Deep Learning Market Size is Expected to Reach US$18.6B by 2023

Increasing deployment of smart cities is the key factor driving the deep learning market size

Deep learning is gaining prominence on account of its complex data-driven applications including voice and image recognition. The deep learning market was worth US$2.28 Billion in 2017 and is expected to reach US$18.16 Billion by 2023, at a CAGR of 41.7% from 2018 to 2023. Deep learning is a significant element of data science, which includes statistics and predictive modeling. It is highly beneficial to data scientists tasked with collecting, analyzing, and interpreting large amounts of data; deep learning makes this process faster and easier.

The increasing adoption of cloud-based services and large-scale generation of unstructured data has surged the demand for deep learning solutions. Additionally, the growing applications of deep learning in recent years for image/speech recognition, data mining, and language translations, and the growing number of humanoid robots, for example, Sophia, developed by Hanson Robotics, are some of the important drivers of the Deep Learning Market. Another driving factor of market growth is the increasing deployment of smart cities. Deep learning systems are used to build an intelligent infrastructure model, and these systems monitor traffic rate, and energy consumption, and take decisions based on the severity of the situation. Deep learning will also be used to manage vast volumes of data generated from different sensors, thus reducing the problem of network congestion.

Deep learning technology has been adopted by many end-user industries and will continue to evolve in the coming years. Deep learning is a branch of machine learning that teaches computers to do what humans do naturally. Currently, this technology has applications in industries such as healthcare, manufacturing, and automotive among others.