Deep Learning Market is Booming and Predicted to Hit $37.8% Billion by 2032, With Factors For The Market Growth
In-depth analysis of the deep learning market segmentation assists in determining the prevailing deep learning market opportunity.
PORTLAND, PORTLAND, OR, UNITED STATES, December 1, 2023 /EINPresswire.com/ — As per the report, the worldwide deep learning industry generated $16.9 billion in 2022 and is projected to reach $406 billion by 2032, experiencing a Compound Annual Growth Rate (CAGR) of 37.8% from 2023 to 2032.
Deep learning algorithms excel in efficiently managing numerous repetitive tasks, often surpassing human capabilities. They ensure work quality and provide valuable insights. Consequently, integrating deep learning into organizational processes can lead to time and cost savings, enabling employees to focus on creative tasks requiring human input. This positions deep learning as a disruptive technology across various industries, driving its demand in the foreseeable future.
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Key factors contributing to the positive growth of the deep learning market include advancements in computing power, decreasing hardware costs, and the rising adoption of cloud-based technology. Additionally, the utilization of deep learning in big data analytics positively influences market growth. However, challenges such as the increasing complexity of hardware due to intricate algorithms and a lack of technical expertise, along with the absence of standards and protocols, impede market growth. Conversely, cumulative investments in healthcare, travel, tourism, and hospitality industries are expected to provide lucrative opportunities for market expansion during the forecast period.
The demand for deep learning technology experienced a significant boost due to the COVID-19 pandemic. This surge is primarily associated with an increased need for anti-money laundering (AML) and fraud detection solutions, among others. The pandemic prompted a shift in model performance compared to conventional static validation and testing methods. Consequently, this shift drove the advancement of deep learning models, necessitating continuous monitoring and validation to address diverse risks.
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Furthermore, governments worldwide responded to the expanding digital landscape by implementing regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). These regulatory measures have contributed to the market’s expansion. In summary, the impact of COVID-19 on the deep learning market has been positive.
Based on industry vertical, the security segment held the highest market share in 2022, accounting for more than one-fifth of the global deep learning market revenue. This is because the security sector is increasingly adopting deep learning and AI-powered solutions to enhance surveillance, threat detection, and response capabilities. However, the healthcare segment is projected to manifest the highest CAGR of 43.8% from 2023 to 2032, this is attributed to the fact that deep learning offers opportunities to improve the accuracy and efficiency of medical image analysis, benefiting radiology and pathology.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global deep learning market revenue, because North America is investing heavily in research and development, fostering innovation in deep learning techniques and applications. However, the Asia-Pacific region is expected to witness the fastest CAGR of 41.1% from 2023 to 2032, and is likely to dominate the market during the forecast period, this is because manufacturing sectors in countries such as China and Japan are providing opportunities for using deep learning for predictive maintenance, quality control, and automation of production processes.
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Covid-19 Scenario:
• The pandemic had significantly pushed the demand for deep learning technology. This is mainly attributed to the rise in demand for anti-money laundering (AML), fraud detection solutions, and various other solutions. In addition, the COVID-19 pandemic led to changes in model performance in contrast to static validation and testing approaches, which in turn drive the development of deep learning models, resulting in more continuous monitoring and validation required to mitigate various sorts of risk.
• Overall, the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have been implemented by various governments in response to the growing digital revolution, which is fueling market expansion. Therefore, COVID-19 had a positive impact on the deep learning market.
Leading Market Players: –
• Advanced Micro Devices Inc.
• Amazon Web Services, Inc.
• Google LLC
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• NVIDIA Corporation
• Qualcomm Technologies, Inc.
• Samsung
• Xilinx
The report provides a detailed analysis of these key players of the global deep learning market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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