It depends.
If I see where my arrow hit the deer, this will tell me a lot of how much time I will give it before tracking. With a bow if I do not see the animal drop, I will give it time. How much time depends on if I seen where I hit the deer. If I’m not sure of my shot placement and do not see the animal drop, I will try to give it 4 hours MINIMUM. If I think I hit it good in the vitals and do not see the animal drop I will give it 2-3 hours before trailing. If I see it drop, I will look to see with my binocs if it is out cold or just bedded down. If it is out cold, I may get down immediatley. If it is bedded down, close enough, and I already hit it once, I will try to figure out a way to get another arrow into the animal any way I can. But the best advice to follow is: When in doubt, back out..
Hope this helps! 