Advancements in Deep Learning Reinforce Machine Learning Industry Growth - Grand View Research, Inc.
SAN FRANCISCO, March 16, 2023 /PRNewswire/ -- The machine learning industry size will witness a notable gain in the wake of the growing use of AI and IoT devices, according to the "Machine Learning Industry Data Book, 2023 – 2030," published by Grand View Research. Forward-looking companies have exhibited traction for machine learning (ML) to streamline tasks with efficiency, agility and reliability across business verticals. For instance, ML has received an impetus in cybersecurity to create antivirus software. An unprecedented spike in data and the use of various sorts of data to train ML models will further gain ground. Organizations are expected to bank on ML-powered services for applications, including voice transcription, sentiment analysis, text-to-speech, translation and anomaly detection.
The upheaval created by the COVID-19 pandemic furthered the demand for ML across the healthcare and e-commerce sectors. Notably, customized experiences accentuated the trend for hyper-personalization and enhanced customer experience. The technology also provided impetus in the early detection of diseases, research and treatment. Additionally, AI has the innate ability to update patients' charts and assess images and tests, thereby helping doctors in diagnoses.
Deep learning technology has become sought-after to learn from past instances to make judgments in complex situations. Chipset manufacturers and cloud service providers are expected to receive an impetus from surging penetration of data mining and image recognition. The trend for face-recognition technology in smartphones, diagnostic imaging in healthcare and the rising demand for self-driving cars have come on the back of the soaring footfall of deep learning. Moreover, manufacturing sites have shown an inclination for deep learning to automate and streamline operations.
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In essence, Japan is counting on technology to foster industrial robots. The robots use image recognition technology with deep learning and 3D images to enhance operation. Besides, the manufacturing sector has depicted traction for deep learning to reduce turnaround and expedite throughput in production. The deep learning market was valued at USD 34.83 billion in 2021 and will witness 34.3% CAGR during the forecast period.
Industry leaders have upped their investments in natural language processing (NLP) to boost decision-making, reduce cost and bolster productivity. NLP has provided a fillip to companies counting on chatbots to enhance customer experience. Sentiment analysis has received an uptake in search engines to complete queries, while the trend for NLP has become pronounced to decide patterns in voice recognition to offer expected responses from smart assistants. The natural language processing market size stood at USD 18.51 billion in 2021 and could expand at 41.3% CAGR during the assessment period. The growth trajectory is partly attributed to increasing adoption of language-based AI tools across emerging and advanced economies.
Some trends that are expected to redefine the global outlook are highlighted below:
- The advent of ChatGPT, the brainchild of OpenAI, has brought a paradigm shift in NLP and AI to store information and offer detailed responses based on a prompt of user inputs. In January 2023, Microsoft announced an infusion of USD 10 billion into OpenAI following the former's investment in the latter in 2019 and 2021.
- The use of ML algorithms will be noticeable for data processing, reasoning and automated computation.
- The Asia Pacific market will contribute significantly towards the global market in light of the rising penetration of ML in automotive, healthcare and manufacturing sectors and electronic products.
North America machine learning industry share will witness an upward trajectory with bullish demand across defense, BFSI, healthcare, retail and manufacturing sectors. The manufacturing industry has invested in the technology for quality control, predictive maintenance, cybersecurity, product development and inventory management. To put it in perspective, the U.S. and Canada have sought ML to foster intelligence and surveillance and forecast any anomalous, illegal or threatening activities.
ML can be used to combat cyberattacks and propel intrusion detection. For instance, in January 2022, the U.S. Department of Defense chose Scale AI to provide readily available technology, underpin operational AI/ML capabilities and solve AI challenges across the U.S. government. The company will focus on ML, neural networks and deep learning with an emphasis on NLP-powered products and services, image analysis and autonomous systems, among others.
The competitive scenario alludes to investments in organic and inorganic strategies to tap potentials and bolster RoI. An emphasis on product offerings, technological advancements, innovation, collaboration and mergers & acquisitions will encourage forward-looking companies to enhance their footprint. To illustrate, in October 2022, Google was reported to be contemplating pouring at least USD 200 million into Cohere, an AI start-up. It is worth mentioning that the latter makes NLP software that can be used for Chatbot tools.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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