The global deep learning market attained a valuation of $3.7 billion in 2019 and is predicted to generate a revenue of $102.4 billion in 2030, advancing at a CAGR of 35.2% from 2020 to 2030. Out of all the industries, the healthcare industry will observe the highest adoption of deep learning solutions in the future years. This is ascribed to the growing integration of various advanced technologies such as big data, machine learning (ML), and deep learning in the healthcare applications, mainly to support the medical researchers and professionals in data collection and analysis for improved medical outcomes.
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A major trend currently being observed in the deep learning market is the increasing incorporation of deep learning solutions in the medical industry. These solutions help healthcare researches gain better insights into the medical properties and benefits of various drugs and compounds. In addition to this, this technology helps the caregivers better analyze the medical history of patients so that the best treatment plans can be prescribed to them. Moreover, these solutions can also be incorporated along with various medical imaging methods such as CT scans, ECG, and MRI scans for the effective diagnosis of many critical diseases and disorders, which, in turn, helps in the better treatment of these diseases.
The image recognition category recorded the highest growth under the application segmentation of the deep learning market during the last few years. This is ascribed to the enormous requirement of deep learning solutions in image recognition applications, on account of their ability to assist users in the detection and identification of objects and analysis of digital images.
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There are many prominent players such as Amazon Web Services Inc., Intel Corporation, SAS Institute Inc., IBM Corporation, Baidu Inc., Qualcomm Incorporated, NVIDIA Corporation, Microsoft Corporation, and Alphabet Inc. operating in the global deep learning market. These players have taken many strategic measures in recent times for strengthening their position in the market. For example, Microsoft Corporation and Qualcomm Incorporated entered into a partnership with each other in October 2018 for developing a vision AI developer kit that incorporates visual technologies and ML (machine learning) and cognitive capabilities in edge devices that offer an entry point into the core networks of the service provider.
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