According to a new Netscribes report published on Research on Global Markets, the Global Deep Learning Market is expected to have a significant compound annual growth rate (CAGR) of 48.4% and reach a market size of USD 28.83 Bn by 2023.
Research on Global Markets believes that deep learning is evolving into one of the most advanced technologies in enterprise computing. Deep learning is increasingly being deployed by organizations to derive valuable insights from huge amounts of data and provide innovative products and improved customer experiences. Increased adoption of deep learning technology among various industries such as automotive, advertisement, and medical, coupled with growing necessity for hardware platforms with high computing power to execute deep learning algorithms, is the primary growth driver.
However, according to Research On Global Markets, unavailability of high-performance hardware and the greater complexities of deploying deep learning algorithms within hardware pose significant challenges to the overall growth of the global deep learning market.
Other key highlights of the report are:
- Increased usage of deep learning in big data analytics, and rising applicability in healthcare and autonomous vehicles are accelerating growth.
- Deep learning is used to develop technologies such as natural language processing and visual data mining to enhance product offerings.
- Technology giants like Google Inc, Microsoft Corp and IBM are the key players in the market.
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