USD 6.91 billion
Machine Learning Market Size, Share, Growth Analysis, By Vertical(BFSI, Healthcare and Life Sciences, Retail, Telecommunication), By Service(Professional Services and Managed Services), By Deployment Model(Cloud and On-premises), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2080 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
122
|Figures:
77
Machine Learning Market Insights
Global Machine Learning Market size was valued at USD 35.80 Billion in 2022 poised to grow from USD 48.04 Billion in 2023 to USD 505.42 Billion by 2031, growing at a CAGR of 34.20% in the forecast period (2024-2031).
The global machine learning market is expanding due to the increasing use of automation and technology. The market is expected to grow at an increasing rate as cloud-based platforms with their key advantages are adopted more widely. Additionally, networking systems, integrated memory systems, and CPUs with AI built in are contributing to rising market share demands. The primary driver of the development and expansion of the machine learning market is technological improvements, which also enhance the adoption of AI applications and machine learning. The global market benefits from machine learning frameworks, methodologies, and algorithms that enable it to tackle complicated problems too quickly. Additionally, the best businesses and sectors are preparing to create fresh concepts and methods to lighten the strain.
Through the use of algorithms and data, this data analytics technique allows computers to rapidly mimic human learning. A key factor contributing to the market's growth will be the growing usage of AI and ML technologies across a range of end-use industries, including manufacturing, healthcare, retail, and automotive. To lessen the effects of the COVID-19 pandemic, a number of nations also implemented social distancing guidelines and quarantine procedures in 2020. In order to assess the impacts of these regulations and policies, developers and researchers planned to employ machine learning (ML) methods.
US Machine Learning Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Solutions
Growth Rate
44.1% CAGR
Global Machine Learning Market ($ Bn)
Country Share by North America (%)
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Machine Learning Market Segmental Analysis
The global machine learning market is segmented based on Vertical, Service, Deployment Model, and region. In terms of Vertical, the market is grouped into BFSI, Healthcare and Life Sciences, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities and Other types. Based on the Mode of Service, the market is bifurcated into Professional Services and Managed Services. Based on the Deployment Model, the market is divided into Cloud and On-premises. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Vertical
As per categorization by vertical, the market is classified as BFSI, healthcare and life sciences, retail, telecommunication, government & defense, manufacturing, energy & utilities and other types. Among these, BFSI earned the largest share and continues to dominate the market. The BFSI vertical is at the forefront of the global machine learning market due to its advances in risk assessment, fraud detection, and personalized consumer experiences. BFSI is a dominating sector as advanced algorithms improve decision-making, optimise financial operations, and strengthen security. High data quantities and the urgent demand for advanced analytics are the main causes of its notoriety.
Owing to the quick advances in drug development, diagnostics, and personalised treatment, the healthcare and life sciences industries are the ones with the quickest growth rates in machine learning. This rise is being driven by the need for precision therapies and the volume of health data that is being collected; machine learning (ML) is providing revolutionary solutions to improve patient outcomes and operational efficiencies.
Analysis by Mode of Service
In the global machine learning market, professional services are leading the way in innovation by providing strategic advising, implementation support, and tailored AI solutions. Their ability to integrate machine learning (ML) technology across industries has allowed them to dominate the market. Their scalable and customized solutions promote operational efficiency and strategic decision-making for a wide range of corporate demands.
As managed services may offer scalable, affordable machine learning solutions along with ongoing support, they are the fastest-growing segment in the global machine learning market. Managed services provide knowledge, upkeep, and seamless integration to let businesses use AI without having to make large upfront investments, which accelerates acceptance and growth.
Global Machine Learning Market By Vertical (%)
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Machine Learning Market Regional Insights
North America is the leader in the global machine learning market due to its advanced technological infrastructure, large R&D expenditures, and concentration of cutting-edge startups and IT businesses. The region is well-served by a workforce proficient in AI and machine learning technology, substantial venture capital funding, and sophisticated data analytics capabilities. Further contributing to its supremacy is North America's early adoption of AI solutions across a range of industries, including retail, healthcare, and finance. North America is a key player in the machine learning scene due to government initiatives, a welcoming regulatory framework, and support for innovation and commercial expansion.
Asia Pacific is the region with the greatest rate of growth in the global machine learning market due to its rapidly industrializing economy, rising technological expenditures, and expanding population of tech-savvy individuals. With the help of government programs and significant investment for digital firms, nations like China, India, and Japan are making progress in AI research and development. The demand for machine learning solutions is driven by the region's widespread digital transformation in industries including manufacturing, finance, and healthcare. The market is developing even faster due to the increasing use of smart technology and Internet of Things applications. The region of Asia Pacific has a leading growth trajectory, largely due to its developing technological infrastructure and dynamic economic climate.
