Global Machine Learning Market was valued $1,900 Million in 2018, and is projected to reach $33,517 Million by 2026; with a CAGR of 44.0% from 2019 to 2026. Machine learning has massive potential in industries such as BFSI, manufacturing, and retail. For instance, BFSI vertical can use machine learning solutions to better identify insights in transaction data that help them manage risk and prevent fraud.
The global market for Machine Learning is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World (RoW). North America holds the leadership in market in terms of 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.
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.
Asia Pacific in the coming years is projected to be the most promising market for machine learning, as the region comprises of some dramatically growing countries, which are highly supported by the government investments initiated towards the development of artificial intelligence technology, and also, subsequently promoting the adoption of cloud based services. The region is projected to attain the fastest growth rate of 45.4% from 2019 – 2026. Rest of the regions like Europe, South America and Middle East & Africa are expected to grow moderately throughout the forecast period.
Major companies operating in the market are Microsoft Corporation, IBM Corporation, SAP SE, SAS Institute Inc., Google, Inc., Amazon Web Services Inc., Baidu, Inc., Hewlett Packard Enterprise Development LP, 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 market players strive to modernize their operational efficiency and focus on efficient supply of high quality products, to keep their proper market visibility and maintain profit margins.
Companies offering machine learning solutions are investing heavily in R&D. 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. Earlier, Intel and NVIDIA have released a machine learning chip ‘GPU.’
The availability of massive amount of data from different data sources is one of the key reasons, which has fueled the growth of machine learning technology. This huge increase in amount of data growing exponentially year-on-year has resulted due to the proliferation of sensors measuring great quantity of data at different parameters. Similarly, with the advancement of IoT, which enabled internet connectivity to adverse range of devices with embedded technology to communicate and interact with the external environment, the connected devices are increasing exponentially. These connected devices communicates and continuously generating mammoth amount of data every second.
The highlight of the report
Scope of the Global Machine Learning Market
Organization Size Segments
Industry Vertical Segments