Machine learning is a subset of artificial intelligence that permits the computer with the ability to learn things on the go. The current level of Artificial Intelligence is achieved through years of research in Machine Learning, Deep Learning and other related fields. With a lot of hype and investments around, Deep Learning technology – a subdivision of Machine Learning is now successfully applied in our daily life from speech recognition apps in smartphones to YouTube recommendations. The machine learning is mainly used for the advancement of computer programs that can change when the new data is introduced to the picture. One of the major factor that contributes to the growth of the machine learning market is its ability to learn and solve the real life problems from the data captured by the computer across various applications
The machine learning algorithm are further divided into Supervised machine learning algorithms , unsupervised machine learning algorithms, Semi-supervised machine learning algorithms, Reinforcement machine learning algorithms. Supervised machine learning algorithm can apply what has been learned in the past to new data using labelled examples to predict future events. Unsupervised machine learning algorithms are used when the information used to train is neither classified nor labelled. Semi-supervised machine learning algorithms fall somewhere in between supervised and unsupervised learning, since they use both labelled and unlabelled data for training – typically a small amount of labelled data and a large amount of unlabelled data. Reinforcement machine learning algorithms is a learning method that interacts with its environment by producing actions and discovers errors or rewards.
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Market Players & Key Strategies
Google Inc. (U.S.),
IBM Watson (U.S.),
Nuance Communications(U.S.) ,
Amazon (U.S) , Intel (U.S.) and Baidu (China)
The global Machine Learning Market is poised for growth during the forecast period of 2018-2022. Last year i.e. in 2017, the evaluated value of the market was around USD 1.35 million. By the end of the forecast period the market is expected to earn USD 8.54 million. The market is anticipated to grow at a jaw-dropping CAGR of 43.9%.
June 4, 2018 DataRobot Puts the Power of Machine Learning in the Hands of Business Analysts: DataRobot, the Boston based Data Science Company provides machine learning technology to the business analyst who don’t have knowledge of machine learning or programming. Business analyst use automated machine learning to build and deploy accurate predictive models in a short span of time.
June 3, 2018 Amazon Alexa learns new trick: finding the right skill on its own: The feature combines a customer request with a machine-learning model to choose the right skill to use, without the consumer needing to know the name of the skill. When a customer taps their Amazon Echo smart speaker and speaks without using a skill by name, Alexa selects the best skill to call, based on the machine-learning model.
Segmentation by Component: Software tool, Cloud and web based API’s, others.
Segmentation by Service: professional service, managed service.
Segmentation by Organization Size: small and medium enterprise, large enterprise
Segmentation by Application: BFSI, healthcare, government, automotive, education, media and entertainment, defence, telecom, retail and e-commerce.
Segmentation by Region: North America, Europe, Asia Pacific, rest of the world
Fast progressions in computer programs across different industries is the factor driving the market of machine learning in North America. The U.S. and Canada are the major countries that contribute to the growth of the market in this region. The market is closely followed by Europe. London, being Europe’s start up centre, mixing capital, proximity to markets, and world-class research hub, the European region is expected to dominate the machine learning market by the forecast period owing to emerging start-ups which mainly focus on innovation and commercialization of machine intelligence technologies. IT companies and professionals in India and China are now focusing more on providing Deep Learning based solutions to their clients. Considering Data Scientists are one of the most wanted and highly paid professionals around the world, the current generation of Engineering students are much aware and interested in these jobs.
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- Cloud service providers
- Telecommunication Companies
- Investors and consultants
- Research/Consultancy firms
- Technology solution providers
- Safety & Security Providers
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