Deep Learning Market size is set to grow by USD 10.85 billion from 2024-2028, Increasing entry of startups boost the market, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global deep learning market size is estimated to grow by USD 10.85 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 26.06%  during the forecast period. 

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Market Driver

The global deep learning market is experiencing significant growth due to the rising number of collaborations and partnerships among vendors. For instance, Anthropic and Amazon.com Inc.'s strategic alliance in September 2023 is a testament to this trend. This collaboration combines their expertise in AI technology to accelerate the development of Anthropic's foundation models and make them accessible to AWS users.

Such collaborations expand market participants' offerings, geographic reach, and distribution networks, providing access to new technologies and resources, ultimately driving business growth. 

The deep learning market is experiencing significant growth with various industries adopting this technology for advanced analytics and automation. Procedures such as image and speech recognition, predictive analytics, and machine translation are becoming more commonplace. Machines are learning to recognize patterns and make decisions with minimal human intervention.

Companies are investing in machine learning and deep learning technologies to gain a competitive edge. The use of neural networks and deep learning algorithms is increasing in sectors like healthcare, finance, and manufacturing. Cybersecurity is another area where deep learning is making an impact with its ability to identify and respond to threats in real-time. The future looks bright for deep learning as it continues to transform the business landscape. 

Market Challenges

• The global deep learning market faces limitations due to the scarcity of specialized professionals with the necessary technical and business expertise. Organizations struggle to find well-trained personnel with advanced knowledge in machine learning and programming languages for implementing deep learning models.
• The shortage of subject matter specialists further hinders the ability of businesses to provide context and clarity to complex problems. Consequently, organizations with budget constraints are unable to hire the required talent, leading to a time-consuming and challenging process for deep learning implementation. This talent crunch restricts the delivery of desired business outputs, thereby impeding the growth of the deep learning market.
• The deep learning market is experiencing significant growth, with various industries integrating this technology into their operations. However, implementing deep learning comes with challenges. One major challenge is the high computational power required, making it expensive for small businesses. Another challenge is the lack of skilled professionals to develop and implement deep learning models.
• Additionally, data privacy concerns and ethical considerations are becoming increasingly important as deep learning models require large amounts of data. Furthermore, the need for real-time processing and the continuous evolution of deep learning algorithms pose additional challenges. Despite these hurdles, the potential benefits of deep learning, such as improved accuracy and automation, make it a valuable investment for businesses.

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Segment Overview 

1. Application 
• 1.1 Image recognition
• 1.2 Voice recognition
• 1.3 Video surveillance and diagnostics
• 1.4 Data mining
2. Type 
• 2.1 Software
• 2.2 Services
• 2.3 Hardware
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Image recognition-  The Deep Learning market in the BFSI sector is experiencing significant growth due to the increasing use of AI image recognition. This technology is essential for banks and financial institutions to accurately identify images, enhancing customer communication, market competitiveness, and productivity. Facebook's success in mapping 98% of images to the correct person showcases the potential of image-based risk modeling and credit scoring. As a result, the demand for AI image recognition in the BFSI sector is expected to continue growing.

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Research Analysis

The Deep Learning market is experiencing significant growth due to the increasing demand for advanced computing power and the adoption of cloud-based technology. Big data analytics and machine learning technology are driving this trend, with smartphone assistants and ATMs integrating image recognition and data mining capabilities.

Data centers are leveraging deep learning algorithms, such as neural networks and multi-layered structures, for training and improving performance. Industrial automation, cybersecurity applications, and artificial intelligence are also benefiting from deep learning innovations. Robots are being designed with deep learning capabilities for enhanced functionality. Drug discovery and diagnostics are further areas of potential growth, as deep learning algorithms can analyze vast amounts of data to identify patterns and make accurate predictions.

Market Research Overview

The Deep Learning market is a rapidly growing sector within the realm of artificial intelligence. This technology enables computers to learn and improve from experience without being explicitly programmed. It is used in various applications such as image and speech recognition, natural language processing, and predictive analytics.

The Deep Learning market is driven by the increasing demand for advanced analytics and automation in industries like healthcare, finance, and retail. The technology's ability to identify patterns and make accurate predictions is making it an essential tool for businesses looking to gain a competitive edge. Additionally, the availability of large datasets and advancements in computing power are fueling the growth of the Deep Learning market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Image Recognition
• Voice Recognition
• Video Surveillance And Diagnostics
• Data Mining
• Type
• Software
• Services
• Hardware
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio