The global machine learning market size is expected to reach USD 96.7 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 43.8% from 2019 to 2025.
Production of massive amounts of data has increased the adoption of technologies that can provide a smart analysis of that data. Technologies such as Machine Learning (ML) are being rapidly adopted across various applications in order to automatically detect meaningful patterns within a data set. Software-based on ML algorithms, such as search engines, anti-spam software, and fraud detection software, are being increasingly used, thereby contributing to market growth.
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The rapid emergence of ML technology has increased its adoption across various application areas. It provides cloud computing optimization along with intelligent voice assistance. In healthcare, it is used for the diagnosis of individuals. In case of businesses, the use of ML models that are open source and have a standards-based structure has increased in recent years. These models can be easily deployed in various business programs and can help companies bridge the skills gap between IT programmers and information scientists.
Further key findings from the report suggest:
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The emergence of connected AI is expected to enable ML algorithms to learn continuously based on newly available information. Such developments are anticipated to drive the market in the coming years
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The advertising and media sector accounted for the largest share in 2018 owing to capabilities such as buyer’s optimization, data processing, and analysis provided by the technology
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H2O.ai announced a partnership with IBM Corporation, a multinational IT company, in June 2018. Through this partnership, H2O.ai will offer its GPU-powered machine learning, next-generation AI platform, and best-of-breed deep learning on IBM’s Power Systems platform
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Key players in the machine learning market include Amazon Web Services, Inc.; Baidu Inc.; Google Inc.; H2O.ai; Hewlett Packard Enterprise Development LP; Intel Corporation; International Business Machines Corporation; Microsoft Corporation; SAS Institute Inc.; and SAP SE.
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Developments such as fine-tuned personalization, hyper-targeting, searching engine optimization, no-code environment, self-learning bots, and others are projected to change the machine learning landscape. The development of capsule network has replaced neural networks in order to provide more accuracy in pattern detection, with fewer errors. These advanced developments are anticipated to proliferate market growth in the foreseeable future.
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Grand View Research has segmented the global machine learning market based on component, enterprise size, end use, and region:
Machine Learning Component Outlook (Revenue, USD Million, 2014 – 2025)
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Hardware
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Software
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Service
Machine Learning Enterprise Size Outlook (Revenue, USD Million, 2014 – 2025)
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SMEs
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Large Enterprises
Machine Learning End-use Outlook (Revenue, USD Million, 2014 – 2025)
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Healthcare
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BFSI
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Law
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Retail
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Advertising & Media
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Automotive & Transportation
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Agriculture
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Manufacturing
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Others
Machine Learning Regional Outlook (Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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U.K.
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France
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Asia Pacific
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China
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Japan
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India
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South America
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Brazil
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Middle East and Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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