Global Machine Learning Market

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, IT, Telecommunication), By Region - Industry Forecast 2024-2031


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

Machine Learning Market Insights

Global Machine Learning Market size was valued at USD 35.80 Billion in 2022 poised to grow from USD 48.04 Billion in 2023 to USD 505.42 Billion by 2031, growing at a CAGR of 34.20% in the forecast period (2024-2031). 

The global machine learning market is expanding due to the increasing use of automation and technology. The market is expected to grow at an increasing rate as cloud-based platforms with their key advantages are adopted more widely. Additionally, networking systems, integrated memory systems, and CPUs with AI built in are contributing to rising market share demands. The primary driver of the development and expansion of the machine learning market is technological improvements, which also enhance the adoption of AI applications and machine learning. The global market benefits from machine learning frameworks, methodologies, and algorithms that enable it to tackle complicated problems too quickly. Additionally, the best businesses and sectors are preparing to create fresh concepts and methods to lighten the strain. 

Through the use of algorithms and data, this data analytics technique allows computers to rapidly mimic human learning. A key factor contributing to the market's growth will be the growing usage of AI and ML technologies across a range of end-use industries, including manufacturing, healthcare, retail, and automotive. To lessen the effects of the COVID-19 pandemic, a number of nations also implemented social distancing guidelines and quarantine procedures in 2020. In order to assess the impacts of these regulations and policies, developers and researchers planned to employ machine learning (ML) methods. 

US Machine Learning Market  is poised to grow at a sustainable CAGR for the next forecast year.

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Global Machine Learning Market size was valued at USD 35.80 Billion in 2022 poised to grow from USD 48.04 Billion in 2023 to USD 505.42 Billion by 2031, growing at a CAGR of 34.20% in the forecast period (2024-2031). 

The global machine learning market is a highly competitive global market driven by a large number of international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.  'Microsoft Corporation (US) ', 'IBM Corporation (US) ', 'SAP SE (Germany) ', 'SAS Institute Inc. (US) ', 'Google, Inc. (US) ', 'Amazon Web Services Inc. (US) ', 'Baidu, Inc. (China) ', 'BigML, Inc. (US) ', 'Fair Isaac Corporation (FICO) (US) ', 'Hewlett Packard Enterprise Development LP (HPE) (US) ', 'Intel Corporation (US) ', 'KNIME.com AG (Switzerland) ', 'RapidMiner, Inc. (US) '

The need for machine learning is fuelled by the explosion of data coming from a variety of sources, such as social media, IoT devices, and commercial activities. Large datasets must be processed, and insightful conclusions must be drawn from them, which requires advanced analytics and algorithms. As more businesses look to use data to gain a competitive edge, the market will rise. 

Expanding Influence of Machine Learning Across Industries: The market for machine learning has seen notable trends and advancements that are indicative of how quickly this game-changing technology is developing. One noteworthy trend is the growing use of machine learning across various industries. Businesses are attempting to make decisions based on data-driven understanding. Machine learning tools are being added more often. 

North America is the leader in the global machine learning market due to its advanced technological infrastructure, large R&D expenditures, and concentration of cutting-edge startups and IT businesses. The region is well-served by a workforce proficient in AI and machine learning technology, substantial venture capital funding, and sophisticated data analytics capabilities. Further contributing to its supremacy is North America's early adoption of AI solutions across a range of industries, including retail, healthcare, and finance. North America is a key player in the machine learning scene due to government initiatives, a welcoming regulatory framework, and support for innovation and commercial expansion. 

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Global Machine Learning Market

Report ID: SQMIG45D2080

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