Deep Learning Market to Reach US$ 31.3 Billion by 2027

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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https://www.coherentmarketinsights.com/market-insight/deep-learning-market-4299

Browse 150 market data tables* and 90 figures* on “Global Deep Learning Market- Global forecast to 2027”

Key Trends and Analysis of the Global Deep Learning Market:

• North America held dominant position in the global deep learning market in 2019 and is expected to retain its dominance throughout the forecast period. This is attributed to increasing investments in artificial intelligence and neural networks. The high adoption of image recognition and voice recognition in this region is expected to provide lucrative growth opportunities over the forecast period. Increasing adoption of advanced technologies is forcing various organizations to adopt deep learning solutions. For instance, in June 2020, Intel Corporation launched artificial intelligence (AI) and analytics platform to its hardware and software portfolio. AI and analytics provide new opportunities for various industries such as healthcare, telecom, finance, and transportation.
• Asia Pacific is expected to show significant growth over the forecast period, owing to increasing adoption of new technologies and digitization. For instance, in February 2020, Huawei Technologies Co. Ltd. launched Digital Payment Cloud Solution. This solution provides real-time digital query experience to both users and merchants. This solution is based on artificial intelligence, and detects fake transactions and avoid cash-out risks.
• Among end users, automotive segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to the shift in vehicle operations. Manufacturers are realizing the implications of autonomous cars and adopting this technology for better efficiency. For instance, Audi is leveraging deep learning algorithms in camera-based technology to recognize traffic by their shapes. Furthermore, in November 2018, Hyundai Motor Company, a South Korea-based automotive manufacturer company, invested in startups to bring deep learning technology to autonomous cars to navigate roads and make quick decisions in real-time.
• Major players operating in the global deep learning market include NVIDIA Corporation, Intel Corporation, Xilinx, Micron Technology, Inc., Qualcomm Technologies, Inc., IBM Corporation, Google Inc., Microsoft, Facebook, Inc., Samsung Electronics Co., Ltd., Sensory Inc., Pathmind, Inc., Baidu Inc, Nuance Communications, Cisco Systems, Inc., Apple, Inc., and Wipro Limited