Machine Learning Market Worth USD 106.52 Billion at a 38.76% CAGR by 2030 - Report by Market Research Future (MRFR)

Increasing Adoption of Cloud-based Platforms to boost ML industry

New York, US, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to the research reports by MRFR, “Machine Learning Market Research Report: by Organization Size, Component, Vertical, and Region- Forecast to 2030”, the global market is predicted to bolter significantly during the assessment timeframe from 2020 to 2030 at a healthy growth rate of approximately 38.76% to attain an estimated USD 106.52 Billion by the end of 2030.

Machine Learning Market Overview:

Machine learning is an automated data analysis technique that automates analytical model building. Machine learning-powered solutions are being considerably implemented by companies across the globe to improve customer experience, to gain a competitive edge in business operations and ROI. With the growing technological advancements, machine learning applications across several industry verticals are expected to increase rapidly. The global machine learning market for machine learning has recorded massive expansion in the last few years.

ML Market Competitive Analysis

The directory of prominent participants across the global market for machine learning includes participants such as:

  • Cisco Systems, Inc (United States)
  • Google (United States)
  • IBM Corporation (United States)
  • (United States)
  • Baidu Inc (China)
  • Intel Corporation (United States)
  • Wipro Limited (United States)
  • Facebook Inc (United States)
  • Nuance Communications (United States)
  • Microsoft Corporation (United States)
  • Apple Inc (United States)

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The primary parameter supporting the market's growth is the technological developments and proliferation in data production. Furthermore, the increasing implementation of technology and automation supports the market's growth. Moreover, the rapid implementation of cloud-based platforms with their primary advantages focuses on the growing market development.

Machine Learning Market USP Covered

ML Market Drivers

The global machine learning market has increased in the last few years owing to the increasing use of technology, the growing number of technology industries, and the increased use of machines.

ML Market Restraints

On the other hand, the lack of skilled and experienced employees may restrict the market's growth.

ML Market Report Scope:

Report MetricsDetails
  Market Size by 2030USD 92.36 Billion
  CAGR during 2022-203032.56%
 Key Market OpportunitiesThe 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 DriversAn 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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Machine Learning Market Segment Analysis

Among all the components, the hardware segment is predicted to secure the top spot across the global market for machine learning over the assessment era. The rising implementation of hardware optimized for machine learning is the central aspect causing an upsurge in the segment's growth. Furthermore, aspects such as the development of more powerful processing devices and the development of customized silicon chips with AI and ML capabilities are also predicted to boost the segment's growth over the future years. On the contrary, the software segment is predicted to experience the maximum growth rate over the coming years owing to the aspects such as the adoption of cloud-based software and enhanced cloud infrastructure.

Among all the enterprise sizes, the large enterprise segment will likely secure the top spot across the global market for machine learning over the assessment timeframe. The main factor supporting the segment's growth is the growing implementation of technologies such as data science and artificial intelligence to fuel predictive insights into business operations. Large organizations are concentrating more and more on harnessing machine learning, deep learning, and optimizing decisions to offer high business value.  On the other hand, the small & medium-sized enterprise segment is anticipated to register the highest growth rate over the coming years, given the rapid adoption of machine learning. Furthermore, factors include the availability of deployment options, the easy and cost-effective deployment, and expanding initial projects and artificial intelligence initiatives.

Among all the end use sectors, the healthcare sector is expected to ensure the top spot across the global market for machine learning over the review era. The segment's growth is accredited to the aspects such as the emerging adoption of this technology in developing healthcare areas, and quantitative insights for better diagnosis are likely to boost the segment's growth. On the contrary, the law segment is predicted to witness the highest growth rate over the forecast period, credited to the aspects such as the growing adoption of machine learning algorithms across various legal applications and diligence analysis in the merger and acquisition process.

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COVID-19 Impact

The world has been through many unexpected changes, given the arrival of the global health crisis, whichsignificantly impactedn the majority of the industrial areas. Unlike all the other market areas, the global market for machine learning witnessed substantially positive growth during the pandemic. With the rapid technological developments across the globe, the global market for machine learning is predicted to overgrow over the assessment timeframe.

Machine Learning Market Regional Analysis

The global market for machine learning is analyzed across five major regions: the Middle East and Africa, Asia-Pacific, Europe, Latin America, and North America.

According to research reports by MRFR, the North American region is predicted to ensure the top position across the global market for machine learning during the assessment timeframe. The primary parameter supporting the regional market's growth is the participation of more developed nations coupled with their new ideas and advanced technologies in the R&D sector. Furthermore, the presence of various banking organizations across the region is another crucial parameter likely to support the regional market's growth over the coming years. several influential organizations are investing heavily in machine learning-based operations across all the activities. The region is dominating the global market for machine learning because of the presence of several prominent market leaders, such as JPMorgan Chase & Co. The region has the US as the leading growth contributor, given the early adoption of advanced technologies.

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The machine learning market for the Asia-Pacific region is anticipated to show the maximum growth rate over the coming years. the primary parameter supporting the growth of the regional market is the growing awareness among the Asia-Pacific industries related to business productivity. The regional market for machine learning provides experienced machine learning proficiency and caters as the most prospective region worldwide. The region has witnessed massive growth in the adoption of machine learning technology across developing nations with a huge talent base, like India, which is predicted to influence the growth of the regional market over the review era. More access to consumers wanting to try AI-enabled products and services is also considered to boost the regional market's growth over the future years. Additionally, the growing partnerships and collaborations among leading market entities across the region will influence the market's growth over the assessment era.

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