According to a recent report published by Allied Market Research, titled, “Global Deep Learning Market by Component, Application and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global deep learning market size was valued at $6.85 billion in 2020, and is projected to reach $179.96 billion by 2030, registering a CAGR of 39.2% from 2021 to 2030.
Deep learning has an ability to generate new advanced features from limited available resources of training data sets. Furthermore, improving computing power, declining hardware cost, and increasing adoption of cloud-based technology propel growth of the global deep learning market. In addition, deep learning usage in big data analytics positively impacts growth of the market. However, increasing complexity in hardware, owing to complex algorithm used in technology and lack of technical expertise & absence of standards and protocols hamper the market growth. On the contrary, cumulative spending in healthcare, travel, tourism, and hospitality industries is expected to offer remunerative opportunities for expansion of the market during the forecast period.
Depending on component, the software segment holds the largest share of the market. This is attributed to increase in adoption of software solutions in various applications, such as smartphone assistants, ATMs that read checks, voice & image recognition software on social network, and software that serves up ads on many websites. However, the service segment is expected to grow at the highest rate during the forecast period, owing to rise in adoption of various types of services such as installation service, maintenance services and other by the major industries propels growth of the market.
Region wise, the deep learning market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to growth in funding in artificial intelligence and neural networks in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to adoption of deep leaning technology in electronic products, such as smartphones, tablets, and PCs. It is also used in medical and automotive products in developing countries such as India and China is expected to drive the deep learning market in Asia-Pacific.
The outbreak of COVID-19 is anticipated to have a positive impact on growth of deep learning market. This is attributed due to rising digital transformation various governments have introduced stringent regulations to protect end users data such as General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) which is driving the growth of the market. Thus, with this new governments in various countries have taken strict actions toward the defaulters of COVID-19 regulation and natural language processing technology is helping financial institutes to scan their internal policies as well as claims documents to check their compliance with different regulatory policies.
Key Findings Of The Study
- By offering, the software segment accounted for the largest deep learning market share in 2020.
- Region wise, North America generated highest revenue in 2020.
- Depending on application, the data mining generated the highest revenue in 2020.
The key players profiled in the deep learning market analysis are Advanced Micro Devices Inc, Amazon Web Services, Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Qualcomm Technologies, Inc., Samsung, and Xilinx. These players have adopted various strategies to increase their market penetration and strengthen their position in the deep learning industry.