Deep Learning Market Analysis by End User (Agriculture, BFSI, Healthcare, Manufacturing, and Others); by Component (Service, Software, and Hardware); and by Application (Data Mining, Image Recognition, Voice Recognition, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Deep Learning Market Scope

Global Deep Learning Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global deep learning market is estimated to garner a revenue of USD 710.0 Billion by the end of 2031 by growing at a CAGR of ~34% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 40.0 billion in the year 2021. The growth of the market can be attributed to an increase in the adoption of cloud-based technology. For instance, public cloud services grew by approximately 18 percent in the year 2021 worldwide.

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Deep learning is a type of artificial intelligence (AI) and machine learning that mimics how humans acquire specific types of knowledge. Deep learning is a critical component of data science, which also includes statistics and predictive modeling. With the advancement in technology, computers are able to recognize speech that is too difficult to code by hand. Moreover, there has been a growing demand for voice recognition applications. As per the data reported, more than 50 percent of the people using smartphones engaged on their devices with voice technology.

Global Deep Learning Market: Growth Drivers and Challenges

Growth Drivers

• Increase in the Number of Data Centers – The generation of large volumes of data by various enterprises provides more opportunities for deep learning solutions. Hence, it is projected to surge the growth of the global deep learning market. More than 2,700 data centers are numbered to be present in the United States by the end of January 2022.

• Need for Reduction in Human Errors– An increase in the dependence of humans on algorithms can reduce their errors. Hence, it is anticipated to rise the growth of the global deep learning market. Human errors were responsible for more than 75 percent of process deviations in pharmaceutical and connected manufacturing environments in the year 2020.

• Growing Big Data Analytics– Deep learning possesses the features to perform a complex task for the better representation of data. Therefore, it is expected to drive the growth of the global deep-learning market. More than 60 percent of organizations across the world use big data analytics

• Rising Service Chatbots- Improvement in customer services can be done with the applications of deep learning in the chatbots and service boot. Therefore, it is expected to upsurge the growth of the global deep learning market. Nearly 23 percent of customer care companies are using artificial intelligence chatbots in 2022.

Challenges

• Lack of Skilled Employees

• Complex Algorithm used in Deep Learning

• Lack of Data Security Measures

The global deep learning market is segmented and analyzed for demand and supply by application into data mining, image recognition, voice recognition, and others. Out of these, the data mining segment is anticipated to hold the largest share over the forecast period owing to the problems enterprises faces while handling large amounts of data such as different inputs, imbalanced data inputs, and others. For instance, the total volume of data reached 64 zettabytes across the globe in the year 2020.

Global Deep Learning Market Regional Synopsis

Regionally, the global deep learning market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of increasing investment in IT infrastructure, and surging adoption of pattern and image recognition. Moreover, the rising digital business and adoption of cloud-based services is further expected to upsurge the growth of the market in the North America region. As per the data reported, approximately 94 percent of the enterprises in the United States have adopted cloud services.

Market Segmentation

Our in-depth analysis of the global deep-learning market includes the following segments:

Key Companies Dominating the Global Deep Learning Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global deep learning market that are included in our report are IBM Corporation, Intel Corporation, Microsoft Corporation, Arm Limited, Hyperverge, Advanced Micro Devices, Inc, Clarifai, Inc., NVIDIA Corporation, Enlitic, Inc., Qualcomm Technologies, Inc., and others.

Global Deep Learning Market: Latest Developments

• April, 2021: Clarifai, Inc., expanded its product offerings in Quarter 1 through working on its end-to-end platform in order to help its customers use artificial intelligence for decreasing expense, increasing revenue, and minimizing risk.

• April, 2021: Microsoft corporation announced its agreement with Nuance Communications, Inc., under which Nuance will be acquired for 56.00 per share for combining the expertise and solution to deliver AI capabilities and new cloud across healthcare and other industries.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.
• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.
• The report includes detailed company profiles of the major players dominating the market.
• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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