Deep Learning Market Aims Bigger with Technological Innovations

The global deep learning market size is growing at a rapid pace. Market growth attributes to the increasing adoption of cloud-based services and large scale generation of unstructured data. Besides, the increasing demand for deep learning technology for natural language processing and voice/speech recognition applications drive the growth of the market. Moreover, increasing applications of deep learning models for image/speech recognition, data mining, and language translations escalate market growth. 

In its detailed analysis, Market Research Future (MRFR) asserts that the global deep learning market is poised to register a 30.87% CAGR throughout the forecast period (2017 -2023). Growing developments of humanoid robots, like Sophia, and the rising uses of augmented (AR) and virtual reality (VR) displays for the automotive and 3D gaming sectors boost the market growth. The uses of deep learning technologies in medical image analysis are rising exponentially. 

Resultantly, the burgeoning healthcare sectors worldwide are cited as a major contributing factor for the market growth. Additionally, growing developments in deep learning technology and growth in the numbers of chatbots, alongside increasing R&D investments by companies, push the market’s growth. The encouraging adoption of digital voice assistants increasing numbers of start-ups focused on augmented and virtual reality technologies influences the market’s growth.

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Global Market for Deep Learning Segmentation

The report is segmented into four dynamics; 

By Component: Hardware (processor, memory, network, others), Software (solution, platform, others), and Services (installation, training, support & maintenance, others).

By Application: Image Recognition, Data Mining, Signal Recognition, and others.
By End-User: Manufacturing, Security, Retail, Media & Entertainment, Automotive, BFSI, Healthcare, Agriculture, and others.

By RegionsAmericas, Europe, Asia Pacific, and the Rest-of-the-World.

Global Deep Learning Market – Regional Analysis

North America dominates the global Deep Learning market. The largest market share attributes to the growing adoption of deep learning models for application image recognition, voice & image recognition, data mining, signal recognition, and diagnostics purposes. Besides, substantial investments transpired by key players in the development of AI technology platforms positively impact regional market growth. 

Increasing R&D investments and rising business digital transformation push the growth of the market demand in the region. Moreover, the rising use of deep learning technologies for image recognition, data mining, and signal recognition substantiates the market growth. Manufacturing and automotive sectors in the US, Canada, and Mexico boost market growth. 

The Asia Pacific region stands second in the global deep learning market. The market is driven by the growing development and penetration of deep learning technology in the region. Additionally, the proliferation of digitization and the spurring rise in the image recognition segment drive the regional market’s growth. Rising foreign investments and implementing deep learning models for applications, such as voice, image, and signal recognition, favor the regional market’s growth. 

The European deep learning market is growing rapidly. Factors such as the augmenting uptake of deep learning technology by the European governments for surveillance, fraud detection, and data mining purposes, and healthcare diagnostics purposes boost the regional market growth. Furthermore, the presence of various notable players and large deployments across the industries in the region act as major tailwinds for the market’s growth.

Global Deep Learning Market   – Competitive Analysis

Highly competitive, the deep learning market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge solutions and services. For which they invest substantially in R&D to develop adept technologies and products. 

Major Players:

Players leading the deep learning market include Intel Corporation (USA), Amazon Inc. (USA), Samsung Electronics Co Ltd (South Korea), Sensory Inc. (USA), Micron Technology (USA), Xilinx Inc. (USA), Mellanox Technologies (USA), Google LLC (USA), Adapteva, Inc. (USA), NVIDIA Corporation (USA), Qualcomm Technologies Inc. (USA), Baidu Inc (China), Advanced Micro Devices Inc. (USA), IBM Corporation (USA), Facebook (USA), Microsoft Corporation (USA), and Tenstorrent (Canada), among others. 

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Industry/Innovation/Related News:

November 21, 2020 —- Abacus.AI (the US), a leading AI research company, announced raising USD 22 MN in Series B funding. The company has raised over USD 40 MN since the day of its inception.

November 20, 2020 —- A team of researchers at Binghamton University, State University of New York, announced using deep-learning techniques to analyze the numbers and suggest improved public safety by re-allocating resources. The team states that DeepER could be tweaked for other large cities or clusters of smaller cities with similar characteristics that would provide enough data to make predictions.

November 03, 2020 —- A team of deep learning enthusiasts from IIT Roorkee (The Indian Institutes of Technology, in Roorkee) won the top prize at the recently-concluded tech4heritage hackathon. The team ‘Ancient AI’ was able to develop restorative outcomes with the help of deep learning techniques to digitally restore damaged murals of Ajanta caves, utilizing a dataset of reference paintings to develop their AI model.

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