Global Machine Learning Market By Geography
- Largest
- Fastest
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Machine Learning Market Dynamics
Drivers
Increased Data Generation and Availability:
- The need for machine learning is fuelled by the explosion of data coming from a variety of sources, such as social media, IoT devices, and commercial activities. Large datasets must be processed, and insightful conclusions must be drawn from them, which requires advanced analytics and algorithms. As more businesses look to use data to gain a competitive edge, the market will rise.
Advancements in Computing Power:
- Complex machine learning tasks may now be completed more quickly and on a scale due to the quick development of processing technology like GPUs and TPUs. Machine learning is being used across sectors more quickly due to these technological developments that shorten the time and cost of model training and allow for more complex applications.
Restraints
Bias and Ethical Concerns:
- Biases in training data may be unintentionally reinforced or amplified by machine learning models, raising concerns about fairness and ethics. Development and acceptance of algorithms may become more difficult as a result of the considerable work needed to address these issues and guarantee that they are impartial, transparent, and morally sound.
Regulatory and Compliance Challenges:
- Regulatory frameworks change in tandem with the evolution of machine learning applications. Organisations may find it difficult to navigate complicated and frequently changing legislation, especially if they operate in several different jurisdictions. Adherence to these regulations can impede the advancement of machine learning systems and introduce additional complexity.
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Machine Learning Market Competitive Landscape
The global machine learning market is a highly competitive global market driven by a large number of international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Players in the Machine Learning Market
- Microsoft Corporation (US)
- IBM Corporation (US)
- SAP SE (Germany)
- SAS Institute Inc. (US)
- Google, Inc. (US)
- Amazon Web Services Inc. (US)
- Baidu, Inc. (China)
- BigML, Inc. (US)
- Fair Isaac Corporation (FICO) (US)
- Hewlett Packard Enterprise Development LP (HPE) (US)
- Intel Corporation (US)
- KNIME.com AG (Switzerland)
- RapidMiner, Inc. (US)
Machine Learning Market Recent Developments
- In August 2024, Google said that it has integrated improved neural network models for natural language processing into TensorFlow, its machine learning platform. By enhancing language comprehension and translation skills, the new features hope to increase the usability and efficiency of AI applications in a variety of sectors.
- In July 2024, With the release of WatsonX, a new machine learning tool intended for expedited data analysis and automated model training, IBM unveiled a significant advancement in its Watson AI suite. Businesses may now operate more efficiently due to this advancement, which simplifies difficult machine learning tasks and provides faster insights.
- In June 2024, The A100 Tensor Core GPUs, the newest iteration of NVIDIA's AI hardware, are designed to tackle machine learning and deep learning tasks. The A100 GPUs provide previously unheard-of performance and scalability, enabling extensive AI model training and propelling advancements across a range of industries, including autonomous cars and healthcare.
Machine Learning Key Market Trends
- Expanding Influence of Machine Learning Across Industries: The market for machine learning has seen notable trends and advancements that are indicative of how quickly this game-changing technology is developing. One noteworthy trend is the growing use of machine learning across various industries. Businesses are attempting to make decisions based on data-driven understanding. Machine learning tools are being added more often.
- Machine Learning's Growth in Finance and Healthcare is Transforming Market Dynamics: People will want to learn more about machine learning as it becomes more prevalent in critical domains like finance and healthcare. The expansion of machine learning is also altering the dynamics of markets. Easy-to-understand machine learning tools can be used by a larger number of people. This implies that people and small enterprises don't require a lot of technological expertise.
Machine Learning Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, growing data utilisation across sectors and technological improvements are driving the explosive expansion of the global machine learning market. Cloud-based platforms and advanced computing systems are becoming more commonplace, which opens up new markets and spurs innovation. Important industries that use machine learning to increase efficiency and decision-making include BFSI and healthcare.
Leaders in the region, such as those in North America and Asia Pacific, are leading this expansion and reaping the benefits of a dynamic economy and technology infrastructure. The market is on a strong trajectory and will continue to be shaped by strategic advances and ongoing breakthroughs, even in the face of obstacles like data privacy and regulatory difficulties.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 35.80 Billion |
| Market size value in 2031 | USD 505.42 Billion |
| Growth Rate | 34.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Machine Learning Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Machine Learning Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Machine Learning Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Machine Learning Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Machine Learning Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Machine Learning Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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