Deep-learning technology – a subset of machine learning – is set to skyrocket, creating big opportunities for partners.
The market is expected to jump from nearly $3.2 billion this year to almost $18.2 billion by 2023, according to a new report by MarketsandMarkets, which expects a compound annual growth rate (CAGR) of almost 42 percent.
Market players include Intel, Samsung Electronics, IBM, Google, Microsoft, Amazon Web Services (AWS), Qualcomm and others.
The market is being driven by improved computing power, declining hardware costs, increasing adoption of cloud-based technology, use of big-data analytics and growing artificial intelligence (AI) adoption in customer-centric services.
By vertical, deep learning in manufacturing is expected to show the most growth through 2023. Deep learning technology is used in industrial robots, machine vision systems and more to improve the process and product quality, minimize cycle time, and increase efficiency of the manufacturing process as a whole.
Rapid growth also is expected for deep-learning services. Deep-learning systems require installation, training and support, and maintenance services. Installation services allow the software to be integrated with the analytics side to help with data retrieval and to generate the desired result through computation. The use of computer systems for deep learning/AI further increases the amount of work involved in installation.
North America accounts for a substantial share of the deep-learning market; however, the lack of technical expertise, absence of standards and protocols, and increasing complexity in hardware due to the complex algorithm used in deep-learning technology are restraining the growth of the market, MarketsandMarkets said.
Asia Pacific is expected to grow at the highest CAGR, due to the increasing applications of deep learning in media and advertising, the finance and retail sectors, and others in countries such as India, China and Japan. Growing e-commerce, online streaming and increasing internet penetration have resulted in the growth of marketing industries. In the security vertical, with increasing incidents of cyberattacks and a growing cyber war in the region, organizations and governments are focusing on strong defense infrastructure.