Deep learning (DL) is a part of machine learning technique that uses many layers of linear and nonlinear information processing for supervised and unsupervised features of extraction and transformation for pattern analysis and data representation by enabling end-to-end optimization. The deep learning market is estimated to be valued at USD 3.18 billion in 2018 and is likely to reach USD 18.16 billion by 2023, at a CAGR of 41.7% from 2018 to 2023.
Improving computing power and declining hardware cost are fueling the growth of the deep learning market. Compute-intensive chipset is one of the critical parameters for processing AI algorithms (including DL algorithms), as the faster a chipset, the faster it can process the huge data required to create a fully functional AI system. DL chipsets are mostly deployed in data centers/high-end servers as end-computers are currently incapable of handling such huge workloads and do not have enough power and time frame.
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In terms of offerings, the deep learning market for services is expected to grow at the highest CAGR. Deep learning technology is highly complex in nature requiring the implementation of sophisticated algorithms. Deep learning systems require installation; training; and support and maintenance services. Most companies that manufacture and develop deep learning systems and related software provide both online and offline support depending on the application. In terms of applications, the market for data mining is expected to witness the highest growth between 2018 and 2023. The increasing use of data mining in data analytics, cybersecurity, fraud detection, and database systems is fueling the growth of deep learning in data mining applications.
In terms of end-user industries, the deep learning market for manufacturing is expected to grow at the highest CAGR during the forecast period. In the manufacturing sector, deep learning technology is used in industrial robots, machine vision systems, and others to improve the process and product quality, minimize cycle time, and increase the efficiency of the manufacturing process as a whole. Deep learning technique is used to help robots recognize, process, and respond to the environment around them to adopt new skills through practice.
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The deep learning market in APAC is expected to grow at the highest CAGR from 2018 to 2023. In APAC, China is the largest market for artificial intelligence, followed by Japan; this makes the region an attractive market for machine learning and deep learning applications. Applications such as algorithmic securities trading, healthcare patient data management, and image recognition have a huge potential in the APAC market.
