NEW YORK, May 18, 2022 /PRNewswire/ -- As per Zion Market Research study, The global deep learning market was worth around USD 11542.9 million by 2021 and is estimated to grow to USD 80769.6 million by 2028, with a compound annual growth rate (CAGR) of approximately 38.3% over the forecast period. The report analyses the drivers of the deep learning market, the limitations / challenges, and the impact they have on demand during the forecast period. In addition, the report examines emerging market opportunities for deep learning market.
Key Industry Insights & Finding of the Deep Learning Market Reports:
As per the analysis shared by our research analyst, the Deep Learning Market is expected to grow annually at a CAGR of around 38.3 % (2022-2028).
Through the primary research, it was established that the Deep Learning Market was valued approximately USD 11542.9 Million in 2021 and is projected to reach to roughly USD 80769.6 Million by 2028.
North America leads the global deep learning market because of its vast technological advancement and use of AI in industries across all domains.
Advanced technologies, more use of artificial intelligence, higher growth of industries and fast paced working model mention the need of deep learning tools as the large amount of data generated and required for the development needs to be easily accessed and curated at any required moment.
Zion Market Research published the latest report titled as "Deep Learning Market: By Product Type (Software, Services and Hardware), By Application (Image Recognition, Signal Recognition, Data Mining and Others), By End-Use Industry (Security, Manufacturing, Retail, Automotive, Healthcare, Agriculture and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
Deep Learning Market: Overview
Deep learning is a subset of machine learning that combines a series of computer commands or algorithms that stimulate activity and brain structure. Deep learning is more commonly known as active neural networks or deep neural networks. It is of great benefit to data scientists tasked with collecting, analysing, and interpreting enormous amounts of data; deep learning makes this process faster and easier.
The deep learning is used across domains and has shown high demand in the recent past. The key drivers that has led to the growth of this market are improving computational power, decreasing hardware cost, and increasing adoption of cloud-based technology. These drivers adds to the growth for speech recognition software, automotive vehicles and language translation services and receive comprehensive applications across the retail, healthcare, automotive, agricultural, security and manufacturing industries.
The challenges faced by the market are increasing complexity in hardware due to complex algorithm used in technology, lack of flexibility and multitasking as well as lack of technical expertise and absence of standards and protocols.
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Deep Learning Market: Growth Dynamics
Drivers: Improving Computing Power and Declining Hardware Cost.
The increasing demand for computing power among businesses and the growing adoption of IoT devices across various industries are encouraging market growth. Regularly, more than quintillion bytes of data are being created each day, and that number is increasing rapidly. The sheer volume of data generated by various business verticals provides highly beneficial opportunities for deep learning solutions to provide companies with efficient, flexible, and scalable data. In addition, the banking, financial services, and insurance (BFSI) sector holds the share of the deepest learning market in 2020, as the sector produces prominent levels of confidential data, increase in cyber-attacks, and focuses on customer data protection, as well as compliance control, which drives market growth. Moreover, it has become cheaper and easier to use everything and send that data in real time through a messaging system that allows organizations to make informed decisions about faster prices that have a positive impact on market growth.
Restraints: Lack of Technical Expertise and Absence of Standards and Protocols.
The lack of technical expertise and limitation of standard protocols could lead to heighten security risks with availability of multiple touchpoints for hacking. Implementing information technology projects in the public sector is challenging. Although, new and advanced technological tools and models are needed and are implemented every day, but the technical expertise to run and utilize these models have also become a challenge to the industry.
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Opportunities: Cumulative Spending in Healthcare, Travel, Tourism, and Hospitality Industries.
The global deep learning market would benefit from more medical tourism and shorter treatment wait times. The cumulative costing in the fields of healthcare, travel, tourism, and hospitality industries have given adverse opportunities for the growth of deep learning market. In the recent past, we can see the development for healthcare and IT sector where the world amenities have been shifting towards the online learning and accessing mode. In year 2020-21 the budget for healthcare services is seen to be the most prior for many countries and the use of artificial intelligence technologies has uplifted.
Global Deep Learning Market: Segmentation
The global deep learning market is segregated based on product type, application, and end-use industry.
Based on the type of product, the global market is divided into software, services, and hardware. In this case, the software component dominates the market which marks consistent growth due to the high adoption of smartphone assistants. In deep learning, software for flexible factory operations allows companies to build state-of-the-art testing systems with industrial automation. These programs provide effective visual testing of the reliability, duplication, and power of computer programs. The growing demand for software that displays ads on websites is another promising factor that encourages the growth of the industry.
Depending on the type of application, the market segmentation is based on image recognition, signal recognition, data mining and more. In this case, the image recognition component is expected to show the best results for revenue in the coming years. The image recognition component is expected to be a major source of revenue for the deep learning industry driven by increasing penetration into the gaming industry and the growing influx of self-driving cars. High demand for face recognition and pattern as well as digital image processing will enhance the growth of the category.
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List of Key Players of Deep Learning Market:
Amazon Web Services (AWS)
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Market size value in 2021
USD 11542.9 Million
Revenue forecast in 2028
USD 80769.6 Million
CAGR of almost 38.3 % 2022-2028
2016 - 2021
2022 - 2028
By Product Type, By Application, and By End Use
Value (USD Million), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Amazon Web Services (AWS), Google Inc., IBM, Intel, Micron Technology, Microsoft Corporation, Nvidia, Qualcomm, Samsung Electronics, Sensory Inc., Pathmind, Inc. and Xilinx
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Avail customized purchase options to meet your exact research needs.
As per the developments, in 2019 Skymind recently profited USD 11.5 million in a project with an objective to bring deep learning to multiple businesses, where it could help automate business processes in the North American team and accelerate the customer acquisition in the region.
Moreover, Baidu Inc. in 2021 have unveiled many new features in the Baidu Brain AI technology platform, updated in the latest version. The base layer of the platform is based on the deep learning platform PaddlePaddle, providing an improved foundation for a new generation of AI applications.
Growth of the instrumentation market.
North America leads the global deep learning market because of its vast technological advancement and use of AI in industries across all domains. During the forecast period, the global deep learning market is predicted to rise at a rapid pace, with Asia-Pacific (APAC) region.
India and China are predicted to be the Asia Pacific region's fastest-expanding deep learning markets. Advanced technologies, more use of artificial intelligence, higher growth of industries and fast paced working model mention the need of deep learning tools as the large amount of data generated and required for the development needs to be easily accessed and curated at any required moment.
Global Deep Learning Market is segmented as follows:
Deep Learning Market: By Product Type Outlook (2022-2028)
Deep Learning Market: By Application Outlook (2022-2028)
Deep Learning Market: By End-User Outlook (2022-2028)
Deep Learning Market: By Region Outlook (2022-2028)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
Press Release For Deep Learning Market: https://www.zionmarketresearch.com/news/global-deep-learning-market
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