Market Overview
Market Research Future
(MRFR), in its new research report, asserts that the global machine learning market 2020 is flourishing and
expected to grow exponentially over the assessment period, securing a
substantial market valuation and a healthy CAGR.
Drivers and Restraints
Developing technologies
such as artificial intelligence are paving the way industries and
humans work. These technologies have optimized supply chains, launched various
digital products and services, and transformed overall customer experience.
growth in demand for improved application areas, development related with
artificial intelligence & cognitive computing market, lack of trained
professionals, and the effect of developing economies. All these factors are
collectively creating opportunities for market growth, and each element is
expected to have a positive impact on the machine learning market share.
Technological development and proliferation in data generation are some of the
major driving factors for the market. Several tech firms are investing in this
filed for developing AI platforms, while multiple startups are focusing on
niche domain solutions. With this rapid development, AI techniques such as
machine learning are gaining significant traction in the market. Growing
automation and advanced technology are estimated to boost market growth during
the forecast period. Machine learning technology has driven the rise of
predictive analytics, which experiences rapid growth in consumption, also
becoming an essential part of all business operations and processes.
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Segmental Analysis
Based on components, the global machine learning
market has been segmented into software tools, cloud and web-based APIs, and
others.
Based on service, the machine learning market
has been segmented into professional services and managed services. The managed
service is said to be expanding faster, as it helps organizations to increase
proficiency and save costs for managing on-demand machine learning services.
The progress of the professional services segment is primarily governed by the
complexity of operations and the increasing deployment of machine learning
solutions.
Based on application, the global machine
learning market has been segmented into healthcare, BFSI, government,
education, automotive, media and entertainment, defense, telecom, retail and
e-commerce, and others.
Based on organization size, the machine
learning market has been segmented into Small and Medium Enterprises (SMEs) and
large enterprises. The rapidly emerging and greatly active SMEs have increased
the implementation of machine learning solutions and services globally, as a
result of the rising digitization and augmented cyber risks to critical
business information and data. Large enterprises have been slowly adopting
machine learning to extract the required information from a large amount of
data and estimate the outcome of various problems.
Regional Analysis
The geographical overview of the global
machine learning market has been conducted in four major regions, including the
Asia Pacific, North America, Europe, and the rest of the world (Latin America,
the Middle East, and Africa).
North America is likely to account for a
substantial share of the global market owing to the vast presence of key
players. Additionally, the market is at a promising stage and is expected to
witness an influx of new entrants. Also, significant growth is on the cards for
these new startups as they exhibit more adaptability than the tech-giants.
Europe is projected to flourish at a high
CAGR and account for the maximum share of the machine learning market. The
development can be ascribed to the innovation and commercialization of
artificial intelligence and machine learning technologies. London has been
presumed to hold the most significant number of startups and fuel venture
capital funds, investments, etc. into the market. Meanwhile. The Asia Pacific
resonates strong potential for growth. It is projected to expand at a moderate
pace through the forecast period.
Competitive Analysis
The major market players operating in the
global market, as identified by MRFR, are Google (US), Microsoft Corporation.
(US), Amazon.com, Inc. (US), Cisco Systems, Inc. (the US), IBM Corporation
(US), Apple Inc (US), Intel Corporation (US), Facebook, Inc. ( the US), Baidu
Inc (China), Nuance Communications (US), and Wipro Limited (India).
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About
Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel
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