US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Machine Learning MarketThe global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work. These technologies have optimized supply chains, launched various digital products and services, and transformed overall customer experience. Various tech firms are investing in this filed to develop AI platforms, while various startups are focusing on niche domain solutions. With this rapid development, AI techniques such as machine learning are gaining significant traction in the market. Machine learning is a subset of artificial intelligence. The concept has evolved from computational learning and pattern recognition in artificial intelligence. It explores the construction and study of algorithms and carries out forecasts on data. The applications of machine learning include e-mail filtering, Optical Character Recognition (OCR), detection of network intruders, computer vision, and learning to rank. The technology has paved the way across various applications. In advertising, this technology is used to predict the behavior of a customer and helps in improving advertising campaigns. AI-driven marketing uses various models to optimize, automate, and augment the data into actions. In the case of banking and finance, loan approval, assets management, and other processes are carried out using machine learning. Other applications, such as security, document management, and publishing, are also using this technology, thereby driving the market. Recently, machine learning has made its way into new aspects. For instance, the U.S. Army is planning to use this technology in combat vehicles for predictive maintenance. It will help in determining repair and service required in these vehicles with details such as when and where the repair is required. The stock market is also making use of this technology in market prediction with an accuracy level of approximately 60%.
Component Insights of Machine Learning MarketBased on component, the market is divided into hardware, software, and services. The hardware segment is expected to register the highest CAGR over the forecast period. This can be attributed to growing adoption of hardware optimized for machine learning. Development of customized silicon chips with AI and ML capabilities is driving the adoption of hardware. Development of more powerful processing devices by companies such as SambaNova Systems are anticipated to further drive the market. The software segment is expected to account for a moderate share in the market. The adoption of cloud-based software is anticipated to rise due to enhanced cloud infrastructure and hosting parameters. Cloud-based software allows users to move from machine to deep learning, thereby driving adoption. Demand for machine learning services has been on a rise in recent years. Managed services help customers manage their ML tools and deal with varied dependency stacks.
Enterprise Size InsightsBased on enterprise size, the machine learning market is categorized into Small and Medium Enterprises (SMEs) and large enterprises. The large enterprise segment accounted for the leading share in the market in 2018. This is due to increasing adoption of technologies such as artificial intelligence and data science to inject predictive insights into business operations. Large organizations are focusing on harnessing deep learning, machine learning, and optimization of decisions in order to deliver high business value. The adoption of machine learning is rapidly increasing among small and medium-sized enterprises. This is owing to easy and cost-effective deployment offered by machine learning. Availability of deployment options such as on cloud, on-premise, or hybrid allows SMEs to easily scale up their growing pilot projects and artificial intelligence initiatives, eliminating the need for large up-front investments.
End-use InsightsBased on end use, the market is categorized into BFSI, healthcare, retail, law, advertising and media, agriculture, manufacturing, automotive and transportation, and others. While advertising and media held the leading share in 2018, the healthcare sector is expected to surpass this segment to account for the largest share by the end of the forecast period. This is due to rising adoption of this technology in emerging healthcare areas. For instance, this technology is being used to predict the probability of death of a person. Use of machine learning for quantitative insights for better diagnosis and using it to prevent diseases is moving the field of medicine from reactive to proactive and this is poised to drive the market. The law segment is expected to register the highest CAGR over the forecast period. This is due to rising adoption of machine learning algorithms across various legal applications. In case of litigation, ML is used for continuous active learning for the process of document review. Due diligence analysis in the merger and acquisition process is done using ML. Privacy, information governance, expert systems, and client collaboration are some of the emerging legal areas that are adopting machine learning.
Regional Insights of Machine Learning MarketThe market in North America held the dominant share in 2018, thanks to numerous banking organizations in the region investing in ML-based firms. For instance, in November 2019, JPMorgan Chase & Co. announced its investment in Limeglass, a provider of AI, ML, and NLP to analyze institutional research. The latter company is expected to assist emerging technology companies in developing various products required for banking. Asia Pacific is anticipated to register the highest CAGR over the forecast period. This is due to growing adoption of machine learning in emerging markets with a massive talent base, such as India. Greater access to consumers who are willing to try AI-enabled services and products is further driving the regional market. In May 2018, NITI Aayog, a policy think tank of the Government of India, collaborated with Google LLC, a multinational technology company. Through this collaboration, the former company will incubate and train start-ups based on AI in India.
Market Share Insights of Machine Learning MarketKey industry participants include Amazon Web Services, Inc.; Baidu Inc.; Google Inc.; H2O.ai; Intel Corporation; International Business Machines Corporation; Hewlett Packard Enterprise Development LP; Microsoft Corporation; SAS Institute Inc.; and SAP SE. Several vendors are entering into partnerships with end-use industries to enhance their reach. For instance, Microsoft Corporation partnered with LV Prasad Eye Institute in Hyderabad. This partnership is aimed at enabling machine learning to bring data-driven eye care services in India. Vendors are also focusing on launching new products in the market. For instance, International Business Machines Corporations machine learning technology advances the early detection of diabetic eye disease using deep learning.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Machine Learning Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global machine learning market report based on component, enterprise size, end use, and region:
Component Outlook (Revenue, USD Million, 2019 - 2030)
Enterprise Size Outlook (Revenue, USD Million, 2019 - 2030)
- Large Enterprises
End-use Outlook (Revenue, USD Million, 2019 - 2030)
- Advertising & Media
- Automotive & Transportation
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.2 Market Definition 1.3 Information Procurement 1.4 Information Analysis 1.5 Market formulation & data visualization 1.5.1 Secondary sources & third-party perspectives 1.5.2 Primary research 1.6 Research Scope & AssumptionsChapter 2 Executive Summary 2.1 Market Outlook Chapter 3 Machine Learning Market Variables, Trends & Scope | read more...