Machine Learning Market Research Report - Forecast to 2030

Machine Learning Market Research Report: by Component (Hardware, Software), Organization Size (Large Enterprise, Small and Medium-Sized Enterprises) Vertical (BFSI, Media and Entertainment, Automotive, Telecommunication, Retail and E-commerce, Education, Healthcare, Government and Defense, others) and Region (North America, Europe, Asia-Pacific, Rest of the World) - Forecast to 2030

ID: MRFR/ICT/1855-CR | February 2020 | Region: Global | 166 Pages         

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Machine Learning Market

Machine Learning Market share is expected to reach 106.52 Billion by 2030, with a CAGR of 38.76% during the forecast period 2020-2030.
Market Size
CAGR
Dominating Region
Forecast Period
$106.52 Billion
38.76%
North America
2020-2030
Segmentation
By Component
By Organization Size
By Vertical
  • Hardware
  • Software
  • Large Enterprise
  • Small and Medium-Sized Enterprises
  • BFSI
  • Media and Entertainment
  • Automotive
  • Telecommunication
  • Retail and E-commerce
  • Education
  • Healthcare
  • Government and Defense
  • others
Companies Profiled
Key Players
Google (US)
Microsoft Corporation. (US)
Amazon.com Inc. (US)
Cisco Systems Inc. (US)
IBM Corporation (US)
Apple Inc (US)
Intel Corporation (US)
Facebook Inc. (US)
Baidu Inc (China)
Nuance Communications (US)
Wipro Limited (India).
Market Driving Forces
Drivers
An increase in unstructured data has led to increasing demand for machine learning solutions
Cloud-based services
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Machine Learning Market Overview:


During the forecast period up to 2030, there is a positive assessment of expansion in CAGR at 38.76% in the Machine Learning Market. In the next coming years, there are higher chances of growth in the valuation of the market shares with an estimation of USD 106.52 Billion. The growing adoption of technology and automation aids to the machine learning market Growth. Increasing adoption of cloud-based platforms with their essential benefits aims to the rising growth in the market.


Moreover, AI inbuilt processors, networking systems, and integrated memory systems contribute to increasing demands for Market shares. Technological advancements increase the use of AI applications and machine learning and thus it is the main contributor to the development of machine learning market growth.


The algorithms, techniques, and frameworks of machine learning help the global market to solve complex issues too quickly. Moreover, the top most companies and industries planning to develop new ideas and techniques to make the workload easier. This leads to the development and growth of the machine learning manufacturing businesses. Apart from these growing key factors, some drawbacks lead to a decline in the market. However, to overcome these challenges, the market will get opportunities in the forecast periods.



  • On Oct. 29, 2022, Homebazaar.com (India), a technology-driven property discovery platform, announced that it is incorporating AI and machine learning technology into its system for smart buying, selling, and renting properties online. This move would enhance its efficient digital tool kit and simplify the property search process. AI and ML would enable the firm to further get an insight into its customers' mindsets and help them secure their dream homes more quickly & efficiently.


Covid 19 Analysis


Like other industries, the covid 19 situations have also affected the machine learning industry. Despite the severe conditions and the uncertain breakdown, some industries continue to grow during the pandemics. The Machine Learning Market was remained stable and had positive growths and opportunities at the time of covid 19. Compared to some other Industries the global market of machine learning faced a little impact.


There was stagnant growth in the global machine learning (ML) Market because of automation developments and technological advancements. The wide range of used machines and smartphones for remote works lead to a positive rise in the market. Several industries used machine learning systems in the new technologies and supported the market progress.



  • In June 2020, DeCapprio et al. published risk research for the COVID-19 pandemic, which was still in the early stages. In the report, DeCapprio et al. mentioned that it had used machine learning to build an initial vulnerability index for the Corona Virus. The lab further states that as more data and results from ongoing studies become available, it will be able to see more practical applications of ML in predicting infection risk.


Although many COVID-19-specific machine learning researches have been conducted and published, ML technology has proven invaluable in predicting risks in many spheres. Especially with medical risk, machine learning helps predict three types of risks – infection, severity, and outcome risk. DeCapprio et al. confirmed that they would continue their research to find how machine learning can be used in related areas and help with risk prediction for COVID-19.


Market Dynamics


Market dynamics are the important key factors that help industries to survive in the global machine learning market. It depicts all the factors that lead the market to drive growth, face challenges, restraints, overcoming opportunities, and other beneficial factors. Here is a detailed discussion about all of them one by one.



