The global machine learning market size is projected a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the wide integration of advanced technology for improving business operations as well as massive funding for R&D programs for several innovations.
Machine Learning (ML) is an advanced software application that aids businesses to arrive better decision for their investment and business operations without the need for complicated programming system. As a subset of Artificial Intelligence (AI), ML offers a range of detailed insight and information as well as accurate data for analyzing and predicting the outcome of an operation or service. It helps to examine algorithms and provides pattern recognition and ciphering learning in artificial intelligence that allow users to make accurate estimation of the business outcome.
Some of the major applications of the software are computer vision, e-mail filtering, detection of network intruders, and optical character recognition. The software application is also widely used by industries for various applications including malware threat detection, spam filtering, business process automation, and fraud detection. Business giants such as Google and Meta (Facebook) adopt ML for examining consumer behavior and business operational methods as it makes a significant and different step for growth in overall market competition.
The impact of COVID-19 has been staggering and unparalleled impacted on the machine learning market growth due to wide adoption of ML by various business organizations to expand their operations. Due to closure of offices impacted by the emergency lockdown, majority of the companies started their digital upgrade with the help of advanced software. This presents a key aspect that helps in surge the demand for ML technology.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing application of ML across industries including manufacturing, finance management, and transportation is expected to boost the market in the coming years.
- Growing need for advanced technologies for accurate and effective data analysis to improve consumer experience and overall business operations presents another key driver of the market.
- Wide adoption of ML for the protection and strengthen sensitive data security and ethical applications of the algorithms deployed in business is a major factor propelling the market.
- High installation cost and lack of technicians handling the software act as key challenges that can hamper the market expansion.
- Increasing demand for AI and major applications of data science to inject predictive insights into business operations are likely to offer lucrative growth opportunities for the market.
Scope of the Report
The report on the global machine learning market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Machine Learning Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Enterprise Sizes (SMEs and Large Enterprises), Components (Service, Hardware, and Software), and End-users (BFSI, Agriculture, Manufacturing, Advertising & Media, Law, Automotive & Transportation, Healthcare, Retail, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Microsoft Corporation; Intel Corporation; International Business Machines Corporation; SAP SE; Amazon Web Services, Inc.; Baidu Inc.; Google LLC; SAS Institute Inc.; Hewlett Packard Enterprise Development LP; and H2O.ai.
|
Market Segment Insights
Large enterprises segment to expand at a considerable CAGR
On the basis of enterprise sizes, the market is bifurcated into SMEs and large enterprises. The large enterprises segment is projected to expand at a considerable CAGR during the forecast period owing to high adoption of automation AI & data science by large business organizations to administer and run effectively of their business operations. On the other hand the SMEs segment is anticipated to account for a major market share during the forecast period due to growing use of ML among small and medium-sized enterprises.
Hardware segment is expected to grow at a rapid pace
Based on components, the global machine learning market is divided into hardware, software, and service. The hardware segment is expected to grow at a rapid pace during the forecast period due to availability of strong supply chain of silicon chips with ML and AI power. However, the software segment is anticipated to hold a key share of the market in the coming years due to increasing demand for cloud-based software that allow users to get access to a deep learning platform.
Healthcare segment to account for a large market share
On the basis of end-users, the market is segregated into BFSI, agriculture, manufacturing, advertising & media, law, automotive & transportation, healthcare, retail, and others. The healthcare segment is expected to account for a large market share during the forecast period due to the wide application of the technology in the healthcare sector. ML is widely used for various purposes ranging from quantitative insights for the best recognition of medicine to proactive treatment decision. On the other hand, the law segment is anticipated to hold a major market share during the forecast period owing to growing effect of ML algorithms across various legal applications.
North America is anticipated to constitute a key market share
In terms of regions, the global machine learning market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to early acceptance of innovative technology and massive R&D programs by key players in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to growing acceptance of AI-enabled devices and cloud platforms among a large number of companies in the region.
Segments
The global machine learning market has been segmented on the basis of
Enterprise Sizes
Components
- Service
- Hardware
- Software
End-users
- BFSI
- Agriculture
- Manufacturing
- Advertising & Media
- Law
- Automotive & Transportation
- Healthcare
- Retail
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global machine learning market are Microsoft Corporation; Intel Corporation; International Business Machines Corporation; SAP SE; Amazon Web Services, Inc.; Baidu Inc.; Google LLC; SAS Institute Inc.; Hewlett Packard Enterprise Development LP; and H2O.ai. Microsoft Corporation entered into a partnership with the LV Prasad Eye Institute based in Hyderabad, India. Through this collaboration, the former company aimed at the expansion of machine learning operation to bring data-driven eye care resource in India.
Request For Customization
Enquiry Before Buying
Speak With Analyst
