Machine Learning Market Size, Industry Trends Report | 2031

Segments - Machine Learning Market by Enterprise Sizes (SMEs and Large Enterprises), Components (Service, Hardware, and Software), End-users (BFSI, Agriculture, Manufacturing, Advertising & Media, Law, Automotive & Transportation, Healthcare, Retail, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

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

SMEs
Large Enterprises

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

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
H2O.ai.

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.

Machine Learning Market By Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Machine Learning Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Machine Learning Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Machine Learning Market - Supply Chain
  4.5. Global Machine Learning Market Forecast
     4.5.1. Machine Learning Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Machine Learning Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Machine Learning Market Absolute $ Opportunity
5. Global Machine Learning Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Machine Learning Market Size and Volume Forecast by End Users
     5.3.1. BFSI
     5.3.2. Agriculture
     5.3.3. Manufacturing
     5.3.4. Advertising & Media
     5.3.5. Law
     5.3.6. Automotive & Transportation
     5.3.7. Healthcare
     5.3.8. Retail
     5.3.9. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Machine Learning Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Machine Learning Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Machine Learning Demand Share Forecast, 2019-2026
7. North America Machine Learning Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Machine Learning Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Machine Learning Market Size and Volume Forecast by End Users
     7.4.1. BFSI
     7.4.2. Agriculture
     7.4.3. Manufacturing
     7.4.4. Advertising & Media
     7.4.5. Law
     7.4.6. Automotive & Transportation
     7.4.7. Healthcare
     7.4.8. Retail
     7.4.9. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Machine Learning Demand Share Forecast, 2019-2026
8. Latin America Machine Learning Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Machine Learning Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Machine Learning Market Size and Volume Forecast by End Users
     8.4.1. BFSI
     8.4.2. Agriculture
     8.4.3. Manufacturing
     8.4.4. Advertising & Media
     8.4.5. Law
     8.4.6. Automotive & Transportation
     8.4.7. Healthcare
     8.4.8. Retail
     8.4.9. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Machine Learning Demand Share Forecast, 2019-2026
9. Europe Machine Learning Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Machine Learning Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Machine Learning Market Size and Volume Forecast by End Users
     9.4.1. BFSI
     9.4.2. Agriculture
     9.4.3. Manufacturing
     9.4.4. Advertising & Media
     9.4.5. Law
     9.4.6. Automotive & Transportation
     9.4.7. Healthcare
     9.4.8. Retail
     9.4.9. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Machine Learning Demand Share Forecast, 2019-2026
10. Asia Pacific Machine Learning Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Machine Learning Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Machine Learning Market Size and Volume Forecast by End Users
     10.4.1. BFSI
     10.4.2. Agriculture
     10.4.3. Manufacturing
     10.4.4. Advertising & Media
     10.4.5. Law
     10.4.6. Automotive & Transportation
     10.4.7. Healthcare
     10.4.8. Retail
     10.4.9. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Machine Learning Demand Share Forecast, 2019-2026
11. Middle East & Africa Machine Learning Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Machine Learning Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Machine Learning Market Size and Volume Forecast by End Users
     11.4.1. BFSI
     11.4.2. Agriculture
     11.4.3. Manufacturing
     11.4.4. Advertising & Media
     11.4.5. Law
     11.4.6. Automotive & Transportation
     11.4.7. Healthcare
     11.4.8. Retail
     11.4.9. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Machine Learning Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Machine Learning Market: Market Share Analysis
  12.2. Machine Learning Distributors and Customers
  12.3. Machine Learning Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Microsoft Corporation
     12.4.2. Intel Corporation
     12.4.3. International Business Machines Corporation
     12.4.4. SAP SE
     12.4.5. Amazon Web Services, Inc.
     12.4.6. Baidu Inc.
     12.4.7. Google LLC
     12.4.8. SAS Institute Inc.
     12.4.9. Hewlett Packard Enterprise Development LP
     12.4.10. H2O.ai.