What is the global market size of Machine Learning Market?

Machine Learning Market size was valued at USD 6.91 billion in 2021 and is poised to grow from USD 9.95 billion in 2022 to USD 183.21 billion by 2030, growing at a CAGR of 44.1% in the forecast period (2023-2030).

Global Machine Learning Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Deployment(Cloud, On-Premise), By Enterprise Size(SMEs, Large Enterprise), By End User(Healthcare, Retail) - Industry Forecast 2024-2031

Report ID: SQMIG45D2080 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 122 | Figures: 77

Global Machine Learning Market Regional Insights

In 2021, North America held the largest share in the global machine learning market. The market growth in the region is attributed to the presence of significant R&D investors like IBM Corporation, Amazon.com, and Oracle Corporation. Additionally, significant expenditures and the availability of a well-established IT infrastructure are anticipated to fuel market expansion in North America. For instance, the United States Defense Advanced Research Projects Agency (DARPA) committed USD 2 billion to the advancement of AI technology.

For example, to improve the Department of Defense's (DoD) microelectronics supply chain for crucial mission platforms, IBM announced a new 33-month work order under its contract with the Defense Microelectronics Activity (DMEA). IBM Consulting will keep establishing secure microelectronics production processes at commercial state-of-the-art fabrication facilities as part of the Trusted Foundry Access II program.

Following this, Europe is expected to have considerable share in the global machine learning market. This is due to the increased adoption of ML technology in developing nations like the United Kingdom and Germany which have significant populations of skilled people. Greater customer access to AI-enabled services and products is having an impact on the regional market. For example, businesses have been increasingly turning to integrated digital networks for the 360-degree visibility and multi-tier cooperation made possible only by cloud-based apps, and SAP SE is working to build resilience across their operations and those of their trade partners. However, visibility and teamwork are far from the only benefits provided by corporate networks.

Global Machine Learning Market Report Snapshots

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Machine Learning Market size was valued at USD 6.91 billion in 2019 and is poised to grow from USD 9.95 billion in 2023 to USD 183.21 billion by 2031, growing at a CAGR of 44.1% in the forecast period (2024-2031).

The Global Machine learning market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'IBM', 'Amazon Web Services (AWS)', 'Microsoft Corporation', 'Google LLC', 'SAS Institute Inc.', 'Intel Corporation', 'Alphabet Inc.', 'General Electric', 'SAP SE', 'H2O.ai', 'Freenome Holdings Inc.', 'Baidu Inc.', 'Ayasdi Inc.', 'Salesforce.com Inc.', 'DataRobot Inc.', 'Big Panda Inc.', 'Teradata Corporation', 'Domino Data Lab Inc.', 'Cloudera Inc.', 'RapidMiner Inc.'

Machine learning technology is already helping in a number of healthcare-related situations. This technology is used in the healthcare industry to evaluate millions of different data points, forecast outcomes, provide quick risk assessments, and allocate resources precisely, among many other things. For instance, today IBM Watson Health and Healthcare IT Leaders announced the combination of IBM Digital Health Pass and Healthcare IT Leaders Healthy Returns, a full set of corporate COVID-19 services.

Machine learning will become a significant trend in security analytics as businesses use more sophisticated security frameworks. Cyber specialists struggle greatly to detect and analyze prospective cyber threats and attacks since there is so much data being produced and transmitted across many networks. As cyber risks become more pervasive and sophisticated, machine learning algorithms also help enterprises and security teams anticipate, detect, and recognize cyber-attacks more swiftly. Due to this, integrating advanced learning capabilities into analytics-driven solutions is unquestionably growing in importance.

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Global Machine Learning Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Deployment(Cloud, On-Premise), By Enterprise Size(SMEs, Large Enterprise), By End User(Healthcare, Retail) - Industry Forecast 2024-2031

Global Machine Learning Market Regional Insights

Global Machine Learning Market Report Snapshots

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