The machine learning global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Machine Learning Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The machine learning market size has grown exponentially in recent years. It will grow from $50.2 billion in 2023 to $68.88 billion in 2024 at a compound annual growth rate (CAGR) of 37.2%. The growth in the historic period can be attributed to advancements in algorithms, increasing data availability, computing power enhancement, industry adoption and integration, iot and edge computing integration.
The machine learning market size is expected to see exponential growth in the next few years. It will grow to $240.84 billion in 2028 at a compound annual growth rate (CAGR) of 36.7%. The growth in the forecast period can be attributed to explainability and ethical ai concerns, exponential data growth, expansion of edge computing, growing integration of ai and ml, global demand for predictive analytics. Major trends in the forecast period include continued algorithmic innovations, rise of big data technology, automated machine learning (automl), federated learning, integration of ml with other technologies, industry-specific ml solutions.
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Scope Of Machine Learning Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Machine Learning Market Overview
Market Drivers –
Increasing adoption of cloud-based platforms is expected to propel the growth of machine learning market going forward. Cloud-based platforms refer to computing services and resources that are delivered over the internet, allowing users to access and utilize applications, storage, and processing power without the need for physical infrastructure or hardware. Cloud-based machine learning platforms facilitate collaboration, as multiple users can work on projects simultaneously and they allow seamless integration with other cloud services. For instance, in October 2023, according to Ofcom, a UK-based Government office, the market for cloud infrastructure in the UK was worth approximately £7.0 billion ($ 7.69) to £7.5 billion ($ 8.23) in 2022. Moreover, in 2023, 41.4% of the global tech and business leaders plan to increase their investment in cloud-based services and products. Therefore, increasing adoption of cloud-based platforms is driving the growth of machine learning market.
Market Trends –
Major companies operating in the machine learning market are focusing on automated machine learning tools to automate the process. These tools aim to automate the process of model selection, training, and deployment, making machine learning more accessible to individuals and organizations with limited expertise in the field. For instance, in April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company that provides automated machine learning solution platforms, launched the NIKO AutoML platform, an innovative machine-learning tool created to streamline and expedite the creation of prediction models. This platform offers various tools and functionalities, enabling users to create and deploy top-notch machine learning models without coding or data science expertise swiftly and effortlessly. The platform’s user interface helps users through every procedure stage, providing optimal results in a fraction of the time traditional approaches would take. NIKO AutoML offers several key benefits, including fast and accurate model creation, streamlined workflow, increased productivity and cost-effectiveness.
The machine learning market covered in this report is segmented –
1) By Component Outlook : Hardware, Software
2) By Deployment: Cloud, On-Premises
3) By Type: Large Enterprises, Small and Medium Enterprise
4) By End-user: Healthcare, Retail, BFSI, Manufacturing, IT & Telecom, Energy & Utilities, Agriculture, Automotive, Marketing & Advertising
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Regional Insights –
North America was the largest region in the machine learning market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the machine learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the machine learning market report are Google Inc., Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Baidu Inc., Intel Corporation, SAS Institute Inc., Fair Isaac Corporation, Alteryx, Dataiku, H2o.AI, KNIME.com AG, Alpine Data, Peltarion, RapidMiner Inc., BigML Inc., Luminoso Technologies Inc., Turing Analytics
Table of Contents
1. Executive Summary
2. Machine Learning Market Report Structure
3. Machine Learning Market Trends And Strategies
4. Machine Learning Market – Macro Economic Scenario
5. Machine Learning Market Size And Growth
…..
27. Machine Learning Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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