Machine Learning Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Machine Learning Market by region.
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The global machine learning market size was US$ 11.1 billion in 2021. The global machine learning market is forecast to grow to US$ 121 billion by 2030 by registering a compound annual growth rate (CAGR) of 31% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Artificial intelligence and other emerging technologies are changing the way industries and people work. These technologies have helped to optimize supply chains, launch new digital products and services, and transform the overall customer experience. Several tech companies are investing in this field to develop AI platforms, while several start-ups are focusing on niche domain solutions. All of these factors will significantly contribute to the growth of the global machine learning market.
Technology has paved the way for numerous applications across several industries. This technology is used in advertising, mainly to predict customer behaviour and aid in the improvement of advertising campaigns. AI-powered marketing employs a variety of models to optimize, automate, and augment data into actions. Thus, it will significantly drive the growth of the global machine learning market. Further, the technology is used in an advertising agency, mainly for security, document management, and publishing, which will contribute to the growth of the global machine learning market during the study period.
Machine learning has recently expanded into new areas. For example, the United States Army intends to use this technology in combat vehicles for predictive maintenance. Thus, such advancements will benefit the market. Apart from that, organizations around the world use machine learning to enable better client experience, which will be opportunistic for the industry players. However, insufficient knowledge related to technology may limit the growth of the market.
COVID-19 Impact Analysis
Machine learning and AI have significantly helped fight the COVID-19 pandemic, which escalated the growth of the overall market. Patients hospitalized with coronavirus disease (COVID-19) are at high risk; however, Machine learning (ML) algorithms were used in predicting mortality in COVID-19 hospitalized patients. Several studies found that machine learning can efficiently help tackle the COVID-19 pandemic by collecting data related to virus spread. Thus, such benefits of the technology have shaped its growth during the COVID-19 pandemic.
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Regional Analysis
North America is forecast to hold the highest share in the machine learning market due to the rising penetration of advanced technology across all industrial verticals. Furthermore, rising investments in this sector will also contribute to the growth of the market. For instance, JPMorgan Chase & Co. invested in Limeglass, an AI, ML, and NLP provider in 2019 with the aim to analyse institutional research.
The Asia-Pacific machine learning market is forecast to record a substantial growth rate due to the growing expansion of the e-commerce, and online streaming industry. Additionally, the rising adoption of industrial robots, particularly in China, Japan, and South Korea, will also contribute to the growth of the machine learning market.
Competitors in the Market
• IBM Corporation
• SAP SE
• Microsoft Corporation
• Huawei Technologies
• HCL Technologies
• Accenture Plc
• Schneider Electric
• Honeywell International
• Rockwell Automation
• Schlumberger Limited
• Other Prominent Players
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Market Segmentation
The global machine learning market segmentation focuses on Application, Solution Type, and Region.
By Application:
• Advertising & media
• BFSI
• Government
• Healthcare
• Retail
• Telecom
• Utilities
• Manufacturing
By Solution Type:
• Software
• Hardware
• Services
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By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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