Artificial Intelligence or AI is an extensive concept, and machine learning is an integral part of it. The notion of “machine learning” came from computation learning. Nevertheless, pattern recognition also contributes to machine learning. It is all about the development and understanding of algorithms. Machine learning also helps in data forecasting.
The worldwide market size of machine learning was estimated at USD 6.9 Billion in the year 2018. Moreover, it is expected to reach 43.8% of CAGR (Compound Annual Growth Rate) from 2019 to 2025.
Machine Learning: The Current Market Scenario
- Nowadays, almost every tech-savvy person is familiar with the term “artificial intelligence” (AI). AI along with other advanced technologies is transforming the work structure of humans as well as industries. All these technologies contribute to introducing different kinds of digital services and products, optimizing supply chains, and revolutionizing customer experience as a whole.
- A long list of tech companies is spending resources to improve and advance the platforms of artificial intelligence. On the other hand, multiple startups have started offering niche domain solutions. The fast growth of AI techniques, including machine learning is acquiring significant attention and curiosity in the current market.
Contributions of Machine Learning in the Current Market
- Machine learning comes with a long list of applications, such as OCR (Optical Character Recognition), email filtering, computer vision, network intruder detection, etc.
- Machine learning has further helped to develop several applications. When it comes to advertising, machine learning helps to anticipate customer behavior. It provides significant help in boosting advertising campaigns.
- Machine learning helps in publishing, document management, and security. In short, AI-driven technology is helping to advance the market and making many sectors smart.
- Optimizing, automating, and augmenting data into meaningful actions is the main goal of the models developed by AI-driven marketing.
- Machine learning has currently started contributing to new fields. For example, the U.S. Army is thinking about using machine learning for predictive maintenance of vehicles. The technology helps to figure out servicing and repair needed in army vehicles.
Machine learning helps to find out details as much as possible in this regard such as the place and time of the needed repairing work. For example, the stock market nowadays makes use of machine learning when it comes to predicting the market with about a 60% accuracy level.
Machine Learning: Component-wise Segmentation
- In terms of components, the global machine learning market is segmented into software, services, and hardware. However, the software field is anticipated to contribute to the highest CAGR throughout the forecast period. The credit goes to hardware-optimized machine learning.
- Customized silicon chips with artificial intelligence and machine learning power are advancing the market of hardware. Moreover, introduction to more powerful processing equipment is predicted to fuel the market in the upcoming days.
On the other hand, the software field is anticipated to contribute to a moderate share in the global machine learning market. Nowadays, improved hosting parameters and advanced cloud infrastructure have contributed to the growth of cloud-based software. Such software encourages users to start adopting deep learning.