Machine Learning Market Size to Expand at Over 38.76% CAGR through 2030
May 27, 2022
Market Research Future (MRFR), in its new research report, asserts that the global machine learning market 2020 is flourishing and expected to grow exponentially over the assessment period, securing a substantial market valuation and a healthy CAGR.
Drivers and Restraints
Developing technologies such as artificial intelligence are paving the way industries and humans work. These technologies have optimized supply chains, launched various digital products and services, and transformed overall customer experience. growth in demand for improved application areas, development related with artificial intelligence & cognitive computing market, lack of trained professionals, and the effect of developing economies. All these factors are collectively creating opportunities for market growth, and each element is expected to have a positive impact on the machine learning market share. Technological development and proliferation in data generation are some of the major driving factors for the market.
Several tech firms are investing in this filed for developing AI platforms, while multiple startups are focusing on niche domain solutions. With this rapid development, AI techniques such as machine learning are gaining significant traction in the market. Growing automation and advanced technology are estimated to boost market growth during the forecast period. Machine learning technology has driven the rise of predictive analytics, which experiences rapid growth in consumption, also becoming an essential part of all business operations and processes.
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Based on components, the global machine learning market has been segmented into software tools, cloud and web-based APIs, and others.
Based on service, the machine learning market has been segmented into professional services and managed services. The managed service is said to be expanding faster, as it helps organizations to increase proficiency and save costs for managing on-demand machine learning services. The progress of the professional services segment is primarily governed by the complexity of operations and the increasing deployment of machine learning solutions.
Based on application, the global machine learning market has been segmented into healthcare, BFSI, government, education, automotive, media and entertainment, defense, telecom, retail and e-commerce, and others.
Based on organization size, the machine learning market has been segmented into Small and Medium Enterprises (SMEs) and large enterprises. The rapidly emerging and greatly active SMEs have increased the implementation of machine learning solutions and services globally, as a result of the rising digitization and augmented cyber risks to critical business information and data. Large enterprises have been slowly adopting machine learning to extract the required information from a large amount of data and estimate the outcome of various problems.
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.
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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.
The major market players operating in the global market, as identified by MRFR, are Google (US), Microsoft Corporation. (US), Amazon.com, Inc. (US), Cisco Systems, Inc. (the US), IBM Corporation (US), Apple Inc (US), Intel Corporation (US), Facebook, Inc. ( the US), Baidu Inc (China), Nuance Communications (US), and Wipro Limited (India).
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