The deep learning market will reach USD 102.4 billion, advancing at a 35.2% compound annual growth rate, by 2030.
The growth of the deep learning industry is attributed to the growing emphasis of organizations on lessening operational expenses, as well as the increasing requirement for deep learning software among contact centers.
A key trend observed in the deep learning industry is the significant acceptance of cloud computing platforms. Cloud computing has gained popularity in the past few years, as it offers solutions to hosted data storage, resulting in a significant decrease in expenses for an organization.
A major factor boosting the growth of the industry is the rising acceptance of deep-learning software in contact centers. Contact centers are one of the major adopters of deep learning algorithms because these algorithms aid in lessening the duration of the call, reducing total call volume, improving customer satisfaction, and enhancing first-call resolution, which results in enhanced revenue for the business.
Based on components, the hardware category generated the highest revenue in the industry in the past few years. This is credited to the high acceptance of hardware, for instance, storage devices and graphics processing units, which help in storing a large data quantity for deep neural networks and training deep learning models.
Based on application, the natural language processing (NLP) category will witness the fastest deep learning market growth, in the years to come. This is mainly attributed to the growing requirement for NLP and integrating deep learning to increase interactions of machine–human.
The healthcare industry will observe the highest demand for deep learning solutions in the years to come, owing to the growing acceptance of AI technologies, for instance, deep learning, big data, and machine learning, in healthcare sector to aid researchers and medical professionals in extraction & analysis of data to improved medical outcomes.
In recent years, the North American deep learning industry generated the highest revenue. This is attributed to the improved infrastructure of IT, advancement in technology, and speedy acceptance of deep learning solutions by industries in the region for numerous applications, for instance, recommendation of products, recognition of images on social networks, and voice assistance.
The APAC deep learning industry will observe the fastest growth in the years to come, owing to the mounting investment in IT infrastructure, economic growth, rising number of AI startups, and growing acceptance of advanced technologies in the region.
It is because of the rising acceptance of deep learning software among data centers, as well as expense savings facilitated by deep learning algorithms, the global deep learning industry will continue to advance in the years to come.
