Market Highlights
Machine learning is a branch of artificial intelligence (AI) that uses statistical techniques for analytical model building that imparts the computers with the ability to learn from data instead of being explicitly programmed to carry out certain operations. As per the report that has been recently published by Market Research Future (MRFR), the global machine learning market is anticipated to project remarkable growth in the coming years.
The increasing demand for machine learning in various industrial sectors to enhance customer experience and gain a competitive edge in the market is majorly driving the global machine learning market towards rapid expansion. The blistering pace of adoption of artificial intelligence in multiple sectors such as automotive, healthcare, BSFI, government, and others have led to the rise in demand for machine learning services in the global market. The development in the application of machine learning in the manufacturing industry is creating large opportunity for the machine learning service providers, resulting in the growth of the global machine learning market.
The elevated emphasis on AI is creating several opportunities for the progress of the machine learning market. Reports that convey interpretations into the information and communication technology industry has been offered by Market Research Future, which produces reports on industry verticals that judge the market progress and options for growth. A 42.08 % CAGR is anticipated to propel the market to a beneficial growth level.
Segmentation:
The segment-based evaluation of the machine learning market share is conducted on the basis of component, organization size, vertical and region. On the basis of components, the machine learning market has been bifurcated into hardware and software. Based on the organization size, the machine learning market is segmented into small enterprise, large enterprise, and medium-sized enterprises. On the basis of vertical, the machine learning market is segmented into media and entertainment, automotive, BFSI, telecommunication, education, retail and e-commerce, government and defense, healthcare, others. On the basis of region, the machine learning market has been segmented into North America, Europe, Asia Pacific and other regions in the world.
Detailed Regional Analysis
Geographically, the global machine learning market is segmented into four major regions such as North America, Europe, Asia Pacific (APAC) and the rest of the world (RoW). Among these, the Europe region is anticipated to dominate the global machine learning market during the forecast period owing to the increased focus of startup companies on commercialization and innovation of artificial intelligence technology. The rapid technological development and increasing adoption of machine learning services in various industrial sectors are fueling the expansion of machine learning market in the North America region. The machine learning market in the Asia Pacific region is considered to be lucrative owing to the increasing investment for technological advancement and inclination towards the application of artificial intelligence technology in various industrial sectors in this region.
Competitive Analysis
The governmental bodies around the world are increasing their contribution to market development. The enhancement of production resources is expected to create a favorable impetus for the advance of the market. The contenders in the market are crafting their strategy in a way that supports optimum profits and resource utilization. The improvement in international trade is expected to further develop the development of the market in the coming years. The amplification in a number of investments is predicted to motivate the market considerably in the coming years. The presence of apt investments or funding is expected to motivate the progress of the global market in the forecast period. The stabilization of export trends in the international market is expected to further encourage the market’s development in the coming period. The development of more integrated supply channels is anticipated to provide an upper hand to the market contenders in the forthcoming period.
The strategic competitors in the machine learning market are Microsoft Corporation. (US), Amazon.com, Inc. (US), Baidu Inc (China), Cisco Systems, Inc. (US), Google (US), Apple Inc (US), Intel Corporation (US), Facebook, Inc. (US), Nuance Communications (US), IBM Corporation (US), and Wipro Limited (India).
Industry Updates:
Dec 2019 DataRobot, a business acknowledged for producing automated machine learning simulations known as AutoML, has recently announced that it intends to purchase a data prep platform startup, Paxata. Both the companies did not reveal the procurement price. Paxata procured a total of USD 90 million prior to the recent acquisition.
