LONDON--(BUSINESS WIRE)--The deep learning market is expected to grow by USD 7.2 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report

Deep learning is popularly used in machine learning, which involves the use of artificial neural networks with several degrees of layers. Moreover, massive volumes of digital data that is produced at an unprecedented rate across industries is widening the application area of deep learning. In the healthcare industry, deep learning applications are used in drug research and development. Also, deep learning helps in training machines to understand the complexities associated with languages such as syntax and semantics and generating appropriate responses. Other application areas of deep learning are fraud detection, visual recognition, logistics, insurance, and agriculture. Thus, the growing applications of deep learning are expected to drive market growth during the forecast period.

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As per Technavio, the growing emphasis on cloud-based deep learning will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Deep Learning Market: Growing Emphasis On Cloud-Based Deep Learning

Cloud computing is considered an appropriate platform for deep learning as it provides support for scalability, visualization, and storage of vast amounts of structured and unstructured data. The use of cloud computing in deep learning allows the integration of large datasets for training algorithms. Moreover, cloud computing also allows deep learning models to scale efficiently and at a much lower cost. Thus, the popularity of cloud-based deep learning is increasing, which will have a positive impact on the growth of the market during the forecast period.

Increasing collaboration among vendors and the rising investments in deep learning will have a significant impact on the deep learning market growth during the forecast period, says a senior analyst at Technavio.

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Deep Learning Market: Segmentation Analysis

This market research report segments the deep learning market by type (software, services, and hardware), and geographic segmentation (APAC, Europe, MEA, North America and South America).

North America region led the deep learning market in 2019, and the region is expected to register the highest incremental growth during the forecast period. This can be attributed due to factors such as the increasing use of deep learning in various industrial applications such as voice recognition and image recognition.

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Some of the key topics covered in the report include:

Type segmentation

Geographic segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Global Deep Learning Market 2020-2024 | Growing Application of Deep Learning to Boost Market Growth | Technavio - Business Wire