  • Drivers


Several contributors are predictable to drive the global growth of the machine learning market. The major key factors that drive the market is the increasing use of technology and automation during the forecast period.  Along with the major key driver, there are some others too. These are the need for Machine Learning in the fields of media and entertainment, Automobiles, It and telecommunications, Education, and other government and non-government sectors.


Moreover, the number of technology industries has developed in recent years. Technologies are now coming with inbuilt AI systems that also show growth in the machine learning market analysis.



  • On Oct. 28, 2022, Bharat Electronics (BEL) announced signing an agreement with Meslova to develop products & services in artificial intelligence and machine learning To develop air defense (AD) systems and platforms for the Armed Forces. Meslova develops domain-specific products & applications using AI for some of the largest governments and enterprises.


This MoU will enable the two companies to leverage their complementary strengths & capabilities to develop and deploy various products & services for AD systems and technologies for Armed Forces, embedding & integrating AI and ML. 



  • Opportunities


During the covid 19 situations, the industries and organizations were using remote work and work from home facilities in almost all the regions. It increased the use of machines, smartphones, and other technological devices. Schools, colleges, government, and non-government sectors are engaged in using the machines developed with AI systems.


Therefore, the demand for technology along with machine learning was high and will increase more in the future according to the machine learning market Forecast report. Organizations and other organizational sectors invested more in building A-based technologies to benefit the global market. These are the major machine learning market opportunities to focus on during the forecast period 2030.



  • Restraints


Despite the growth and rise in the global machine learning (ML) market, some restraints hamper the market growth rate throughout the world. Lack of skilled and experienced employees in the global market is the major restraining factor responsible for the drawbacks in the market growth. Moreover, network hardware issues, delicate data security, and ethical allegations in the algorithms act as hindrances in the machine learning market growth. However, the global market intends to overcome these restraints and grow efficiently.



  • Challenges


Several challenges appeared in the way of global growth in the Machine Learning Market. The increasing demand for technological advancements and automation techniques have increased the demand for machine learning systems. Moreover, the increasing demands for the wide acceptance of cloud-based platforms and services have a positive effect on global growth. However, the absence of more skilled employees and lack of funds proved incompetent to fulfill all the demands.  



  • Cumulative Growth Analysis


The machine learning systems and their wide range of acceptance throughout the world have resulted in positive market growth. In recent years the use of AI-based platforms was higher and it will increase more in the future according to the Machine Learning Market Forecast. The markets shares are presumed to reach 3.86 billion US Dollars with an increase in the compound annual growth rate of 42.08%. However, the CAGR can decrease or increase in the future as per the challenges and opportunities.  



  • Value Chain Analysis


With the increasing technological industries and organizations throughout the world, the demand for machine learning systems is high. According to the forecast, several factors uplift the market demand. Along with the factors accelerating the market growth, several other factors lead to a decline in the market too. However, there are high chances of growth in the future and the market is estimated to increase higher during the forecast period.  This increase will balance the losses the market suffered during the covid 19 pandemics.


Segment Overview


The Machine Learning Market is segmented into further categories that will be discussed below along with their sub-segments. These are mainly divided into 5 segments namely, services, components, verticals, end-users, and geographical regions.


By Services



  • Professional Services

  • Managerial Services


By Components



  • Hardware

  • Software


By Verticals



  • Government and Defense

  • Automotive

  • Media and Entertainment

  • BFSI

  • Telecommunication

  • Retail and E-Commerce

  • Education

  • Healthcare

  • Life Science


By End-users



  • Large Enterprises

  • Small Enterprises

  • Medium Enterprises


By Geographical Regions



  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • The Middle East and Africa

  • Rest of the World


On May 11, 2022, The Academy (the US Health Management Academy) and Nuance, a Microsoft Company, announced their partnership to launch the AI collaborative, bringing together leading health system executives and future-focused deployment of artificial intelligence and machine learning algorithms. Using AI and ML technologies in healthcare will help clinical decision-making, workforce support, planning, patient experience, and overall business strategy. 


The Academy and Nuance aim to create a novel initiative around market forces through AI and ML innovations. The AI collaboration of senior leaders from the US's Leading Health Systems (LHS) will be instrumental in deploying these technologies in clinical & operational settings and planning for future use cases.


Regional Analysis


According to the Region, the machine learning market covers geographical distributions such as North America, Latin America, Europe, the Middle East and Africa, and Asia-Pacific. Among all these regions, North America is presumed to be the most dominating region during the forecast period. This is because of the involvement of more developed countries along with their new ideas and advanced technologies in the R&D sector.


