Managed services segment is expected to grow at the highest CAGR during the forecast period

The demand for services is growing with the evolution of the machine learning market. Specifically, managed services are expected to have a fast growth rate during the forecast period. Managed service providers deliver third-party infrastructure services that help organizations to manage their machine learning solutions. Managed service providers take care of all the hardware and software functions, while organizations are only responsible for updating and installing business applications and configuring company policies.

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Fraud and risk management application of machine learning in BFSI vertical is expected to be the largest contributor in the global machine learning market during the forecast period

Organizations use machine learning at every opportunity to gather intelligence to fight risk exposures. By using advanced methodological and machine learning services, companies can avoid, address, or quickly recover from major risk events. Fraud and risk management with the help of machine learning algorithm solutions help organizations to identify and analyze potential risks in a particular growth initiative to help organizations mitigate the risks. It enables organizations to mitigate fraudulent cases and make better-informed decisions and strategies.

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North America is expected to have the largest market share during the forecast period

North America is the most competitive machine learning market in the world. North America, among all the regions, has shown the maximum adoption of machine learning powered solutions, due to its early implementation in the majority of verticals. The region is expected to hold the highest market share during the forecast period. The US and Canada are projected to extensively implement machine learning solutions.

The machine learning market report encompasses the competitive landscape, which shows the positioning of the 25 key machine learning vendors, based on their strength of product portfolio and business strategy excellence. Some of the major vendors are Microsoft Corporation (Washington, US), IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc. (North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc. (Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc. (Massachusetts, US), Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc. (Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US), TIBCO Software Inc. (California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US).

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