Machine Learning Market, By Components (Software Tools, Cloud and web-based APIs), By Service, (Professional services, Managed services), By Application (BFSI, Healthcare, Government, Automotive), By Organization Size (Small and Medium Enterprises (SMEs), Large enterprises) – Global Forecast 2022
Machine learning is an integral part of computer science. It was originally derived from the study of pattern recognition & computational learning theory in artificial intelligence. In laymen terms, it is a segment of computer science that can provide a computer the ability to learn without the need for automated programs. Lately, the demand for this technology has risen owing to which the global machine learning market is gaining traction.
The main emphasis of this technology is on the development of computer programs that can access data and make appropriate use of it to self-learn. In such computers, the learning phase starts with assessments or data like examples, experience or instructions. Patterns are identified in all of these activities and stored for future use. Now the computer is adept enough to make decisions in future if the need arises. The main aim here is to let the computers to learn automatically without the requirement for technical intervention or guidance.
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Market Players & Competitive Analysis:
Google Inc. (U.S.),
Facebook (U.S), ,
IBM Watson (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 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.
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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