Deep learning is a buzzword that has been hyped by the business and technical press for years, often with relatively meager results that failed to live up to expectations. But over the past 18 months, according to a new report from Tractica, the true power of deep learning has been realized, thanks to advances in hardware and algorithms that use pattern recognition applied in a continuous learning loop, enabling them to train themselves to perform tasks without requiring explicit programming code. Indeed, according to Tractica’s analysis, some of the most successful deep learning use cases today center around incremental and practical advancements in areas such as image recognition, text analysis, product recommendations, fraud prevention, and content curation. The sheer power of deep learning, however, is likely to lead to the development of more powerful and disruptive applications of tomorrow, such as driverless cars, personalized education, and preventative healthcare.
Tractica forecasts that, with this expanding set of applications, the worldwide deep learning software market will grow from $3 billion in 2017 to $67.2 billion by 2025.
“Deep learning has been a key point of focus for many companies, given its potential to transform entire industries,” says principal analyst Keith Kirkpatrick. “Current leaders in the deep learning market include Google, Facebook, Microsoft, IBM, Amazon, Baidu, and others.”
Kirkpatrick adds that the opportunity for deep learning spans a wide range of industries and geographies and is particularly disruptive in highly domain-specific markets with high-volume data needs and ontologies, and those with growing applications for machine perception using vision and language processing capabilities.
Tractica’s report, “Deep Learning”, examines the practical application of deep learning within consumer, enterprise, and government markets. The report provides strategic analysis and market forecasts for 125 deep learning use cases within 30 industry sectors, including an assessment of benefits and implementation considerations along with a quantification of the market opportunity for each use case. Market forecasts include deep learning software, hardware, and services revenue, segmented by world region, for the period from 2017 through 2025. The report also includes profiles of 28 key players within the evolving deep learning market ecosystem. An Executive Summary of the report is available for free download on the firm’s website.