Machine Learning Market set to record exponential growth during forecast period
Research Reports
Apr 13, 2022
Market Highlights
The Global Machine Learning Market is expected to reach USD 106.52 Billion at a CAGR of over 38.76% by the end of 2030.
The market contributors are acting as a key driving factor to drive the global growth rate of the Machine Learning Market. The increase in the use of technology and automation in today’s generation is one of the key driving factors of the market. These are the requirement of machine learning in media and entertainment, automobiles, IT and telecommunications, education, and other government and non-government sectors acting as the boosting factor of the market value. Even the increased number of technology industries is developing day to day, in the upcoming generation, machine learning shows its vast growth in relevant sectors. Artificial Intelligence is machine learning is playing a major role in developing its growth globally.
Like other markets, the Machine Learning Market has even faced tough situations during the pandemic period. But the market even showed a positive growth rate as people preferred to work from home. Therefore, machine learning and artificial intelligence were crucial in making the work more efficient in remote locations. This increased the use of machines, smartphones, and other devices. Schools, colleges, government, and non-government sectors use the machines developed with AI systems.
Therefore, in the future, the demand for technology with machine learning will increase at a high rate, setting huge opportunities for the Machine Learning Market.
On the other hand, Europe contributes the second-largest market share due to the rapidly growing implementation of machine learning software, solutions, platforms, and systems for various industry verticals such as security, marketing, automotive, healthcare, IT & telecommunication, retail, agriculture, and manufacturing. The governments in European countries are adopting machine learning technology for surveillance, fraud detection, and data mining. Furthermore, the growing demand for machine learning technology in various applications such as smart home devices, consumer electronics products, healthcare equipment to diagnose diseases, IT & telecommunication for predictive analytics, media & entertainment to translate languages, and automotive for autonomous driving also boost the market growth in the region
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Global Machine Learning Market Segmentation
The global machine learning market has been segmented on the basis of the component, organization size, vertical, and region. The component segment has been sub-segmented into hardware, software, and service. The hardware segment has been further segmented into processors, memory, and network. The software segment has been segmented into solution and platform. The services segment has been segmented into installation, training and support and maintenance services. The organization size segment has been segmented into large enterprises and small- and medium-sized enterprises. The vertical segment has been segmented into BFSI, media & entertainment, automotive, telecommunication, retail & e-commerce, education, healthcare, government & defense, and others. The region includes North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis
The geographical overview of the global machine learning market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
North America is likely to account for a substantial share of the global market owing to the vast presence of key players. Additionally, the market is at a promising stage and is expected to witness an influx of new entrants. Also, significant growth is on the cards for these new startups as they exhibit more adaptability than the tech-giants.
Europe is projected to flourish at a high CAGR and account for the maximum share of the machine learning market. The development can be ascribed to the innovation and commercialization of artificial intelligence and machine learning technologies. London has been presumed to hold the most significant number of startups and fuel venture capital funds, investments, etc. into the market. Meanwhile. The Asia Pacific resonates strong potential for growth. It is projected to expand at a moderate pace through the forecast period.
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Prominent Players
Some of the Prominent Players of the global machine learning market are Google (US), Microsoft Corporation. (US), Amazon.com, Inc. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Apple Inc (US), Intel Corporation (US), Facebook, Inc. (US), Baidu Inc (China), Nuance Communications (US), and Wipro Limited (India).
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