Market Highlights

The global deep learning market is expected to reach USD 17.4 billion at a CAGR of over 30.87% by the end of the forecast period 2018–2023.

Increasing adoption of cloud-based services and large scale generation of unstructured data has increased the demand for deep learning solutions. Additionally, increasing applications of deep learning in recent years for image/speech recognition, data mining and language translations, and the growing number of humanoid robots, for example, Sophia, developed by Hanson Robotics, are some of the major drivers of the deep learning market.

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Segmentation:

The global deep learning market has been segmented on the basis of component, application, end-user, and region. The component segment has been segmented into hardware, software, and service. The hardware segment has been further segmented into processor, memory, and network. The software segment has been further segmented into solution and platform. The services segment has been further segmented into installation, training, and support & maintenance. Application-wise, the deep learning market comprises image recognition, data mining, signal recognition, and others. The end user segmentation of the deep learning market includes security, manufacturing, retail, automotive, media & entertainment, BFSI, healthcare, agriculture, and others. The region includes North America, Europe, Asia Pacific, and the rest of the world.

Regional Analysis

The global deep learning market is spanned across North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to be one of the largest markets for deep learning technology, with a significant growth rate during the forecast period. North America has been categorized into three regions—the US, Canada, and Mexico. During the forecast period, the US is expected to be the leading region, growing at a CAGR of 29.34%, followed by Canada and Mexico. The increasing demand for deep learning-based speech and image recognition software and data mining across the government, law enforcement, healthcare, security and surveillance, military & defense, IT & telecommunication, financial services, and research and development sectors is also expected to fuel the market growth. The increasing adoption of artificial intelligence and deep learning for video surveillance, signal processing, and imaging classification has positively impacted the growth of deep learning market in US. Furthermore, the rising demand for deep learning with graphics processing units (GPUs) among the US aerospace and defense industry, for life cycle analysis and predictive maintenance of aircraft and data and image evaluations generated from drones also fuel market growth in the country.

On the other hand, Asia-Pacific is expected to witness the fastest growth due to rapid developments and adoption of deep learning technology across industries in China, Japan, India, Australia, New Zealand, South Korea, and Taiwan. The extensive use of chatbots and strong investments by companies such as Amazon Web Services Inc., to encourage the adoption of digital voice assistants in this region also contributes to the market growth in the region. Presence of key market players such as Samsung Group and Baidu Inc. focused on the development of deep learning technology is likely to drive the market growth in Asia-Pacific. Increasing government initiatives to improve security and surveillance of public infrastructure by implementing deep learning algorithms for image and face recognition also contributes to the market growth in this region. The demand for deep learning technology is growing among the healthcare & life science sector for drug research and diagnostics. Adoption of deep learning technology among banking and financial services, IT & telecommunication, retail, media & entertainment industries in the Asian countries also boost the market growth.

Key Players

Some of the prominent players in the global deep learning market are Amazon Inc. (USA), Intel Corporation (USA), Samsung Electronics Co Ltd (South Korea), Micron Technology (USA), Sensory Inc. (USA), Xilinx Inc. (USA), Google LLC (USA), Mellanox Technologies (USA), Adapteva, Inc. (USA), Qualcomm Technologies Inc. (USA), NVIDIA Corporation (USA), Baidu Inc. (China), IBM Corporation (USA), Advanced Micro Devices Inc. (USA), Facebook (USA), Tenstorrent (Canada), and Microsoft Corporation (USA).

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Deep Learning Market Research Report: by Component (Hardware, Software, Services), Application (Image Recognition, Data Mining, Signal Recognition), End User (Security, Manufacturing, BFSI, Healthcare, Agriculture) and Region - Forecast till 2023

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