Deep Learning Global Market Report 2024

Deep learning refers to a system with a collection of machine learning algorithms that models high-level abstractions in data through an architecture consisting of multiple non-linear transformations, carries out engineering activities on their own, processes a huge volume of unstructured data, and offers precise results compared to traditional machine learning. Deep

The main type of products in deep learning includes hardware, software, and services. Deep learning hardware refers to devices that are used to implement architectures and learning algorithms, particularly those that take advantage of artificial neural networks. They are in the development and implementation of image recognition, signal recognition, and data mining activities. The deep learning solutions are used in industries ranging from BFSI, automotive, telecom and media, retail, manufacturing, healthcare, and other end, users.

The deep learning market research report is one of a series of new reports that provides deep learning market statistics, including deep learning industry global market size, regional shares, competitors with a deep learning market share, detailed deep learning market segments, market trends and opportunities, and any further data you may need to thrive in the deep learning industry. This deep learning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The deep learning market size has grown exponentially in recent years. It will grow from $17.97 billion in 2023 to $25.15 billion in 2024 at a compound annual growth rate (CAGR) of 40.0%. The growth in the historic period can be attributed to global investments and funding, adoption in autonomous systems, focus on explainability and interpretability, emergence of generative models, growth of edge computing.

The deep learning market size is expected to see exponential growth in the next few years. It will grow to $100.02 billion in 2028 at a compound annual growth rate (CAGR) of 41.2%. The growth in the forecast period can be attributed to global economic and geopolitical factors, security and robustness improvements, hybrid and federated learning approaches, expansion into new industry verticals, increasing adoption in healthcare. Major trends in the forecast period include augmentation of human abilities, quantum computing for deep learning, cross-industry collaborations and open source contributions, hybrid cloud and multi-cloud deployments, enhanced computer vision applications, responsible ai and ethical considerations.

Increasing adoption of cloud-based services is significantly contributing to the growth of the deep learning market. Cloud-based services have advanced significantly, to the point that they can now provide enterprises with the ability to run their whole business through their cloud-based platforms. As a result, businesses are increasingly convinced that transferring their tasks from on-premises to cloud-based frameworks. For instance, according to a report by Harvard Business Review Analytic Services on cloud computing, over 74% of organizations believe that cloud computing gives them a competitive advantage over their competitors. Therefore, the increasing adoption of cloud-based services is expected to increase the demand for the deep learning market during the forecast period.

Growing demand for autonomous vehicles is expected to propel the growth of the deep learning market. An autonomous vehicle is a vehicle that operates or drives automatically when the autonomous technology is turned on. Deep learning algorithms, with their ability to process vast amounts of data and adapt to complex environments, are crucial in enabling self-driving cars to perceive their surroundings, recognize objects, and make split-second decisions, ultimately accelerating the development and adoption of autonomous vehicles. For instance, according to McKinsey, a US-based management consultancy firm, autonomous driving might generate $300 billion to $400 billion in income by 2035. Therefore, the growing demand for autonomous vehicles is driving the growth of the drive-by-wire market.

Increased use of edge intelligence has emerged as a popular trend in the deep learning market. Edge intelligence, also known as edge Artificial Intelligence (AI), is a blend of AI and edge computing that allows machine learning algorithms to be deployed to the edge device where data is generated. Edge intelligence could give AI to any person or organization, at any time and in any location. For instance, according to the Swiss-based AI tech company, viso. ai by 2025, 80 billion IoT devices and sensors will be online, with over 50 billion connected to the internet, and according to Cisco’s Global Cloud Index by 2021, approximately 850 Zettabytes (ZB) of data will be generated annually outside the cloud, compared to only 20.6 ZB for worldwide data center traffic.

Major companies operating in deep learning market focusing on strategic partnership. A strategic partnership is a commercial collaboration in which two or more persons or companies share resources to assist all parties to flourish. For instance, in May 2023, Weights & Biases, US-based AI developer platform, partnered with Lambda, an India-based provider of GPU cloud for deep learning. This strategic partnership will offer the infrastructure and MLOps technologies needed for AI and deep learning workloads to businesses of all sizes. The partnership between Weights & Biases and Lambda aims to accelerate deep learning and AI initiatives like computer vision and natural language processing.

In March 2022, Microsoft Corporation, a US-based multi-national technology corporation acquired Nuance for an undisclosed amount. Through this acquisition, Microsoft aims to assist healthcare providers in providing more inexpensive, effective, and accessible treatment, as well as businesses in many industries in creating more personalized and engaging customer experiences. Cloud-based AI solutions from Microsoft and Nuance are focused on assisting enterprises to achieve their business goals. Nuance Communications, Inc., is a US-based provider of deep learning solutions.

Major companies operating in the in the deep learning market report are Amazon Web Services Inc., Google LLC, IBM Corporation, Intel Corporation, Micron Technology, NVIDIA Corporation, Advanced Micro Devices Inc., Wave Computing Inc., Cerebras Systems Inc., Mythic, Sensory Inc., H2O. ai, KNIME (Konstanz Information Miner), Dataiku, Databricks Inc., Veritone Inc., DataRobot Inc., SoundHound AI, Unity Technologies, Interactions LLC, Convoy Inc., Heartflow Inc., Imandra Inc., MindsDB SF AI Learning, Neteera Technologies, Clarifai Inc., Orbital Insight, Eko India Financial Services Pvt. Ltd., CHARM Therapeutics, NoTraffic U. S. Inc.

North America was the largest region in the deep learning market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the deep learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the deep learning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The deep learning market includes revenues earned by entities by mimicking the human mind to perform tasks that only humans are capable of doing by using artificial intelligence and advanced robots. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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