Deep Learning Market To Generate $102.4 Billion by 2030
Driving forces, such as wide-scale adoption of deep learning software in contact centers and increased adoption of cloud computing platforms in organizations, are expected to increase the size of the deep learning market from $3.7 billion in 2019 to $102.4 billion by 2030. These factors along with growing adoption of artificial intelligence (AI), such as deep learning, big data, and machine learning (ML), in the medical sector will drive the growth of the market at a CAGR of 35.2% during the forecast period of 2020–2030.
Considering the factors driving the market growth, cloud computing has gathered momentum in recent years because it offers hosted data storage solutions that result in cost curtailment for an enterprise. Additionally, cloud computing serves as an apt platform for deep learning algorithms, as it provides supports for scalability and virtualization and offers storage for a large amount of structured and unstructured data. Besides, deep learning algorithms in cloud computing models help in determining the data managing capability of a processor, network, or system that is essential for analyzing data sets.
Moreover, rising adoption of deep learning software in contact centers is expected to drive the deep learning market growth during the forecast period. These centers are the largest users of deep learning algorithms, due to their benefits like improved first-call resolution, decreased total call volume, reduced call duration, and enhanced customer satisfaction. These factors eventually help increase business revenue. Based on the nature of the calls, deep learning algorithms direct the calls to the concerned person, one with adequate knowledge, to curtail the problem resolution time in contact centers.
The deep learning market is classified into signal recognition, image recognition, data mining, recommendation engine, and natural language processing (NLP), on the basis of application. The NLP category is projected to demonstrate the fastest growth during the forecast period, due to the growing need for integrating NLP and deep learning to improve machine–human interaction. Also, deep learning in NLP enables voice assistants and chatbots to get a better understanding of customer queries and respond accordingly, without any human intervention.
Additionally, the industry segment of the deep learning market is categorized into banking, financial services, and insurance (BFSI), healthcare, automotive, manufacturing, and retail. Under this market segment, the healthcare category is expected to witness the highest growth during the forecast period. This can be ascribed to the widescale adoption of AI technologies in the healthcare sector to assist researchers and medical professionals in the extraction and analysis of data for better medical outcomes.
Taking into account the regional performance in the deep learning market, North America generated the highest revenue in 2019. This is owing to technological innovations, improving IT infrastructure, and fast-paced adoption of deep learning solutions by several regional industries. These industries use deep learning algorithms for product recommendation, voice assistance, and image recognition on social networks. Thus, these factors along with the presence of numerous market players in the region and increasing investments by industries and governments in AI technologies will help the North American market in maintaining its dominance.
Thus, an advancement in AI technologies and increased applications of deep learning solutions in contact centers will boost the market growth during the forecast period.