Deep Learning System Market Size to Reach USD 93.34 Billion in 2028 | Improvements in Computing Power and Reduction in Hardware Costs will Drive the Industry Growth, says Emergen Research
Vancouver, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) — The global deep learning system market size is expected to reach USD 93.34 Billion at a steady CAGR of 39.1% in 2028, according to latest analysis by Emergen Research. Adoption of cloud-based technology and usage of deep learning systems in big data analytics is a key factor driving revenue growth of the market. Deep learning learns through an artificial network that acts like the human brain and enables the machine to analyze data in a structured manner. Deep learning does not need a human programmer to tell it what to do and the vast volumes of data collected over time acts as fuel for deep learning systems.
Another driving factor of market growth is increasing deployment of smart cities. Deep learning systems are used to build an intelligent infrastructure model, and these systems monitor traffic rate, energy consumption, and take decisions on the basis of severity of the situation. Deep learning will also be used to manage vast volumes of data generated from different sensors, thus reducing the problem of network congestion.
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A popular application of deep learning is in virtual assistants such as Siri, Alexa, and Google Assistant. Interactions with these assistants enable them to recognize about the user’s voice and accent, thus offering a secondary human experience. Virtual assistants use deep learning to gain information ranging from dine-out preferences to favorite songs. Deep learning in virtual assistants has helped in performing tasks such as responding to specific calls and coordinating tasks between users and team members.
In February 2021, Alice Camera launched a full-sized camera equipped with Artificial Intelligence and deep learning. The camera uses cutting-edge end-to-end deep learning techniques to automate exposure, focus, and color balance.
Some Key Highlights in the Report
- In February 2021, Seed Health, which is a microbial sciences company, announced the acquisition of Auggi, which is a digital health company with a suite of machine learning and artificial intelligence technologies to track and analyze digestive health. Auggi uses deep learning algorithm for automated stool image detection and characterizes an individual’s stool over time using computer vision and deep convolutional neural networks. The acquisition will allow Seed Health to integrate Auggi’s mobile tracking application across their clinical trials for humans assessing DS-01and the gut microbiota in IBS after antibiotic consumption.
- Data mining segment revenue is expected to register the highest CAGR during the forecast period. Data mining is used in machine translation, sentiment analysis, bioinformatics, cybersecurity, and finger identification. Due to the emergence of new technologies, visual data mining and natural language processing have been developed using deep learning techniques.
- Detection of emotions, sentiment analysis, recommendations, and personalization are some use cases where deep learning adds vast amount of value for retailers. Support for demand forecasting, better resource allocation, and intelligent task automation are areas where deep learning is used to make retailers more efficient, resilient, and to better serve customers.
- Deep learning system market in North America accounted for largest revenue share in 2020, which can be attributed to growing application of deep learning to derive insights about customer behavior and improve marketing strategies, deployment of Artificial Intelligence by various enterprises, and rapid adoption of deep learning for data mining, voice processing, signal recognition, image recognition, and various other diagnostic purposes. In addition, presence of leading market players such as Google and IBM is expected to continue to drive market growth in the region.
- Key players in the market include Google, Intel, IBM, Qualcomm, Amazon Web Services (AWS), Samsung Electronics, Micron Technology, Nvidia, Sensory Inc., and Microsoft Corporation.
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Emergen Research has segmented the global deep learning system market on the basis of product, application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2018–2028)
- Solution (Software Framework/SDK)
- Support & Maintenance
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Signal Recognition
- Image Recognition
- Data Mining
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Human Resources
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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