The increasing demand for machine learning in various industrial sectors to enhance customer experience and gain a competitive edge in the market is majorly driving the global machine learning market towards rapid expansion. The blistering pace of adoption of artificial intelligence in multiple sectors such as automotive, healthcare, BSFI, government, and others have led to the rise in demand for machine learning services in the global market. The development in the application of machine learning in the manufacturing industry is creating large opportunity for the machine learning service providers, resulting in the growth of the global machine learning market.
The inclination towards adoption of advanced analytics technology and widespread application of machine learning services in various industrial verticals is impacting positively on the expansion of the global machine learning market. The rapid development in the field of artificial intelligence and constant upgrades in cloud solutions is creating traction for machine learning services in the global market. The exponential rise in the application of machine learning in various industrial sectors is projected to fuel the expansion of the global machine learning market in the coming years.
However, the security threats due to increased system hacking activities, lack of skilled labor and less penetration of advanced technology in the underdeveloped regions are hindering the growth of the global machine learning market.
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Market Players & Competitive Analysis:
The global market for machine learning is highly competitive due to the increasing number of players that are introducing innovative technologies in this sector. The increased research and development expenditure by the prominent players for new product launch is aiding them in the expansion of their businesses.
On 19th July 2018, a study led by University of Plymouth (UK) has asserted that a new machine learning model that scans routinely collected National Health Service (NHS) data has projected promising indications of being able to predict undiagnosed dementia in primary care. This study has proved to be a pioneer in the advanced diagnosis of dementia with the help of machine learning.
Some of the leading players in the global machine learning market are Google Inc. (U.S.), Facebook (U.S), IBM Watson (U.S.), Baidu (China), Apple (U.S), Microsoft (U.S.), Cisco (U.S.), Wipro (India), and Nuance Communications (U.S.), Amazon (U.S), Intel (U.S.).
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%.
The global machine learning market has been segmented on the basis of component, service, organization size and application. Based on component, the machine learning market is segmented into software tools, cloud and web-based APIs, and others. Based on service, the machine learning market is segmented into professional services and managed services. Based on organization, the machine learning market is segmented into small and medium enterprises (SMEs) and large enterprises. Based on application, the machine learning market is segmented into BSFI, healthcare, government, automotive, education, media and entertainment, defense, telecom, retail and e-commerce, and others.
Detailed Regional Analysis:
Geographically, the global machine learning market is segmented into four major regions such as North America, Europe, Asia Pacific (APAC) and the rest of the world (RoW). Among these, the Europe region is anticipated to dominate the global machine learning market during the forecast period owing to the increased focus of startup companies on commercialization and innovation of artificial intelligence technology. The rapid technological development and increasing adoption of machine learning services in various industrial sectors are fueling the expansion of machine learning market in the North America region. The machine learning market in the Asia Pacific region is considered to be lucrative owing to the increasing investment for technological advancement and inclination towards the application of artificial intelligence technology in various industrial sectors in this region.
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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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