Advancements in Deep Learning Reinforce Machine Learning Industry Growth Grand View Research
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.
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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.
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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.
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