Market Overview
The growth of technology has made human life and work culture easier.
The widespread development of technologies to continue in the future
generation. The increase in the adoption of major software technologies has led
to the growth of the Deep Learning Market. The usage of advanced technologies
such as the IoT (Internet of Things) is uplifting the market’s growth; even the
spread of urbanization in various countries has led to the rise of big
companies. These companies have a large amount of stored data which can be
prone to cyber-attacks and threats. Technological development has led to
various applications, social media, and other service sectors. These growth
factors are driving the growth rate of the Deep Learning Market. Even the
increase in digital voice assistance and focus on augmented and virtual reality
technologies are propelling the market. Other growth factors are development in
deep learning technology, chatbots, and voice recognition application are major
drivers of the market. The increased use of deep learning research applications
is one of the major driving factors of the market. Deep learning technology is
even essential in machine learning, management, and the field of artificial
intelligence. Due to its various applications, the market is receiving huge
demand worldwide.
The COVID-19 pandemic has drastically changed the state of different
industrial sectors. The Deep Learning Market has even faced economical loss during this period. As the industrial
sectors and companies were shut down due to lockdown guidelines, this factor
has affected the market's growth rate. But the key players are managing to
tackle the situation and improve the market’s growth.
The Deep Learning Market is estimated to register a strong
CAGR of 30.60%, worth USD 17.4 Billion during the forecast period.
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Market Segmentation
The Deep
Learning Market is segmented into component, application, and
end-user. The market is classified into hardware, software, and service in the
component segment. The hardware segment is further classified into processor,
memory, and network components, and the software segment is divided into
solution and platform. The application segment is sub-segmented into signal
recognition, image recognition, data mining, and others. The end-user segment
is considered the vast segment due to various sectors such as healthcare,
automotive, security, agriculture, retail, manufacturing, law, human resource,
fintech, and marketing.
Regional Analysis
The geographical
distribution of the Deep Learning Market states that the
market is distributed into various regions such as North America, Europe, Asia
Pacific, and the rest of the world. North American is the biggest market among
the other regions due to the increased usage of deep learning application
models such as image and voice recognition, signal recognition, data mining,
and diagnostic purposes. Followed by North America, the Asia Pacific region is
anticipated to hold the second position due to the increased rate of
digitization and image and voice recognition platforms. The European Market is
noticing rapid growth due to the government’s influence to implement the deep
learning technology for various purposes such as data mining, surveillance,
fraud detection, and healthcare diagnostics.
Industry News
The research team of
Binghamton University announced that deep learning technologies have helped to
improve public safety in November 2020.
According to the
recent report, the researchers of IIT Madras, using a combination of deep
learning and traditional machine learning techniques to develop a tool that can
diagnose cancer by observing the whole slide images of the tumor.
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