Machine Learning Market To Record Lucrative Growth, Revenue To Surge To US$20.83 Billion By 2024

27-Nov-2018 | Zion Market Research

With the presence of a large pool of participants, the global machine learning market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Microsoft Corporation, International Business Machines Corporation, Sas Institute Inc., SAP SE, Bigml Inc., Google Inc., Intel Corporation, Fair Isaac Corporation, Baidu Inc., and Amazon Web Services, Inc., are some of the key vendors of machine learning across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the machine learning market study.

This review is based on a report by Zion Market Research, titled Machine Learning Market by Service (Professional Services, and Managed Services), for BFSI, Healthcare, and Life Science, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities, Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024. - Report at

Citing an instance, recently, AirAsia – a low-cost airliner headquartered in Malaysia – entered into partnership with Google Cloud for integrating machine learning and AI in the airline’s business operations.

Global Machine Learning Market

As estimated in this report, the global machine learning market stood at US$ 1.58 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this machine learning market is expected to reach US$ 20.83 billion by the end of the forecast period. The main services available in this machine learning market are professional services and managed services.

Wide Spectrum Of Applications Across Myriad Sectors To Soar Market Earnings  

“Technological advancements and proliferation in data generation are few of the key growth drivers of machine learning market,” says the author of this study. Apart from this, massive applications of machine learning systems in BFSI, manufacturing, healthcare & life sciences, energy & utilities, telecommunications, and government & defense will further spur business trends in the near future.

Sensitive data security and ethical implications of the algorithms deployed, however, is anticipated to hinder the growth of machine learning market in the years ahead. In addition, low availability of skilled employees is likely to further inhibit the business growth over the years to come. Nevertheless, extensive demand for intelligent business processes and increasing acceptance of machine learning in modern applications are predicted to create new growth horizons for machine learning market in the years to come. This, in turn, will nullify the impact of hindrances on the machine learning market in the foreseeable future, reports the study.

Extensive Application Of New Technologies To Help North American Dominance

Regionally, North America has been leading the worldwide machine learning market and is anticipated to continue on the dominant position in the years to come, states the machine learning market study. Massive focus on the use of innovative technologies obtained through the extensive research & development activities is the main factor behind the dominance of the North America machine learning market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional machine learning market. Reportedly, nearly 80% of firms across the globe are investing in AI and 50% of them are located in North America. In addition, the humungous presence of reputed firms such as IBM, Intel, Microsoft, and Qualcomm in the region is expected to contribute substantially towards the regional growth.

The global machine learning market is segmented as follows:

By Services

  • Professional Services
  • Managed Services

By Vertical

  • BFSI
  • Healthcare and Life Science
  • Retail
  • Telecommunication
  • Government and Defense
  • Manufacturing
  • Energy and Utilities
  • Others

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651

Office Address

Contact Us

Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651

Asia Pacific Office

3rd Floor, Mrunal Paradise, Opp Maharaja Hotel, Pimple Gurav, Pune 411061, Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008

Contact #

US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651

We Are On Social

Industry Press Release

We Accept

We have secured system to process your transaction.

  • payment methods

Business Hours

Our support available to help you 24 hours a day, five days a week.

Monday - Friday: 9AM - 6PM

Saturday - Sunday: Closed