Deep Learning Market | Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

The deep learning technology massively reduces the problem resolution time in contact centers by efficiently routing the calls, depending on their nature, to the concerned people who have the required technical expertise and know-how to solve the query. Apart from significantly boosting the revenue of contact centers, deep learning algorithms also help businesses reduce their operational costs. This is another key factor fueling the progress of the deep learning market across the globe.

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The market is classified, on the basis of component, into software, hardware, and service. Amongst these, the hardware category recorded considerably high revenue growth in the deep learning market during the past few years, due to the large-scale adoption of hardware such as storage devices and graphics processing units that assist in storing huge volumes of data for deep neural networks and training various deep learning models. In the future, the software category will exhibit rapid growth in the market.

Depending on application, the deep learning market is categorized into natural language processing (NLP), signal recognition, image recognition, data mining, and recommendation engine. Out of these, the natural language processing category will register rapid growth in the market in the coming years, because of the growing requirement for integrating NLP and deep learning for enhancing machine-human interactions. The adoption of deep learning algorithms in NLP greatly improves the customer query understanding ability of voice assistants and chatbots.

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As a result, the voice assistants and chatbots can resolve the queries more efficiently without any human intervention, which, in turn, enhances the customer experience. Globally, the deep learning market is predicted to register substantial growth in Europe and North America in the upcoming years, primarily because of the rapid technological advancements, soaring investments being made in AI-based solutions by many European governments, and the existence of numerous deep learning solutions providing companies in the regional countries.

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Deep Learning Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast With Demographic Data Till 2030

The global deep learning market attained a valuation of $3.7 billion in 2019 and is predicted to generate a revenue of $102.4 billion in 2030, advancing at a CAGR of 35.2% from 2020 to 2030. Out of all the industries, the healthcare industry will observe the highest adoption of deep learning solutions in the future years. 

This is ascribed to the growing integration of various advanced technologies such as big data, machine learning (ML), and deep learning in the healthcare applications, mainly to support the medical researchers and professionals in data collection and analysis for improved medical outcomes. 

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A major trend currently being observed in the deep learning market is the increasing incorporation of deep learning solutions in the medical industry. These solutions help healthcare researches gain better insights into the medical properties and benefits of various drugs and compounds. In addition to this, this technology helps the caregivers better analyze the medical history of patients so that the best treatment plans can be prescribed to them. 

Moreover, these solutions can also be incorporated along with various medical imaging methods such as CT scans, ECG, and MRI scans for the effective diagnosis of many critical diseases and disorders, which, in turn, helps in the better treatment of these diseases.

Under the component segmentation of the deep learning market, the main categories are hardware, software, and service. Out of these, the software category will demonstrate the fastest growth in the market in the coming years. This is attributed to the growing adoption of scalable deep learning solutions and software by businesses for signal recognition, image recognition, voice assistance, and various other applications. 

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The image recognition category recorded the highest growth under the application segmentation of the deep learning market during the last few years. This is ascribed to the enormous requirement of deep learning solutions in image recognition applications, on account of their ability to assist users in the detection and identification of objects and analysis of digital images. 

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