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Autoencoders are a self-supervised learning system where, during training, the output is an approximation of the input. Typically, autoencoders have three parts: Encoder (which produces a compressed latent space representation of the input data), the Latent Space (which retains the knowledge in the input data with reduced dimensionality but preserves maximum information) and the Decoder (which reconstructs the input data from the compressed latent space). Autoencoders have found wide applications in dimensionality reduction, object detection, image classification, and image denoising applications. Variational Autoencoders (VAEs) can be regarded as enhanced Autoencoders where a Bayesian approach is used to learn the probability distribution of the input data. VAEs have found wide applications in generating data for speech, images, and text. In this paper, we present a general comprehensive overview of variational autoencoders. We discuss problems with the VAEs and present several variants of the VAEs that attempt to provide solutions to the problems. We present applications of variational autoencoders for finance (a new and emerging field of application), speech/audio source separation, and biosignal applications. Experimental results are presented for an example of speech source separation to illustrate the powerful application of variants of VAE: VAE, β-VAE, and ITL-AE. We conclude the paper with a summary, and we identify possible areas of research in improving performance of VAEs in particular and deep generative models in general, of which VAEs and generative adversarial networks (GANs) are examples.

An Overview of Variational Autoencoders for Source Separation, Finance, and Bio-Signal Applications