US: Markets and Markets has published a new market research report that forecasts the market trend on deep learning by 2022. According to the report, the deep learning market is expected to be worth USD 1,722.9 Million by 2022, growing at a CAGR of 65.3% between 2016 and 2022.
Last few years have shown that deep learning market has a huge potential across various industries such as advertisement, finance, and automotive. The major factors driving the deep learning market globally are the robust R&D for the development of better processing hardware and increasing adoption of cloud-based technology for deep learning.
The report shows the market for data mining application is expected to grow at the highest rate between 2016 and 2022. It also adds that the increasing usage of deep learning in data analytics, cyber security, fraud detection, and database systems is fueling the growth of data mining applications in the deep learning market.
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. 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.