Deep Learning Market Research Report Information By Component (Hardware, Software And Services), By Application (Image Recognition, Data Mining And Signal Recognition), By End-Users (Security, Manufacturing, BFSI, Healthcare And Agriculture) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Deep Learning Market Overview

The Deep Learning Market is projected to grow from USD 27.848 billion in 2024 to USD 165.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.93% during the forecast period (2024 - 2032). Additionally, the market size for deep learning was valued at USD 21.6 billion in 2023.

Growing adoption of cloud-based technology and increasing application in big data analytics are the key market drivers enhancing the market growth.

Figure 1: Deep Learning Market Size, 2023-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Deep Learning Market Trends

Increasing efforts in developing deep learning technologies in the area are estimated to boost market growth

Deep Learning market CAGR is being driven by the increasing use of cloud-based services, as well as the large-scale development of unstructured data, which has increased demand for deep learning solutions. Furthermore, the increasing number of robotic systems, such as Sophia, produced by Hanson Robotics, as well as the growing applications of deep learning in recent times for image/speech recognition, data analysis, and language interpretations, are some of the key drivers of the deep learning industry. The increased efforts of key market participants in developing machine learning and deep learning technologies in the field are expected to drive market expansion.

Furthermore, the rapid increase in the volume of data generated in numerous end-use industries is expected to propel industry growth. Furthermore, the increased demand for human-machine interaction is creating new opportunities for software suppliers to supply enhanced services and competencies.

Additionally, increasing hardware complexity as a result of intricate algorithms, a lack of management support and multiplexing, and the deployment of DL for applications such as NLP in regional languages are potential impediments to the deep learning market's overall growth. Nonetheless, technological advancements, the availability of limited structured data to increase demand for deep learning solutions, aggregate spending in the healthcare, travel, tourist, and hospitality industries, and potential opportunities in emerging economies all provide attractive growth potential.

For instance, In November 2019, the Securities and Exchange Board of India (SEBI) announced the plan to invest USD 70 million in information technology over the next five years, focused on implementing advanced analytical tools such as machine learning, deep learning, and big data analytics for stock market prediction, data mining, and processing of unstructured data. Thus, driving the deep learning market revenue.

Deep Learning Market Segment Insights

Deep Learning Component Insights

The deep learning market segmentation, based on component includes hardware, software and services. In 2022, the software sector led the market with a revenue share of more than 48%. The variety of software tools for developers has increased dramatically in recent years. As a result, businesses are creating deep learning frameworks using a high level of programming, sophisticated tools, and libraries to assist in the design, training, and validation of deep neural networks. Furthermore, the ONNX architecture, machine comprehension, and edge intelligence improve the deep learning experience throughout enterprises.

Figure 2: Deep Learning Market, by Component, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Deep Learning Application Insights

The deep learning market segmentation is divided into three applications: image recognition, data mining, and signal recognition. Image recognition has a market share of approximately 40.7% in 2022. Deep learning can be used to assist users in discovering visual material on stock photography and video websites. The technology can be used in visual search, allowing users to find similar images or products by referencing an image. The method can also be used in medical image analysis, facial recognition for security and surveillance, and image detection in social media analytics.

Deep Learning End-Users Insights

The deep learning market segmentation, based on end-users, includes security, manufacturing, BFSI, healthcare and agriculture. The healthcare sector is predicted to increase the most during the projection period. The healthcare industry's digital transformation is projected to continue for the foreseeable future, creating a chance for breakthrough technologies such as AI, deep learning, and data analytics to intervene. Deep learning can be applied in predictive analytics to diagnose diseases early, identify clinical risk and its determinants, and forecast future hospitalization.

Deep Learning Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. By 2022, Asia Pacific is estimated to represent 42.4% of the market. Deep learning is growing increasingly popular as it is used in more than just electrical things such as smart phones, tablets, and PCs, but also in healthcare and automotive applications. The rapid economic expansion of significant nations such as China and India is critical to the growth of the Asia Pacific deep learning business.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: DEEP LEARNING MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s deep learning market accounts for the second-largest market share due to increased government support is expected to provide a positive impact on the growth of the industry in the region. Further, the German deep learning market held the largest market share, and the UK deep learning market was the fastest-growing market in the European region

The North American Deep Learning Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to growing funding in artificial intelligence and neural networks. Moreover, China’s deep learning market held the largest market share, and the Indian deep learning market was the fastest-growing market in the North American region.

Deep Learning Key Market Players & Competitive Insights

Leading market players are extensively spending in R&D to increase their product lines, which will help the deep learning market, grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and thrive in a more competitive and increasing market environment, the deep learning industry must provide cost-effective products.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the deep learning industry to benefit clients and increase the market sector. In recent years, the deep learning industry has offered some of the most significant advantages to medicine. Major players in the deep learning market, including Intel Corporation (USA) Samsung electronics co: Ltd (South Korea) Amazon Inc (USA) Micron Technology, (USA) Sensory Inc (USA), and others, are attempting to increase market demand by investing in R&D operations.

Johnson Controls International is a worldwide corporation with American and Irish legal status with headquarters in Cork, Ireland. It manufactures security, HVAC, and fire systems for buildings. It employs 105,000 workers in about 2,000 sites on six continents as of the middle of 2019. It was ranked 389th in the Fortune 500 in 2017. As a result of moving its corporate headquarters outside of the United States, it lost eligibility for the Fortune 500 in subsequent years. In January 2020, Johnson Controls announced that its retail solutions portfolio, Sensormatic Solutions, and Intel Corporation, made a collaboration 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.

Oracle Corporation is a multinational computer technology company based in Austin, Texas. Oracle was the world's third-largest software firm by sales and market capitalization in 2020.  Database software and technology (particularly its own brands), cloud engineered systems, and enterprise software products such as enterprise resource planning (ERP) software, human capital management (HCM) software, customer relationship management (CRM) software (also known as customer experience), enterprise performance management (EPM) software, and supply chain management (SCM) software are all sold by the company. On February 2020, Oracle Corporation, a leading technology firm, launched the Oracle Cloud Data Science Platform. The newly launched platform will be assisting businesses in collaboratively building, training, managing, and deploying machine learning models to improve the performance of data science programs.

Key Companies in the deep learning market include

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  Google LLC (USA)

  
  


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  Mellanox Technologies (USA)

  
  

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  Xilinx Inc. (USA)

  
  


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  Adapteva Inc. (USA)

  
  


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  NVIDIA Corporation (USA)

  
  

Deep Learning Industry Developments

It was in February 2024 that NVIDIA announced its next GPU generation, the RTX 40 series, which delivers significant advances in deep learning performance.

In February 2024, OpenAI released a new research paper that highlights Q* language model advancements and demonstrates state-of-the-art NLP performance on various tasks.

In Feb. 2024, Meta AI introduced ALIGN – a more factual, consistent with human ideals broad language model.

In Feb. 2024, IBM AI launched another set of AI tools to assist businesses in automating operations and making better decisions.

June 2023 saw Microsoft Corporation collaborate with HCL Technologies Inc. to extend the strategic partnership for helping enterprises utilize generative artificial intelligence (AI) and devising joint solutions for companies to meet and enhance business transformation.

Mar. 2023 Qualcomm Technologies Inc and Ying Wu College of Computing developed an end-to-end federated learning system called ZONE FEDERATED LEARNING, which was the first mobile cloud federated learning system entirely functioning on smartphones. These strategies are, therefore, expected to fuel growth in the deep learning market over the years ahead.

The latest version of Behavioral Analytics was launched by Wavesys Global in July 2023, including its newest WVCA behavior license with several new algorithms; one of them is work on alerting motion or behavior like aggressive, fighter behavior, trip, & fall; slip & fall; possession of hand-held objects, etc., using deep learning with algorithm works.

July 2023 saw Intel recently launch Habana Gaudi 2; it’s a specifically designed accelerator card for the Chinese market, which enhances interference capabilities as well as AI training, leading to increased efficiency and performance in DL across China.

The chief Tesla officer came up with Elon Musk, who started his recent company, xAI, based on the artificial intelligence sector. It is basically about understanding the nature of the universe.

Start-up behind Portrait Analytics–generative AI research platform for investment analysts raised $10m capital from Unusual Ventures in July 2023. The organization's mission is to assist analysts learn how to read research companies and increase the speed of investors who can discover and become experts on their organizations.

Deep Learning Market Segmentation

Deep Learning Market By Component Outlook

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  Hardware

  
  


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  Software

  
  


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  Services

  
  

Deep Learning Market By Application Outlook

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  Image Recognition

  
  


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  Data Mining

  
  


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  Signal Recognition

  
  

Deep Learning Market By End-Users Outlook

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  Security

  
  


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  Manufacturing

  
  


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  BFSI

  
  


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  Healthcare

  
  


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  Agriculture

  
  

Deep Learning Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America