Machine Learning Market Size And Forecast

Machine Learning Market size was valued at USD 2.40 Billion in 2019 and is projected to reach USD 47.29 Billion by 2027, growing at a CAGR of 44.9% from 2020 to 2027.

Technological advancement is the major driving factor for the global machine learning market. machine learning and artificial intelligence are the new treading area in IT and development organizations. Businesses are clamoring to hire talent in these areas, and there’s an actual shortage of qualified and skilled professionals in the market today. The Global Machine Learning Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Machine Learning Market Definition

Machine learning is defined as a process that involves the application of artificial intelligence (AI) in order to provide the ability to the system to automatically learn and improve from experience without being explicitly programmed. This technology mainly focuses on developing a program that can access data and use it to learn for themselves.

Machine learning is a branch of artificial intelligence that enables machines to learn directly from data, experience, and examples. By permitting computers to execute specific tasks smartly, machine learning allows computers to carry complex processes by learning from examples or data, rather than following pre-programmed rules. Increasing volume of data being generated across industry verticals creates an exhaustive repository for machines to learn from, something that is further backed by rapid strides made in processing power of computers, in turn enhancing the analytical capabilities of machine learning systems.

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The main goal of machine learning is to allow computers to learn automatically without any human assistance or intervention and accordingly adjust their action. Various methods used in the machine learning process includes supervised machine learning algorithms, unsupervised machine learning algorithms, semi-supervised machine learning algorithms, and reinforcement machine learning algorithms.

Global Machine Learning Market Overview

Increasing advancements in technology leading to higher accuracy of systems fueling market growth. People interact with various systems, which are based on machine learning such as recommender systems, voice recognition systems, and image recognition systems. Rapid advancement in technology in image recognition system has increased the accuracy of the system, which has fueled the demand for machine learning in various systems. For instance, in image labeling challenge, the accuracy of machine learning was 72% in 2010 and it reached to 96% in 2015. The ability of machines to process large volumes of data and to use the data for prediction have made the machine learning a key tool in various applications such as BFSI, healthcare etc.

In addition, Integration of machine learning in robotics has fueled growth of the machine learning market. Rampant advancements in robotic industry has created various innovations in robots with the integration of sensor technologies and materials. The advancements in machine learning have increased the capabilities of robots to contribute in applications such as drones and autonomous vehicles. Moreover, the increasing demand for advance robotic system in various verticals such as automotive, electronics, food and beverages, healthcare etc has fueled the market growth. According to International Federation of Robots, in 2016, around 294,000 units of industrial robots were deployed across the globe. For example: In 2016, Fanuc, a Japan-based company, announced development of a robot with deep reinforcement learning technique, which enables the robot to train itself over a very short time duration.

However, the major issue faced by the maximum of the organizations while including machine learning in their business process is the lack of skilled employees with analytical talent, & the demand for those who can monitor analytical content is even greater. As the dawn of big data, privacy concerns have outshined every advancement and every new algorithm. This is the same for machine learning, which learns from big data to basically think for itself. These are some of the major factors hindering the growth of the market.

Global Machine Learning Market: Segmentation Analysis

The Global Machine Learning Market is segmented based on Deployment Model, Services, Organization Size, Vertical, and Geography.

Machine Learning Market, By Deployment Model

• Cloud-based
• On-premise

Based on Deployment Model, the market is bifurcated Cloud-based, On-premise. The cloud deployment mode is expected to hold the largest market share and grow at the highest CAGR during the forecast period in machine learning market. Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, monitoring document version control, and data loss prevention with robust cloud storage facilities are some of the crucial benefits that have resulted in the adoption of cloud-based delivery models for machine learning software solutions and services.

Machine Learning Market, By Services

• Managed Service
• Professional Services

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Based on Service Type, the market is bifurcated into Managed Service Professional Services. The managed service segment is expected to grow at a higher CAGR, whereas professional service segment is expected to be a larger contributor during the forecast period. The managed service is said to be growing faster, as it helps organizations to increase efficiency and save costs for managing on-demand machine learning services. The growth of the professional services segment is mainly governed by the complexity of operations and increasing deployment of machine learning solutions.

Machine Learning Market, By Organization Size

• Large Companies
• Small and Medium Businesses

Based on Organization Size, the market is segmented as Large Companies, Small and Medium Businesses. The large enterprises segment is expected to have the largest market share, whereas the SMEs segment is expected to grow at the highest CAGR during the forecast period in machine learning market. The rapidly emerging and highly active SMEs have increased the adoption of machine learning solutions and services globally, as a result of the growing digitization and increased cyber risks to critical business information and data. Large enterprises have been heavily adopting machine learning to extract the required information from a large amount of data and forecast the outcome of various problems.

Machine Learning Market, By Vertical

• BFSI
• Healthcare and Life Sciences
• Retail
• Telecommunications
• Government and Defense
• Manufacturing, Energy and Utilities
• Other Applications

Based on Vertical, the market is segmented as BFSI, Healthcare and Life Sciences, Retail, Telecommunications, Government and Defense, Manufacturing, Energy and Utilities, and Other Applications. The Banking, Financial Services, and Insurance (BFSI) vertical is expected to be the highest contributor, whereas the healthcare and life sciences vertical is projected to grow at highest CAGR during the forecast period. Both the verticals generate data in a huge amount every second, and there is accelerated demand for data management technologies such as machine learning and predictive analytics in order to extract business critical insights from this ever-increasing data. The other industry verticals, such as manufacturing, telecommunication, energy and utilities, retail, and government and defense are contributing significantly to the machine learning market. These verticals are also expected to witness significant growth rates during the forecast period due to the increased concerns for managing the complex business processes with improved efficiency and lowering the overall costs.

Machine Learning Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Machine Learning Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America is estimated to be the largest revenue-generating region. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D. These regions have the most competitive and rapidly changing global market in the world. The APAC region is expected to be the fastest-growing region in the market. The increased awareness for business productivity, supplemented with competently designed machine learning solutions offered by vendors present in the APAC region, has led APAC to become a highly potential market.

Key Players

The “Global Machine Learning Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Intel Corporation, Hewlett Packard Enterprise, Fair Isaac Corporation, Microsoft Corporation, and others.

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