Machine Learning Market Size, Share, Growth Report 2030

Machine Learning Market Size

The global machine learning market, which was estimated at 4.98 (USD) billion in 2019 and is predicted to accrue earnings worth 46.94 (USD) billion by 2027, is set to record a CAGR of nearly 44.06% over 2020–2027. The report provides valuation and analysis of the global and regional machine learning markets.The study offers a comprehensive assessment of the industry's competition, limitations, sales estimates, avenues, current and emerging trends, and industry-validated market data. The report offers historical data from 2018 to 2019 along with a forecast from 2020 to 2027 based on value (USD billion).

Machine Learning Market Overview

Machine learning, which is a part of artificial intelligence, is the study of computer programs that improve automatically with experience. Furthermore, the learning process assists the organization in collecting observations or data in order to search for patterns in the data in order to make better business decisions in the future. Precisely, machine learning helps with the creation of such computer algorithms that can access the data and help the computer learn to use it without requiring any human intervention. Machine learning algorithms are categorized into unsupervised and supervised machine learning algorithms. Apparently, machine learning facilitates the analysis of large data quantities and provides accurate and speedy results for the firm so that it can know the business growth opportunities or the risks.

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Market Growth Dynamics

Escalating demand for machine learning as a service (MLaaS) tools or machine learning as a vendor platform will create lucrative growth avenues for the market over the forthcoming years. Apart from this, machine learning facilitates activities like chatbots, image recognition, language translation, and predictive analytics. Additionally, it helps in simulating human intelligence aspects like concept formation and problem solving. Because a large number of machine learning programs are created and executed on the cloud, widespread use of cloud services by businesses around the world will aid in the growth of the machine learning market in the coming decade.

Furthermore, machine learning algorithms can be deployed for automating monotonous, codified, and criteria-driven tasks. For instance, information retrieval and product sorting into myriad categories can be done by machine learning algorithms. Firms can reduce their expenditure on these tasks by raising their efficacy, reducing labor costs, and saving time by using machine learning tools. All of the aforementioned factors will have an impact on the industry landscape in the coming years.Apparently, machine learning is utilized for assisting human resources in the business decision-making process and can augment human intelligence abilities through its authentic predictions and data insights.

The enormous use of machine learning programs in healthcare, BFSI, retail, defense, energy & utilities, life sciences, and telecommunications will provide lucrative growth opportunities to the market over the forthcoming years. In addition to this, the growing requirement for proliferating the generated data will create new growth horizons for the market over the upcoming years.

North America To Contribute Majorly Towards Overall Market Share By 2027

The surge in the industry's scope in the region over 2020–2027 is attributed to the presence of key players in countries like the U.S. In addition to this, massive funding of the Machine Learning as a Service (MLaaS) tool in the region along with the lucrative use of machine learning tools in cognitive applications in countries like the U.S. will push the growth of the market over the ensuing years. Apart from this, firms like USAA, a financial services firm serving U.S. military personnel, make use of machine learning algorithms.

Key players profiled in the report include Intel Corporation, Microsoft Corporation, SAP SE, Hewlett Packard Enterprise Development Lp, International Business Machines Corporation, Baidu Inc., SAS Institute Inc., BigML Inc., Amazon Web Services Inc., Google Inc., Fair Isaac Corporation, and H2O.ai.

The report segments the global machine learning market as follows:

Global Machine Learning Market: Services segment Analysis

• Professional Services
• Managed Services

Global Machine Learning Market: Vertical Segment Analysis

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa