Deep learning algorithms are increasingly used in contact centers, as the adoption of these algorithms helps them improve the process of first call resolution, reducing call duration, reducing total volume calls and improving customer satisfaction, thereby increasing business revenue. Deep learning algorithms help reduce the time required to troubleshoot contact centers by efficiently routing calls to the right person with the right knowledge. Therefore, the increasing number of contact centers, due to the expansion of end-use industries, will fuel the adoption of deep learning algorithms in the years to come.
Moreover, the increasing need for drug discovery will also drive the deep learning market at a CAGR of 35.2% during the forecast period (2020-2030). The market was valued at $3.7 billion in 2019 and is expected to generate $102.4 billion in revenue by 2030.
Healthcare uses deep learning solutions for drug discovery and development by understanding the medicinal properties of new compounds and allowing further analysis of new materials. In addition to this, deep learning solutions also help healthcare professionals recommend the best treatment for patients by analyzing their medical history in detail.
In recent years, deep learning solution providers such as Alphabet Inc., Samsung Electronics Co. Ltd., Amazon Web Services Inc., Intel Corporation, NVIDIA Corporation, Qualcomm Incorporated, IBM Corporation, SAS Institute Inc. and Baidu Inc. focuses on partnerships and mergers and acquisitions to reach more customers. For example, in July 2019, Intel Corporation teamed up with Baidu Inc. to work on their Nervana Neural Network Processor (NNP). Through this partnership, both companies want to ensure the optimization of NNP in Baidu’s PaddlePaddle Deep Learning Framework.
According to PandS Intelligence, North America had the largest share of the deep learning market in 2019 due to constant technological advances and the presence of a well-developed information technology (IT) infrastructure in the region. Deep learning solutions are increasingly being used in various regional industries for product recommendations, voice assistance, and image recognition on social media. the investments in the IT sector, the staggering number of artificial intelligence (AI) start-ups and the spread of advanced technologies in the region.
Therefore, the growing number of contact centers and the growing need for data discovery and development will drive the adoption of deep learning software in the years to come.
