MarketsandMarkets released their new market research report, “Deep Learning Market by Application (Image Recognition, Signal Recognition, Data Mining), Offering (Hardware (Von Neumann and Neuromorphic Chip), and Software), End-User Industry, and Geography – Global Forecasts to 2022″
and it expects the market to be worth $1,722.9 Million by 2022.
The deep learning market shows big potential to cross over to cyber security, fraud detection, image/video processing, advertising, finance and automotive sectors.
Deep pocketed robust R&D, hardware that improves every year and the ever increasing adoption of cloud technology for deep learning are its major drivers.
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 expected to grow at the highest rate between 2016 and 2022
The high growth rate of the hardware market for deep learning is attributed to the growing need for hardware platforms with a high computing power to run deep learning algorithms. There is increasing competition among established as well as startup players, leading to new product developments including both hardware development and software platforms to run deep learning algorithms and programs. For instance, Graphcore (a U.K.-based company) is developing the intelligent processing unit (IPU) for machine learning technology for use in applications from driverless cars to cloud computing. Some of the companies involved in the development of hardware for the deep learning technique are Google, Inc. (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Qualcomm, Inc. (U.S.), IBM Corporation (U.S.), and others.
North America leads the deep learning market in terms of market size
North America is currently leading the deep learning market and is projected to be in the leading position for the next few years owing 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.