Deep Learning Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2592
Deep Learning Market size is anticipated to grow due to the increasing adoption of the cloud-based technology. Customers are using cloud computing for the technology, which permits large datasets to be easily managed and ingested to train algorithms. Adoption of the cloud allows the companies to enable efficient scaling of the technology at low costs and processing power. This technology on the cloud allows customers to design and develop learning applications faster. Several advantages of cloud services, such as speed, scalability, and flexibility, will drive the deep learning market.
The deep learning market will gain momentum over the next six years with the increasing adoption of the technology across several industries including IT & telecom, retail, and hospitality to improve customer-centric services. The database of the customers is available to various platforms, which are used by the companies to extract valuable information about the customer. This information is used by the companies to study the purchasing habits, power, and pattern of the customers so that the company can offer personalized services to the customers such as special gifts for loyal customers, discounts for elite customers, and others.
Increase in the computing power and the simultaneous decrease in the hardware cost are the two major factors helping the deep learning market to grow. Technology providers are launching high computing solutions at a rapid speed to provide high computation speed to the users. For instance, leading smartphone companies in 2016 had equipped the devices with 3 to 4 GB of RAM while devices of 2018 are powered with 6 to 8 GB of RAM. RAM for smartphones and portable devices is a vital component of the system as it provides the necessary speed if coupled with high-speed processors. High-speed devices provide smooth AI experience to the user, thus driving the deep learning market.
The deep learning market caters to requirements from several applications of engineering and science such as image classifications, learning methods in language processing, and voice recognition. The valuable information extracted from the big data by using the technology is used in various industry verticals such as national intelligence, fraud detection, cybersecurity, and medical informatics, amongst others. Additionally, the technology is used in big data analytics for decision making and prediction purposes. Siri by Apple is a prime example of usage of the technology in the voice recognition system.
One of the factors restraining the deep learning market growth is the access to the personal data of companies. Companies collect a large amount of personal data from systems and use that data for analysis purposes and the data can be misused by the companies. Customers blindly trust companies while providing the data, making it a large concern for the deep learning market. Furthermore, these data repositories are highly vulnerable to hacking and data breaches, hampering the deep learning market growth.
The deep leaning market is projected to grow due to the adoption of several applications including image recognition, signal recognition, data mining, and others. Image recognition holds the major share in deep learning market owing to its use in several verticals such as self-driving cars in the automotive industry and augmented reality applications & gaming in the entertainment industry. Data mining is expected to grow at a rapid pace over the forecast period due to its large-scale adoption in the AI industry such as optical character recognition, pattern recognition, facial recognition, code recognition, object recognition, digital image processing, machine translation, sentiment analysis, fingerprint identification, bioinformatics, and cybersecurity purposes.
The end users in the deep learning market include manufacturing, automotive, healthcare, agriculture, security, marketing, human resources, and others. The security segment is projected to hold a major share due to the significant increase in the data generation that has increased the instances of cyber-attacks. AI in security solutions helps the companies protect their crucial information and avoid the data loss. The valuable information is being exposed to the cyber-attacks making security sector a big adopter of the technology.
The U.S. deep learning market will grow significantly due to the adoption of the technology in the defense sector. The country ranks the highest in the defense expenditure across the world, making it a prominent player in the deep learning market with analytics being widely used in the defense to optimize the resources. The growing adoption of big data analytics, high economic growth, and penetration of smart devices will help the growth of the U.S. deep learning market.
Players in the deep learning market include Advanced Micro Devices, Inc., Baidu, Inc., Arm Ltd., Enlitic, Google, Inc., Hewlett-Packard, IBM Corporation, NVIDIA Corporation, Intel Corporation, General Vision, Inc., Clairifai, Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Technologies, Inc., Sensory, Inc., and Skymind. In January 2017, Microsoft announced the acquisition of Maluuba, an AI startup. It helped Microsoft to democratize AI and to make it accessible to everyone. Microsoft being a big brand in the technology field makes it easy for the customers to adopt the technologies provided by it.
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