New York, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global machine learning market size is projected to expand at 37% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 750 billion by the end of 2035, up from a revenue of USD 24 billion in the year 2022. Rising investment influx in artificial intelligence is expected to drive the market growth of machine learning. Companies will need to make considerable initial investments in physical, digital, and human capital to buy and integrate new technologies and alter business processes for large-scale transformation to occur. The investment might total over USD 200 billion globally by 2025, and will most likely occur before adoption and efficiency gains drive significant productivity gains. Moreover, in the coming time, AI-related investment could exceed 2.5 to 4% of GDP in the United States and 1.5 to 2.5% of GDP in other significant AI leaders.
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Machine Learning Market: Key Takeaways
- The market in North America region to propel the highest growth
- The Cloud segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Rising Adoption of Automated Technology and Robotics is to Boost the Growth of Machine Learning Market
The most recent number of industrial robots in the globe is expected to be over three million, according to data from a 2021 "World Robotics" report. This figure represents a 10% rise over the prior year. According to the International Federation of Robotics, the employment of industrial robots in enterprises around the world is rapidly increasing. The new global average of robot density in the industrial industries is 126 robots per 10,000 employees, which is roughly double the amount from five years ago. By applying what they learn, robots may spot patterns that help them understand their environment and do particular duties more efficiently. Robots can learn autonomously by employing machine learning algorithms, eliminating the need for specific programming for each task.
Machine Learning Industry: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Network of IoT-Connected Devices to Boost the Market Growth in the North America Region
The machine learning market in the North America region is anticipated to show the largest growth during the forecasted period. Every year, a greater variety of electronic gadgets become internet-enabled, permitting more complex interactions and collaboration between them and their users. Electronic items including laptops thermostats to autos are being linked to form a network known as the Internet of Things (IoT). The number of IoT devices is expected to exceed 17 billion in 2024, overtaking the number of people on the planet, and indicating how interwoven technology is growing. By assimilating pictures, video, and audio, machine learning for IoT can be used to forecast future developments, detect discrepancies, and augment intelligence.
Rising Adoption of Smartphones to Elevate Market Growth in Asia Pacific
By 2030, Asia Pacific will have over 3 billion smartphone connections. This corresponds to a smartphone adoption rate of 94 percent for the region, compared to 92 percent globally. Almost fifty percent of Asia Pacific's population has access to mobile internet. The region's mobile internet usage gap has shrunk dramatically, from 60% in 2017 to 47% in 2022, demonstrating increased device affordability and improved digital abilities. Smartphones are important in the Internet of Things because they can operate various IoT devices via an app on a smartphone. Individuals can use their smartphones to interact with their smart thermostats to establish the ideal temperature for them when they return home from work, and with other smart home devices as well.
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Machine Learning Segmentation by End User
- Healthcare
- Retail
- IT & Telecom
- BFSI
- Automotive & Transportation
- Advertising & Media
- Manufacturing
Based on end user, the BFSI segment in the machine learning market is expected to garner a significant revenue share by the end of 2035. The growth of the segment is majorly attributed to the rising use of online modes of payment. A total of 118 billion transactions were processed globally in 2021, representing a YoY increase of around 65%, with this figure expected to rise to 427 billion engagements by 2026. Moreover, two-thirds of adults globally currently send and receive digital payments, with developing economies increasing their participation from 35% in 2014 to 57% by 2021. Around 71% of people in developing countries have an account with a bank, a different banking organization, or an electronic money provider. Machine learning technology is utilized in a variety of financial applications, such as trading with algorithms, fraud detection, portfolio monitoring, and optimization. Machine learning can help financial institutions enhance their pricing, uncertainty, and client behavior decisions.
Machine Learning Segmentation by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Machine Learning Segmentation by Deployment
- On-Premise
- Cloud
Machine learning market from the cloud segment is expected to gain the highest revenue during the forecasted period. Cloud use isn't restricted to small and medium-sized businesses. Many large corporations understand the value of cloud computing as well. Indeed, over 87% of Fortune 500 organizations have implemented at least one public cloud platform. The Cloud's pay-per-use approach is ideal for businesses who want to use ML capabilities without incurring significant costs. It allows you to deal with machine learning functions without requiring strong data science knowledge.
A few of the well-known market leaders in the global machine learning market that are profiled by Research Nester are Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Oracle Corporation, Google LLC, SAP SE, SAS Institute Inc., Hewlett Packard Enterprise Development LP, FICO, and Intel Corporation
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Recent Developments in the Market
- February 2021, IBM Corporation, announced to collaboration with Palantir Technologies, Inc. to aid businesses in acquiring the open AI applications which are powerful as well. This partnership aimed at assisting firms wanting to get the most out of the value of massive volumes of data, such as those in retail, finance, manufacturing, healthcare, and telecommunications. The two firms are additionally offering the experience and data science skills required by enterprises to implement AI-infused solutions.
- May 2020, Microsoft Corporation announced to acquire of Affirmed Networks, a leading company specializing in mobile virtualization. With this acquisition, Microsoft aims to expand its engagement with the telecommunications industry by leveraging our safe and trustworthy cloud platform for operators. Further, the company will also provide new and creative solutions targeted to the specific needs of operators, such as cloud-based network workload management.
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