Westford USA, Aug. 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Machine Learning Market will reach a value of USD 505.42 Billion by 2031, with a CAGR of 34.20% during the forecast period (2024-2031). Machine learning has seen unparalleled growth and modernization in the recent past, changing several domains and influencing the way individuals work and live. The current scenario presents a growing penetration of the said technology along with advances to suit more applications. Hence, the growing use of machine learning in several industries, mainly in healthcare is remarkably impacting the market growth.
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Browse in-depth TOC on the "Machine Learning Market"
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Tables – 122
Figures – 77
Machine Learning Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 48.04 Billion |
| Estimated Value by 2031 | USD 505.42 Billion |
| Growth Rate | Poised to grow at a CAGR of 34.20% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment, Enterprise Size, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Digitalization and Heavy Investments in IT Technologies |
| Key Market Drivers | Mounting Applications in Healthcare Industry |
Heavy Demand for Customized Services by Organizations to Propel Services Segment
By component, the services segment held maximum share of the machine learning market in 2022 with a remarkable revenue share owing to growing demand for customized services and tailored solutions by enterprises. Service providers deliver quality designed solutions by adopting personalization. Moreover, service providers also assist with expert teams who help clients with training and knowledge. These factors are expected to propel the segment growth in future. The solutions segment is expected to grow at a faster pace owing to enhanced cloud infrastructure and hosting properties. The adoption of ML is also expected to rise further since it allows users to change from ML to deep learning. In the past years, machine learning has witnessed intensified demand since customers are increasingly managing their ML tools with several dependency stacks using managed services.
Mounting Use of Machine Learning Services & Platforms to Drive Large Enterprises Domain
By enterprise size, the large enterprises segment registered a considerable share of the market and will lead over the forecast period as well owing to expanded use of could-based ML services and platforms. Large businesses are progressively using these services due to their better scalable and economic infrastructure that streamlines the ML’s training and use. Conversely, SMEs are anticipated to be the fastest-growing segment due to their increasing adoption by small and medium enterprises. With the limited resources of these enterprises, they need extra skills to study huge data. Machine learning technologies automate data analysis processes that allow small and medium enterprises to obtain better insights from their data without needing human intervention.
Growing Technological Developments to Fuel the Market in North America
Geographically, North America led the machine learning market in 2022 owing to the growing impact of ML on society. In recent years, the region witnessed a major focus on ethical and responsible AI practices. Enterprises are prioritizing transparency, fairness, and accountability in ML algorithms and models. Moreover, favorable regulations and industry standards are also actively focused and introduced to rule the region’s use of ML.
Asia-Pacific is expected to be the fastest growing region since the developing economies are increasingly using artificial intelligence to drive productivity, address societal problems, and promote economic growth. The growth of machine learning is also being impacted due to efforts by governments, R&D investments, and strong technological networks.
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Machine Learning Market Insight
Drivers:
- Technological Advancements, Making ML more Accessible & Stronger
- Growing Big Data, Aiding Improvements in Machine Learning
- Emergence of Artificial Intelligence Applications
Restraints:
- Lack of Skilled Workforce
- Poor Data Quantity and Quality
- Significant Implementation Cost
Prominent Players in Machine Learning Market
The following are the Top Machine Learning Companies:
- IBM
- Amazon Web Services (AWS)
- Microsoft Corporation
- Google LLC
- SAS Institute Inc.
- Intel Corporation
- Alphabet Inc.
- General Electric
- SAP SE
- H2O.ai
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Key Questions Answered in Global Machine Learning Market Report
- What are the leading drivers of the Machine Learning Market?
- Which segment held the maximum share of the Machine Learning Market?
- Which strategies are adopted by the key players profiled in the Machine Learning Market?
This report provides the following insights:
Analysis of key drivers (growing use in multiple domains, increasing funding and investments for improvements, growing demand for skilled workforce), restraints (issues concerned with data privacy, lack of transparency restricting applications in regulated industries, compatibility issues with existing systems), opportunities (growing automation in different industries, advances in natural language processing, optimizations in supply chain), and challenges (costly infrastructure, regulatory and ethical concerns, data security issues) influencing the growth of machine learning market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the machine learning market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the machine learning market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Artificial Intelligence (AI) Market
Artificial Intelligence (AI) in Computer Vision Market
Natural Language Processing (NLP) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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