The global deep learning market was valued at US$ 5.6 Billion in 2019 and is expected to surpass US$ 31.3 Billion by 2027, registering a CAGR of 25.8% during the forecast period (2019-2027), according to the Global Deep Learning Market Report, By Component (Hardware, Software, and Service (Installation Service, Integration Service, and Maintenance & Support Service)), by Application (Image Recognition, Voice Recognition, Video Surveillance & Diagnostics, and Data Mining), By End User (Automotive, Aerospace & Defense, BFSI, Healthcare, Manufacturing, Retail, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The increasing demand from cloud-based services, artificial intelligence, and increasing unstructured data are expected to drive the market growth during the forecast period. The cloud-based services are used to increase scalability and enhance security. For instance, on June 12, 2019, Akamai Technologies launched a Cloud Edge platform that was designed to securely deliver data to connected devices. Furthermore, in May 2020, Cisco Inc. acquired ThousandEyes, Inc., a U.S.-based network intelligence company, for around US$ 1,000 million to provide security to the network. Companies such as Google Inc., Microsoft, and Amazon.com Inc. have highly invested in the development of artificial intelligence, machine learning, and deep learning. For instance, in May 2019, Microsoft invested US $ 1,000 million in Open AI, a U.S.-based artificial intelligence research laboratory, to develop artificial technologies on the Azure cloud platform. In addition, cloud platforms such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud have also started offering machine learning and deep learning-based services that have encouraged the development of deep learning models. For instance, in May 2019, Microsoft launched new, machine learning services for the process of creating models that support algorithms and provide more accurate results. However, lack of technical expertise is expected to hinder the market growth during the forecast period.
Deep Learning Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. There is a significant impact on the deep learning market as well. Software companies across the globe are using business intelligence tools such as machine learning, big data analytics, and deep learning to analyze the data to understand consumer behaviors and market trends. Due to Covid-19, demand for artificial intelligence and deep learning is increasing, as companies are using reports to identify new financial threats and opportunities. For instance, IBM Corporation products such as IBM Watson Tone Analyzer and the IBM ILOG CPLEX are being used by the company to analyze the behavior of consumers and predict the ongoing effects of corona for next quarter. Furthermore, the health care sector needs a more secure and scalable cloud infrastructure in order to maintain proper patient information with high speed and flexibility. During the pandemic, there is a high need for advanced technologies such as cloud computing, machine learning, big data analytics, and deep learning for the analysis of patient data. Nowadays, all private doctors and healthcare institutions are providing online consultation services amidst lockdown in most of the countries. This has increased the demand for cloud-based advanced services in order to improve efficiency and employee productivity. Due to an increase in the healthcare record, the demand for a more secure cloud solution is also increased, which is positively impacting the deep learning market.
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