Machine Learning Market 2018 Global Industry Size, Share, Trends, Growth Factors, and Regional Outlook To 2024
(firmenpresse) - Market Highlights
The need for machine learning is due to the growing adoption of cloud-based services, and the rise in unstructured data contributes to the rising need for machine learning solutions. With the growing penetration of big data analytics, the technology has gained traction in the data driven industries. The business is also expected to encash opportunities created by technological developments in the years ahead. Cloud-based platforms provide improved scalability and security, making them more suitable for use by businesses of all sizes. This growth in the implementation of cloud-based services has impacted the global machine learning market positively. The technology has paved the way for many different applications. This technology is used in ads to predict a customer's actions, and helps enhance advertisement campaigns. Marketing powered by AI uses different models to simplify, automate and increase the data into actions. The use of machine learning is carried out in the case of banking and finance, loan approval, asset management and other processes. This technology is also used by other applications, such as security, document management and publishing, and thus drives the market. Companies such as Amazon, Google and Microsoft have invested heavily in machine learning and AI technology. Cloud platforms such as Microsoft Azure, Amazon Web Services, and Google Cloud Platform have begun to offer machine learning and deep-rooted learning services which have enabled the development of machine learning models. Nonetheless, lack of technological know-how is expected to hamper the growth of the machine learning market.
The Global Machine Learning Market 2020, according to MRFR’s report, is slated to expand at 42.08% CAGR over the assessment period of 2018–2024.
Regional Outlook
The global machine learning market, by region, has been segmented into Europe, North America, Asia Pacific (APAC) and the Rest of the World (ROW). This MRFR study suggests that due to the large presence of key players North America is expected to retain a significant share of the global market. The business is still at a nascent stage and is likely to see an influx of new entrants. Therefore, substantial growth is on the cards for these young entrants, because they are more adaptable than the tech giants.
Europe is expected to prosper at a fast CAGR and carry the highest share of the demand for machine learning. Growth can be attributed to the creativity and commercialization of machine learning and artificial intelligence technologies. The UK has been believed to bring onto the market the greatest number of startups and venture capital fuel funds, acquisitions, etc.
Asia Pacific, meanwhile, is voicing high growth potential. Expanding at a modest pace is expected over the forecast period. It is due to the growing acceptance of machine learning with a large talent base in emerging markets, such as India. Greater exposure for customers willing to seek AI-enabled services and products pushes the regional market even further.
Segmentation:
Based on the components, the global machine learning market size has been segmented into cloud and web-based APIs, software tools, and others.
Based on the service, the machine learning market has been bifurcated into professional services and managed services.
Based on the application, the global machine learning market has been segmented into government, healthcare, automotive, education, defense, media and entertainment, telecom, BFSI, retail and e-commerce, and others.
Based on the organization size, the global machine learning market has been segmented into Small and Medium Enterprises (SMEs), and large enterprises.
Competitive Dashboard
The key players of the global machine learning market are Microsoft Corporation. (US), Google (US), Amazon.com, Inc. (US), Cisco Systems, Inc. (the US), IBM Corporation (US), Apple Inc (US), Intel Corporation (US), Baidu Inc (China), Nuance Communications (US), Facebook, Inc. (the US), and Wipro Limited (India).
Browse Complete Report (at) https://www.marketresearchfuture.com/reports/machine-learning-market-2494
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Datum: 10.09.2020 - 12:57 Uhr
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