Deep Learning Market Size, Share, Growth Analysis, By Solution (Hardware and Software), By Application (Image Recognition, Voice Recognition, Video Surveillance & Diagnostics, and Data Mining), By End-Use (Automotive, Aerospace & Defense, Healthcare, Retail, and Others), By Region - Industry Forecast 2024-2031

Global Deep Learning Market size was valued at USD 48.37 Billion in 2022 and is poised to grow from USD 64.13 Billion in 2023 to USD 612.18 Billion by 2031, growing at a CAGR of 32.58% in the forecast period (2024-2031).

Major factors fueling the deep learning market growth are improving continuing power, along with declining hardware price and rising adoption of cloud-based innovation. The increasing need of organizations for processing power and the growing presence of Internet of Things (IoT) devices in almost every field are fueling the deep learning market expansion. Moreover, there are 2.5 quintillion bytes of data per day created, and that number continues to grow exponentially. The colossal data from diverse sectors provide lucrative avenues for deep learning solutions to deliver adaptive and scalable insights to organizations efficiently.

Cloud analytics combines technological, infrastructural, and analytical tools and procedures to help customers extract desired information from a large dataset. Moreover, deep learning analytics in the cloud helps enterprises to save on their infrastructural and storage expenses alongside the operational cost. Deep learning is a type of AI and ML technology that simulates human behaviour and creates data generated by human brain cells. It helps perform classification tasks and pattern recognition on the pictures, text, audio, and other data. It is also used to automate tasks that ordinarily require human intelligence such as image labelling or audio file transcription.