According to the forecast, there is an estimation of rising in the compound annual growth rate in the Asia Pacific regions. The only reason for this increasing CAGR estimation is the awareness among the Asia Pacific industries regarding business productivity. The Asian machine learning services are offering experienced machine learning proficiency and serves as the most potential region throughout the world.



  • On Oct. 26, 2022, AutoFill (Japan), a leading technology company, announced the development of a solution that combines vision technology and multisensory data fusion to improve vehicle inspection processes using AI and sensor fusion. Machine learning (ML) and AI are being introduced to assist with cumbersome vehicle inspection processes that are also time-consuming and costly.


To combat these criticalities, digital solutions utilizing AI and ML are increasingly being introduced into the automotive industry. AutoFill says its solution can be incorporated into operational processes to identify anomalies and increase the accuracy of inspections, ensuring further efficiencies and increased safety & cost savings.


Competitive Landscape


The machine learning market has shown rapid growth in all the regions globally. In recent years, several industries are entering the market and providing new technologies and techniques to offer better amenities globally. However, several machine learning market Key players are continuing well and contributing to the market growth in this sector throughout the world. Some of the chief key players serving the market with their innovative ideas and services are as follows:



  • Google (United States)

  • Amazon.com (United States)


  • Intel Corporation (United States)

  • Facebook Inc (United States)

  • Microsoft Corporation (United States)


  • IBM Corporation (United States)

  • Baidu Inc (China)

  • Wipro Limited (United States)

  • Nuance Communications (United States)


  • Apple Inc (United States)

  • Cisco Systems, Inc (United States)


Recent Developments



  • July 2019: IBM was announced the prime owner of active AI and machine learning patents globally.

  • February 2020: The topmost leading company in the technological firm's named Oracle Corporation launched the Oracle Data Science Platform. This platform supports business organizations with building and developing machine learning systems and models that enhance data science performances.

  • June 2020: Eurobank widens the use of FICO compliance solutions so that it can cover every stage of the customer's journey throughout different channels.

  • December 2020: HP Enterprises announced to offer its solutions as a service by the HPE Greenlake. It is the new cloud-based service of HP that helps the customers to amalgamate the power pay-per-use experience to the cloud users.


Report Overview


The report depicts all the essential factors that depict the growth and rise of a market. All the details in this report are taken from primary and secondary sources. Moreover, the report denotes several factors other than the growth factors in the machine learning market. For example, challenges, opportunities, covid 19 impacts, segmentation, geographical distribution, and others. All the details are necessary according to the Machine Learning Market Analysis for the forecast period up till 2024.


Report Details



  • Historic Period: 2018-2021

  • Base Year: 2021

  • Forecast Period: 2021-2030


Geographical Distributions



  • North America

  • Latin America

  • Europe

  • The Middle East and Africa

  • Asia pacific

  • Rest of the World



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 106.52 Billion by 2030
  CAGR   38.76% by 2020-2030
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Component, Vertical
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Google (US), Microsoft Corporation. (US), Amazon.com, Inc. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Apple Inc (US), Intel Corporation (US), Facebook, Inc. (US), Baidu Inc (China), Nuance Communications (US), and Wipro Limited (India).
  Key Market Opportunities   The large-scale adoption of big data in various sectors such as automotive, financial services, industrial, IT & telecommunications, energy, healthcare, consumer electronics, transportation & logistics, and research and development propel the market growth of machine learning software and solutions in North America.
  Key Market Drivers

  • An increase in unstructured data has led to increasing demand for machine learning solutions.
  • The need for machine learning is driven by the growing adoption of cloud-based services. This growth in the deployment of cloud-based services has positively impacted the global machine learning market.


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    Frequently Asked Questions (FAQ) :

    The global ML Market size is projected to reach USD 106.52 Billion by 2030, growing at a CAGR of 38.76% from 2022 to 2030.

    Google (US), Amazon.com, Inc. (US), Microsoft Corporation. (US), Nuance Communications (US), Cisco Systems, Inc. (US), Apple Inc (US), IBM Corporation (US), Intel Corporation (US), Baidu Inc (China), Facebook, Inc. (the US), and Wipro Limited (India).

    The regional analysis of the global machine learning market has been conducted in five major regions, namely, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

    The segmentation of the global machine learning market is done on the basis of component, organization size, and vertical.

    An increase in unstructured data has led to increasing demand for machine learning solutions. The need for machine learning is driven by the growing adoption of cloud-based services. This growth in the deployment of cloud-based services has positively impacted the global machine learning market.

    In the Artificial Intelligence (AI) is beginning to play a leading role as well as Automotive, Telecommunication, Healthcare, Education and in life science also mostly used machine learning.