Global deep learning market is expected to touch $256.2 billion by 2023, growing at a CAGR of 31% during the forecast period (2017-2023), according to a report by KBV research.
Deep learning, a part of machine learning, provides optimized memory utilization compared to the traditional computing systems. The modern technologies like NLP (natural language processing) and visual data mining have been developed using the deep learning techniques.
The report revealed that the lack of technical expertise, complex algorithm, absence of standards and protocols will act as barriers to the growth of deep learning market size.
- By Type:
Software market was dominated by North America in 2016, and is expected to continue its dominance till 2023, showing a CAGR of 37.6% during the forecast period.
Hardware market will grow at a CAGR of 37.9% in Europe during the forecast period.
Services market will grow at a CAGR of 45.6% in APAC during the forecast period.
- By End-user:
In 2016, the Security market held the largest market share in global deep learning market. It is expected to dominate the market till 2023.
Healthcare market will grow at a CAGR of 39.4% during the forecast period.
Retail market is expected to witness a CAGR of 39.4% during the forecast period.
- By Application:
In 2016, image recognition market held the largest share in global deep learning market. It is expected to dominate the market till 2023, witnessing a CAGR of 38.8% during the forecast period.
Signal recognition market will grow at a CAGR of 39.4% during the forecast period.
Data mining market is expected to reach $3.9 billion by 2023.
As per the report, Microsoft, Google, Samsung and Intel are the forerunners in deep learning market, followed by IBM, Nvidia, Micron, Qualcomm and Amazon.