The global deep tech market is anticipated to reach a valuation of US$ 3,733.8 Million by 2032, with the market growing at a staggering CAGR of 21.8% from 2022 to 2032. The target market is set to reach an estimated US$ 518.2 Million in 2022 as opposed to US$ 431.1 Million in 2021. The growth of AI and other advanced technology and their increasing adoption by BFSI, healthcare, and other industries will propel the deep tech market forward during the forecast period.
During 2017-2021, the deep tech market registered a CAGR of 19.1% and is expected to capitalize on various lucrative opportunities to scale new heights over the next few years. Deep-tech startups are built on foundations of considerable scientific progress or high-tech technical innovations.
This industry is centered on revolutionary technology to present solutions to various issues in the practical world. The market for deep tech thus gains application across various industries like healthcare, power and energy, and many others.
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Since, nowadays, learning by doing is the most popular approach for enhancing battery chemistry, the deep tech market also gains application in this field. As even artificial intelligence (AI) and simulation technologies, which are being frequently used to speed up the process of identifying and iterating through potentially winning combinations, are limited by the power of computers, deep tech will be in high demand in the near future to meet those needs where other technologies fall short.
Future battery technology is expected to make remarkable progress when quantum computing starts to address fundamental issues in battery materials modeling that are simply unsolvable by conventional computers. This will enable the development of higher-performance and less-expensive batteries.
Moreover, the presence of a substantial number of deep-tech solution providers in North America has pushed the market in this region to a mature phase. Further, several businesses are teaming up with deep tech solution providers to simplify their digital processes. Thus, North America is experiencing a surge in the adoption of deep tech solutions from large enterprises.
Again, the expansion of the deep tech market in Europe is facilitated by the rise in AI and Blockchain investment from BFSI, healthcare, and other industries which will fuel the growth of the market in this region. All of these considerations aid the growth of the deep tech market during the forecast period.
“The rising need to improve battery technology is expected to propel the global growth of the deep tech market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The deep tech market in South Asia Pacific will grow at a CAGR of 24.3% during the forecast period.
- Japan’s deep tech market will expand its size at a rate of 21.2% during 2022-2032.
- Enhanced start-up scenario will drive India’s deep tech market to register a CAGR of 23.1%.
- By technology, the robotics category will grow at a CAGR of 21.4% due to heightened demand from the healthcare sector.
- In 2022, the large enterprises segment will hold 64.2% of the global deep tech market share.
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Competitive Landscape
Taking advantage of enhanced technologies like Blockchain, AI, quantum computing, and many others, leading market players hope to gain demand in various industrial verticals like agriculture, automotive, healthcare, and others. These businesses are keen on upgrading their products and engaging in strategic partnerships and agreements to strengthen their market position.
Signal AI, Medicus AI, Loop, Blippar, Tractable, Disperse, Scoutbee, and Nuritas among others are some of the major players in the deep tech market profiled in the full version of the report.
More Insights into Deep Tech Market Report
FMI offers an unbiased and comprehensive analysis of the global deep tech market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology, enterprise size, end user, and region.
In terms of end-user, the healthcare segment will contribute substantially to the overall market growth. This segment is expected to grow at a CAGR of 17.3% during 2022-2032. This growth can be attributed to the increasing application of high-tech tools like artificial intelligence, machine learning, deep learning, and semantic computing which is transforming the entire healthcare industry.
Based on region, the deep tech market in South Asia Pacific will expand at a CAGR of 24.3% during the projection period. Booming start-up culture and increasing private investments propel the regional market. Again countries like Japan and India are expected to perform really well. Japan’s deep tech market is set to grow at a CAGR 0f 21.2% owing to the rising use of deep tech in the energy and power sectors.
India, too, will exhibit impressive growth with a 23.1% CAGR. The deep tech market is gradually integrating itself into numerous industrial verticals and with a nearly 1.0% acquisition of the international ICT market, the deep tech market will continue to grow by leaps and bounds during the projection period.
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Deep Tech Outlook by Category
By Technology:
- Big Data
- Artificial Intelligence and Machine Learning
- Language Processing
- Robotics
- Vision and Speech Algorithm
- Quantum Computing
- Others
By Enterprise Size:
- SMEs
- Large Enterprises
By End User:
- BFSI
- IT & Telecommunication
- Automotive
- Healthcare
- Agriculture
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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