologies, such as Natural Language Processing (NLP) and DL, to improve the performance of their products.
The market in Asia Pacific is predicted to record the fastest CAGR throughout the forecast period as more industries are showing their interest in the precision and reliability offered by DL with respect to machine vision. Moreover, the growing number of startups in the developing countries of this region are also expected to boost the regional market growth.
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Competitive Landscape-
Leading Market Players to Enhance their Product Offerings to Boost Market Position
Some of the most prominent companies operating in the market are introducing automated machine intelligence solutions to accelerate the creation of learning models and decrease the overall time to market. Many newcomers, such as H2O.ai, Dataiku, and KNIME, are successfully increasing the scope of DL technologies in the market.
FAQs
How big is the Deep Learning Market?
Deep Learning Market size was USD 12.67 Billion in 2022. It is expected to reach USD 188.58 Billion by 2030.
How fast is the Deep Learning Market growing?
The Deep Learning Market will exhibit a CAGR of 40.3% during the forecast period, 2023-2030
Related Reports-
Artificial Intelligence Market Share, Revenue Forecast and Opportunities
Machine Learning (ML) Market Overview, Industry Share and Forecast
Big Data Technology Market Demand, Indepth Analysis And Estimated Forecast Till 2030
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