Transparency Market Research delivers key insights on the global machine learning market. In terms of revenue, the global machine learning market is estimated to expand at a CAGR of ~27% during the forecast period 2024-2030, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global machine learning market.
Demand and advancements in deep learning, and integration of machine learning capabilities across various industries such as healthcare, IT & telecommunication, manufacturing, and BFSI across the world, are expected to fuel the growth of the global machine learning market. Besides, extensive investment in artificial intelligence worldwide is expected to boost the growth of the market. The report analyzes the global machine learning market and provides estimates in terms of revenue (US$ Bn) from 2018 to 2030.
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Machine Learning Market: Market Dynamics
Exponential Growth of Big Data: An enormous amount of structured and unstructured data is available to organizations due to increased Internet penetration. It has become important for organizations to dive deep into their data and generate meaningful insights to increase efficiency and competitiveness. Organizations are adopting machine learning to analyze both structured and unstructured data for future predictions and use it further for marketing and other purposes. This, in turn, is expected to accelerate the growth of the global machine learning market.
Big Data services and solutions analyze and store unstructured and structured data from IT operations, and turn it into relevant information and perceptions. Various companies are implementing Big Data services and solutions to enhance their operations and evaluate their internal processes. Besides, the exponential growth of Big Data can enable companies to increase operational efficiencies and reduce costs with machine learning. This driver is expected to have a high impact on the market during the forecast period.
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Growing Acceptance of Cloud-based Technologies: Low cost and simplicity of implementation have made cloud deployment a highly desirable delivery model in recent years. Customers have become more confident in the ability of cloud-based solutions to handle business operations. The cloud-based technology has been widely acknowledged by enterprises as a major force in significantly altering the entire IT landscape, from data centers, software deployment, upgrading, etc. As more companies are shifting preference toward cloud computing, it has become easy for them to adopt machine learning services, which in turn, is expected to trigger the growth of the machine learning market during the forecast period. This driver is predicted to have a high impact during the forecast period, as machine learning applications on cloud have become more accessible and economical for businesses.
Machine Learning Market: Prominent Regions
In terms of region, the global machine learning market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the machine learning market in 2019, with majority revenue share and is expected to continue its dominance over the forecast period from 2018 to 2030. Within North America, the U.S and Canada are anticipated to drive the growth of the market. This is due to the higher adoption levels of advanced relevant technologies in the regions, and high focus on innovations through R&D. These regions have the most competitive and rapidly changing markets in the world for improving machine learning strategy and implementation tools, frameworks and application/use cases, and deep learning.
Europe is expected to hold a significant share of the machine learning market after North America, as governments in Europe are spending considerably on machine learning and artificial intelligence projects across the region. Additionally, data security is given utmost importance in European countries, which, in turn, boosts the growth of the machine learning market in Europe. The machine learning market in Asia Pacific is expected to grow at a sustainable rate, due to the growing demand for intelligent business processes, which, in turn, is boosting the growth of the market in the region. Rising adoption of machine learning, government initiatives promoting artificial intelligence, and the emergence of numerous machine learning start-ups in the region, is expected to trigger the growth of the machine learning market.
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South America is expected to show substantial growth as increased interest among numerous sectors in machine learning and AI solutions creates a positive growth environment for the machine learning market in South America. The market growth in Middle East & Africa is anticipated to remain stagnant as of now. However, governments and corporations across the Middle East are turning significantly toward AI and advanced technologies, which in turn is expected to accelerate the growth of the machine learning market in MEA.
Machine Learning Market: Key Players
Key players operating in the global machine learning market include Amazon Web Services, Inc., BigML Inc., DeepL GmbH, Ersatz Labs Inc., Featurespace Limited, FICO, Formulate AB, German Auto Labs GAL GmbH, Google LLC, H2O.ai, Heuritech, Hewlett Packard Enterprise Development LP, IBM Corporation, InstaDeep Ltd, Microsoft Corporation, MySales Labs Ltd, Oracle Corporation, SAP SE, SAS Institute Inc., and understandAI GmbH.
Global Machine Learning Market: Segmentation
Machine Learning Market, by Component
- Software/ Platform
- Services
- Professional
- ML as a Service (MLaaS)
Machine Learning Market, by Enterprise Size
- Small and Medium Enterprise
- Large Enterprise
Machine Learning Market, by End User
- BFSI
- Healthcare
- Retail & eCommerce
- IT & Telecom
- Manufacturing
- Energy & Utility
- Government
- Media & Entertainment
- Others
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