Deep Learning Market is expected to be worth $1.72 billion by 2022, growing at a CAGR of 65.3 percent between 2016 and 2022, a report from Research and Markets showed.
In terms of application, this market includes services like Image Recognition, Signal Recognition, Data Mining. It also includes hardware and software.
The research firm said the deep learning market has a huge potential across various industries such as advertisement, finance, and automotive.
The major factors driving the deep learning market globally are the robust R&D for the development of better processing hardware and increasing adoption of cloud-based technology for deep learning.
Further, the research firm noted that the deep learning market for data mining application is expected to grow at the highest CAGR between 2016 and 2022.
Moreover, the increasing usage of deep learning in data analytics, cyber security, fraud detection, and database systems is fueling the growth of data mining applications in the deep learning market.
Medical industries generate huge amounts of data sets related to medication, patient details, and diagnosis.
This data is converted into valuable patterns and is used to forecast future trends.
Thus, data mining is expected to witness the highest growth rate in the medical industry.
Deep learning hardware market
This segment is also estimated to grow owing to the growing need for hardware platforms with a high computing power to run deep learning algorithms.
Some of the companies involved in the development of hardware for the deep learning technique are Google, Microsoft, Intel, Qualcomm, IBM and others.
North America is currently leading the deep learning market and is projected to be in the leading position for the next few years due to the wide adoption of deep learning technology.
The growth of the deep learning market in North America is attributed to the high government funding, presence of leading players, and strong technical base.
