Global Machine Learning Market Expected to Grow USD 20.83 Billion by 2024: Zion Market Research
July 12, 2018 --
According to the report, global machine learning market was valued at around USD 1.58 billion in 2017 and is expected to reach approximately USD 20.83 billion in 2024, growing at a CAGR of 44.06% between 2017 and 2024.
New York, NY, July 12, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Machine Learning Market by Service (Professional Services, and Managed Services), for BFSI, Healthcare and Life Science, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities, Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, global machine learning market was valued at around USD 1.58 billion in 2017 and is expected to reach approximately USD 20.83 billion in 2024, growing at a CAGR of 44.06% between 2017 and 2024.
Machine Learning is an application of artificial intelligence that enables software applications for being more precise in predicting results without being definitively programmed. Many of the artificial intelligence experts have projected their idea that by 2050 all the intellectual tasks performed by the humans can be accomplished by the artificial intelligence technology. Common application to machine learning technology are financial services, healthcare, government, marketing and sales, transportation, oil and gas, manufacturing, bioinformatics, computational anatomy, and more. Some of the open-source and proprietary software for machine learning are LIONsolver, NeuroSolutions, Oracle Data Mining, SAP Leonardo Machine Learning, SequenceL, CNTK, Deeplearning, Mallet, and more. The introduction of machine learning has transformed many industries which holds the benefits such as autonomous vehicles and interactive machines in production, smart manufacturing, quality control or test automation, predictive maintenance, optimized energy management for climate and energy change, and more. Major companies adopting machine learning for their business agility are Google, IBM, Baidu, Microsoft, Twitter, Qubit, Intel, Apple, Pindrop, and more. Machine learning helps finance industry in customer and client satisfaction, reacting to market trends, and calculating risk; for the healthcare industry in personalized health monitoring; for the retail industry in online recommendations, and tracking price change. There are several real-time examples used by the Facebook, PayPal, Netflix, Uber, Lyst, and many more to provide advanced featured apps.
Browse through 29 Tables & 32 Figures spread over 110 Pages and in-depth TOC on "Global Machine Learning Market Size, Share 2017: By Industry Verticals, Growth, Services Analysis and Forecast to 2024”.
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Some of the major factors which are driving the market growth are technological advancements and proliferation in data generation. Machine learning has increased the scope for businesses and helps them in smart work. However, sensitive data security and ethical implications of the algorithms deployed is hindering the market expansion. Additionally, increasing demand for intelligent business processes and increasing adoption in modern applications are broadcasting good market opportunities for players in the forecast years. Lack of skilled employees is one of the major restraining factors.
Machine learning market is segmented based on service, verticals, and region. On the basis of the service, the market is bifurcated into professional services and managed services. Furthermore on basis of verticals market is categorized into BFSI, healthcare and life science, retail, telecommunication, government and defense, manufacturing, energy and utilities, and others. In respect of geographic region, North America is expected to dominate the market in forecast period due to the developed economies and their major focus on innovative technologies obtained from R&D sector.
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Geographically, machine learning market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is predicted to govern the market in forecast period because of developed countries and their major focus on innovative technologies obtained from R&D sector. Asia-Pacific region is predicted to grow at the highest CAGR in forecast period due to increasing awareness regarding business productivity. In Asia region vendors are offering competent machine learning proficiency due to which it is the highest potential region for the market.
Machine learning has achieved high market rate in North American trailed by Europe and will maintain the same in forecast years. Because of the presence of prominent players and a higher rate of machine learning adoption in different sectors machine learning has achieved market value in North America in a very less time. This new promising trend has driven the market growth in Europe. Asia Pacific region has the heavy impact of rising industrial rate with growing awareness of machine learning among different verticals. Asia Pacific region is estimated to have the prevalent potential for market growth in forecast period because of growing awareness for business productivity. The Middle East is expected to acquire 2% of the total global market of machine learning in the forecast period. Egypt, Saudi Arabia, Bahrain, Kuwait, Oman, and Qatar are the major regions in the Middle East having a high impact of machine learning technology in their business sector.
Browse the full "Machine Learning Market by Service (Professional Services, and Managed Services), for BFSI, Healthcare, and Life Science, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities, Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024" report at https://www.zionmarketresearch.com/report/machine-learning-market
Microsoft Corporation, International Business Machines Corporation, Sas Institute Inc., SAP SE, Bigml Inc., Google Inc., Intel Corporation, Fair Isaac Corporation, Baidu Inc., Amazon Web Services Inc., Hewlett Packard Enterprise Development Lp, H2o.ai are some of the major players of the machine learning market.
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The report segments the global machine learning market as follows:
Global Machine Learning Market: Services segment Analysis
- Professional Services
- Managed Services
Global Machine Learning Market: Vertical Segment Analysis
- Healthcare and Life Science
- Government and Defense
- Energy and Utilities
Global Machine Learning Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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