The Deep Learning Market size is estimated at USD 24.73 billion in 2024, and is expected to reach USD 138.36 billion by 2029, growing at a CAGR of 41.10% during the forecast period (2024-2029).
Deep learning, a subfield of machine learning (ML), led to breakthroughs in several artificial intelligence tasks, including speech recognition and image recognition. Furthermore, the ability to automate predictive analytics is leading to the hype for ML. Factors such as enhanced support in product development and improvement, process optimization and functional workflows, and sales optimization, among others, have been driving enterprises across industries to invest in deep learning applications. Furthermore, the latest machine-learning approaches have significantly improved the accuracy of models, and new classes of neural networks have been developed for applications like image classification and text translation.
The deep learning market is fragmented as it consists of several large players, such as IBM, Google, and Microsoft, among others, with substantial industrial experience in big data/analytical platforms. Other new entrants also have been making their way into the market and have been successfully increasing the number of use cases of deep learning across industries. Prominent new entrants that have made a significant impact on the market include H2O.ai, KNIME, and Dataiku.
In November 2023 - In a step towards advancing the realm of machine learning (ML) technologies and artificial intelligence (AI) within the telecommunications industry, Telenor and Ericsson have signed an (MoU) for a three-year collaboration that aims to explore, develop, and test advanced AI/ML solutions towards enhancing energy efficiency without compromising on the quality of connectivity in mobile networks.
In October 2022, Zendesk Inc. announced the launch of a new AI solution, Intelligent Triage and Smart Assist, empowering businesses to triage customer support requests automatically and access valuable data at scale.
In September 2022, Altair, a company providing computational science and artificial intelligence, announced the acquisition of rapid miner, a leader in advanced data analytics and machine learning (ML) software. With this acquisition, Altair's looking forward to strengthening its end-to-end data analytics (DA) portfolio.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook