Global Machine Learning Market is Estimated to Reach $33,517 Million By 2026, Says Accurize Market Research
Global Machine Learning Market Report, published by Accurize Market Research, forecast that the global market is expected to reach $33,517 Million by 2026 from $1,900 Million in 2018; growing at a CAGR of 44% from 2019 to 2026. North America dominated the global machine learning market in 2018, and anticipated to hold the major market share till 2026. In terms of growth, Asia-Pacific is anticipated to attain the fastest compound annual growth rate (CAGR) during 2019 – 2026.
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Market Introduction and Market Dynamics
Machine learning is a technology that provides computers with the ability to learn without being explicitly programmed and is focused on the development of computer programs that can automatically learn when exposed to new data. Instead of extracting data for human comprehension, it uses the data to improve the understanding of the program. The innovative technologies including IoT and big data are giving a new leash to the machine learning practices and are widely used with many technologies such as image recognition, speech recognition, face recognition, and risk and fraud detection software. Some of the factors propelling the growth of the market include availability of massive amount of data, demand for superior consumer service and efficient operation, and proliferation in data generation. However, lack of skilled professionals and rising concerns regarding data security may hamper the market in the coming years. Further, increasing demand for intelligent business process and increasing adoption in modern application would provide several growth opportunities in forecasted years.
Market Segmentation and Crisp Analysis
The global machine learning market is segmented into solution, service, deployment, organization size, and industry vertical. By solution, the market is classified into services and software. By services, the market is divided into professional services and managed services. The deployment segment is further segmented into on-premise and cloud-based. By organization size, the classifications covered are large enterprise and small & medium enterprise. By industry vertical, the market is divided into banking & financial services (BFSI), healthcare & life sciences, retail, telecommunication, government & defense, manufacturing, energy & utilities, and other (Includes Education, Agriculture, and Media and Entertainment). Software dominated the solution segment accounting for more than 70% of the market share, as the market at present is perceiving increased demand, particularly from small & medium organizations, owing to intense competition for improvement of productivity and reduction of operational cost. However, the services segment is anticipated to attain the fastest CAGR during the forecast period. Cloud-based dominated the deployment segment as it can minimize the complexities related to the setting up of the infrastructure and help in rapid innovation.
Regional Segmentation and Crisp Analysis
By geography, the global machine learning market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The country-wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico while Europe covers UK, Germany, France, Italy, and Rest of Europe. China, Japan, South Korea, and Rest of Asia-Pacific have been analyzed under the Asia-Pacific market. Rest of the world includes South America, the Middle East, and Africa. North America dominated the global market accounting for the largest market share with around 50% in 2018, owing to increased adoption of machine learning solutions. The region is largely backed by its ability to provide suitable infrastructure to the service providers and also by offering wide growth opportunity to the service providers through its rapidly expanding industries. Asia-Pacific region is projected to attain the fastest CAGR of 45.4% from 2019 – 2026, as the region comprises of some considerably growing countries, which are highly supported by the government investments initiated for the development of artificial intelligence technology.
Manufacturers Competitive Analysis
Major companies operating in the market are IBM Corporation, SAP SE, SAS Institute Inc., Google, Inc., Microsoft Corporation, Baidu, Inc., Hewlett Packard Enterprise Development LP, Amazon Web Services Inc., Intel Corporation, and Oracle Corporation, among others. The machine learning market is highly competitive owing to the number of loyal brands present in the market. The few dominant players’ accounts for the majority of the market share. Companies are frequently investing heavily in research & development to keep their proper market visibility and maintain profit margins. For instance, in April 2017, Alphabet Inc., a subsidiary company of Google Inc. has released its first machine learning chip “‘Tensor Processing Unit (TPU),” which helps in performing computationally intensive tasks, such as voice search and image processing.
Scope of the Report
The scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as cross-sectional analysis of the segments including the geographies and its countries. Key companies operating in this market and their company profile along with the market share analysis and competitive scenario is also the part of the report. Furthermore, different industries clients’ information has been provided in the report which is very important for the manufacturers. Manufacturers’ data, including: revenue, shipment, revenue share, shipment share, and gross profit have been also included, which provide better understanding of the market competition.
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