Deep Learning Market Forecasts to 2028 – Global Analysis By Solution (Hardware, Software, Services), Architecture Industry (Recurrent Neural Network (RNN), Convolutional Neural Networks (CNN)) and By Geography

Deep Learning Market Forecasts to 2028 – Global Analysis By Solution (Hardware, Software, Services), Architecture Industry (Recurrent Neural Network (RNN), Convolutional Neural Networks (CNN)) and By Geography

According to Stratistics MRC, the Global Deep Learning Market is accounted for $9.45 billion in 2021 and is expected to reach $119.61 billion by 2028 growing at a CAGR of 43.7% during the forecast period. Deep learning is a type of machine learning and artificial intelligence (AI) that imitates the way humans gain certain types of knowledge. Deep learning is an important element of data science, which includes statistics and predictive modeling.

Market Dynamics:

Driver:

Rise in digitization & cyber attack

An increase in digitalization along with the development of the information technology (IT) industry across the globe is one of the major factors driving the growth of the market. Deep learning algorithms are proficient in inevitably intercepting available data points that improve the accuracy and efficiency of the decision-making process. The increase in the number of cyber-attacks encouraging industries to employ database management, fraud detection systems, and cyber security accelerate the market. This technology is used for processing medical images for drug discovery, and disease diagnosis delivering virtual patient assistance in the healthcare sector.

Restraint:

Shortage of expertise

In contrast to traditional data analysis, deep learning demands a totally diverse set of technical skills and expertise. There are an inadequate number of specialists to provide the required expertise in business problems and organizations that have budget constraints have to shy away from hiring the right talent to fulfil the needs. Besides, it is time-consuming for organizations to find well-trained professionals with appropriate skill sets. Thus, due to the shortage of expertise is limiting the implementation of deep learning models restricting the market growth.

Opportunity:

Rise in entry of startups

With an upsurge in funding through numerous global investors, the global market has witnessed an intrusion of start-ups in recent years. The major start-up sector that offers global deep learning is healthcare, which is focused on drug research and development. Other areas of application in deep learning are visual recognition, fraud detection, insurance, and agriculture. This gives opportunities to vendors to increase their market shares and attract customers from a wide range of industries. Thus, the rise in start-ups and deep learning applications in several industries creates ample opportunity.

Threat:

Quality of Data

The quality of data remains to be one of the biggest factors as models like deep learning need a lot of quality data. With small enough datasets, an algorithm may be taught without being inclusive. This is very much required for processes like image recognition; without accurate and adequate data, it becomes a fairly uphill task for the deep learning model to reach the next stage and ensure a greater grasp in the market. Such errors can lie undiscovered for a long time and correcting them can take much longer. Rigid business models also limit the revenue growth of the market. However, not all corporations are flexible in their business process and do not allow experimentation which limits the revenue growth of the market.

Hardware segment is expected to be the largest during the forecast period

The hardware segment dominated the market, owing to the increasing requirement for hardware platforms with high computing power to implement deep learning algorithms. The hardware segment comprises processors such as GPU, FPGA, and CPU among others, memory, and network. The rapidly evolving R&D activities for the expansion of better processing hardware for deep learning are also accelerating the market value.

The recurrent neural networks (RNN) segment is expected to have the highest CAGR during the forecast period

The recurrent neural networks (RNN) segment held the highest market share. As recurrent Neural Networks (RNN) is a powerful and vigorous type of neural network and belong to the most capable algorithms at the moment, as they are the only ones with internal memory. Due to their internal memory, RNNs can remember significant things about the input they received, which allows them to be very accurate in predicting what’s coming next.

Region with highest share:

The North America is projected to hold the highest market share, owing to growing funding in artificial intelligence and neural networks and the province's widespread use of image and monitoring purposes is estimated to generate new growth prospects over the forecast period. Moreover, upsurge in investments in deep learning start-ups and a surge in popularity of deep learning technology among end-users. Additionally, the province is one of the pioneers of modern technologies, allowing firms to accelerate the adoption of deep learning ability.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR, due to the rapid economic development of key nations such as China and India is important to encourage the growth of the Asia Pacific deep learning market. The growing penetration and development of deep learning technology are the driving forces behind the market's growth. Additionally, the spurring rise of digitization and image and voice recognition platforms is giving a boost to the growth of the market. Moreover, foreign investments in model applications of deep learning favor the growth of the regional market.

Key players in the market:

Some of the key players profiled in the Deep Learning Market include Advanced Micro Devices, Inc., Amazon Web Services (AWS), ARM Ltd., Clarifai, Inc., Entilic, Google, IBM, Hewlett Packard Enterprise, HyperVerge, IBM Corporation, Intel Corporation, Micron Technology, Microsoft Corporation, NVIDIA Corporation, Qualcomm Technologies, Inc , Samsung Electronics, Johnson Controls, Larsen & Toubro Infotech.

Key developments:

In January 2020: Johnson Controls announced that its retail solutions portfolio, Sensormatic Solutions and Intel Corporation, collaborated to deliver scalable, AI-powered solutions for retailers. Moving forward, the Sensormatic Solutions AI portfolio at the edge will be based on Intel platforms. Sensormatic Solutions will also leverage Intel Distribution of OpenVINO toolkit and Intel models for delivering its solutions.

In December 2019: Intel Corp. acquired Habana Labs Ltd., an Israel-based startup working on deep learning algorithms for data center applications strengthening the AI capability of Intel Corporation.

In November 2018: Amazon Web Services announced Amazon Elastic Inference, allowing users to add elastic GPU support, reducing deep learning costs by up to 75%.

In June 2021: Larsen & Toubro Infotech entered into a strategic collaboration agreement with Amazon Web Services. The company recently launched a dedicated cloud unit for AWS, which will focus on migration and modernization, SAP application workloads, data analytics, and the Internet of things. It will also provide advisory, professional services, and delivery capabilities.

Solutions Covered:
• Hardware
• Software
• Services

Architecture Industry’s Covered:
• Recurrent Neural Network (RNN)
• Convolutional Neural Networks (CNN)
• Deep belief network (DBN)
• Deep Stacking Network (DSN)
• Gated Recurrent Unit (GRU).

Hardware Components Covered:
• Application-Specific Integration Circuit (ASIC)
• Central Processing Unit (CPU)
• Field Programmable Gate Array (FPGA)
• Graphics Processing Unit (GPU)

Applications Covered:
• Data Mining
• Image Recognition
• Signal Recognition
• Video Surveillance & Diagnostics

End Users Covered:
• Aerospace & Defense
• Agriculture
• Automotive
• Education
• Finance
• Industrial
• IT & Telecom
• Media & Advertising
• Medical
• Oil, Gas, & Energy
• Retail

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances