LONDON--(BUSINESS WIRE)--The deep learning market size is poised to grow by USD 7.2 billion during 2020-2024, progressing at a CAGR of almost 45% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Deep learning is popularly used in machine learning, which involves the use of artificial neural networks with several degrees of layers. Moreover, each of these layers has a certain degree of functionality and is mainly used for representing vast amounts of data to ease the process of decision making. Furthermore, the application of deep learning-powered applications widens as massive volumes of digital data are produced at an unprecedented rate across industries. Additionally, the increase in funding in the field of deep learning has encouraged several start-ups to apply this technology across a wide range of industry verticals. For instance, fraud detection, visual recognition, logistics, insurance, and agriculture are some of the application areas of deep learning. Therefore, the increasing number of startups, coupled with the widening application of deep learning, will drive the growth of the global deep learning market during the forecast period.
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Report Highlights:
- The major deep learning market growth came from the software segment. Various industries highly prefer the deep learning software as it helps in designing, training, and validating the deep neural networks through a very high level of a programming interface. Moreover, due to industrial digitalization, massive volumes of data are being generated, which subsequently drives the demand for various types of deep learning software solutions.
- North America had the largest deep learning market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing use of deep learning in various industrial applications such as voice recognition, image recognition, and its growing awareness are some of the factors that will significantly influence deep learning market growth in this region.
- The deep learning market is fragmented. Adapteva Inc, Alphabet Inc, Amazon.com Inc., Intel Corp, International Business Machines Corp, Micron Technology Inc., Microsoft Corp., NVIDIA Corp., Qualcomm Inc., and Sensory Inc. are some of the major market participants. To help clients improve their market position, this deep learning market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the deep learning market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growing Emphasis on Cloud-based Deep Learning will be a Key Market Trend
There is a growing emphasis on cloud-based deep learning, one of the critical deep learning market trends, as it provides support for scalability, visualization, and storage of massive amounts of structured and unstructured data. The use of cloud computing in deep learning allows the integration of large datasets for training algorithms. Owing to the database scalability of cloud computing, deep learning networks can take advantage of multiple processors and help distribute workloads efficiently across different processor types. Cloud computing in deep learning also helps users speed up the training of deep learning models by using clusters of GPUs and CPUs to perform complex matrix operations.
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Deep Learning Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist deep learning market growth during the next five years
- Estimation of the deep learning market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the deep learning market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of deep learning market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Preface
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY TYPE
- Market segmentation by type
- Comparison by type
- Software - Market size and forecast 2019-2024
- Services - Market size and forecast 2019-2024
- Hardware - Market size and forecast 2019-2024
- Market opportunity by type
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Increasing collaboration among vendors
- Increasing investments in deep learn
- Growing emphasis on cloud-based deep learn
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Adapteva Inc.
- Alphabet Inc.
- Amazon.com Inc.
- Intel Corp.
- International Business Machines Corp.
- Micron Technology Inc.
- Microsoft Corp.
- NVIDIA Corp.
- Qualcomm Inc.
- Sensory Inc.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
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