Deep Learning Market Value Projected to Expand by 2032 | CAGR of 37.8%, Spotlighting Leading Key Players

Deep learning is a technology that directs computers to process data according to the human perspective. The models of deep learning can analyze complex patterns, texts, sounds, and other data to produce accurate insights and predictions. In addition, it is a subset of machine learning and artificial intelligence, that focuses on modeling and stimulating the behavior of human brain neural networks.

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In deep learning, large datasets are used to train artificial neural networks to carry out tasks without explicit programming. Furthermore, the technology is used in computer vision, speech recognition, natural language processing (NLP), and others. Moreover, various trends are associated with deep learning technology such as transfer learning (pre-trained models), generative adversarial networks (GANs), self-supervised learning and others.

According to a new report published by Allied Market Research, titled, "Deep Learning Market," The deep learning market was valued at $16.9 billion in 2022, and is estimated to reach $406 billion by 2032, growing at a CAGR of 37.8% from 2023 to 2032.

The key players profiled in the deep learning market analysis are Advanced Micro Devices Inc., Amazon Web Services, Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Qualcomm Technologies Inc., Samsung and Xilinx. These players have adopted various strategies to increase their market penetration and strengthen their position in the deep learning industry.

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The major market players adopted various strategies to increase the competition and offer enhanced services to their customers. For instance, in March 2023 Amazon Web Services, Inc. collaborated with NVIDIA Corporation to build world largest on-demand artificial intelligence infrastructure to train complex large language models (LLMs) and develop generative AI applications. This collaboration has the potential to drive the growth of deep-learning models.

Moreover, in August 2021, IBM Corporation launched IBM Telum Processor. The processor is designed to deploy deep learning into enterprise workloads to address fraud in real time in the finance and insurance sector. The processor contains chip hardware that helps customers achieve business insights at scale across banking, finance, trading, insurance applications, and customer interactions. Therefore, such strategies foster deep learning market growth in the ICT sector.

On the basis of application, image recognition holds the largest market share of the deep learning market in the year 2022. This is attributed to the growing demand for pattern recognition, optical character recognition, code recognition, facial recognition, object recognition, and digital image processing.

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On the basis of region, North America dominated the deep learning market forecast in the year 2022, owing to the availability of high-performance graphics processing units (GPUs) and specialized hardware accelerators that boosts the development and deployment of deep learning models, enabling faster training and inference times. Further, high investments and the availability of settled IT infrastructure in the region boosts the growth of the market.

Impact of Pandemic Situation:

• The COVID-19 pandemic has notably increased the demand for deep learning technology. This surge in demand can be primarily attributed to the increased need for solutions such as anti-money laundering (AML) and fraud detection, among others. Moreover, the pandemic has prompted a shift in model performance evaluation, moving away from static validation and testing methods. This shift has, in turn, accelerated the development of deep learning models, necessitating continuous monitoring and validation to mitigate various risks.

• Furthermore, the implementation of data protection regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) by various governments, in response to the growing digital transformation, has further driven the expansion of the market. As a result, it can be concluded that COVID-19 has had a positive impact on the deep learning market.

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