Machine Learning Market is anticipated to grow at a CAGR of 43.5% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Machine Learning Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Machine Learning Market accounted for over~US$ 2.7 billion in 2019. It is anticipated to grow at a CAGR of 43.5%from 2019 to 2030.
Thegrowth of the machine learning market can be attributed to several factors, such asthe rapid adoption of machine learning across various industries to analyze large datasets and predict potential problems. Itidentifies trends and patterns in data to deliver better, smarter services and on broader scales than before. Moreover, technologies powered by machine learning capture, analyze, and use data to improve marketing operations and customer experience. Furthermore, machine learning helps banks and other businesses in the financial industry to detect fraud and minimize identity theft.
Growing adoption of machine learning in business across various industries due to its effective algorithms, frameworks, and techniques to gain a competitive edge in business operations is a major driving factor for the machine learning market.Also, the proliferation in large datasets, technological advancement,and enhanced customer experience are key driving factors of the market. For instance, In March 2020, University of Massachusetts Amherst researchers have invented a portable surveillance device powered by machine learning called FluSense. This device detects coughing and crowd size in real-time and analyzes the data to directly monitor influenza trendsand flu-like illnesses.This new edge computing platform can be used in hospitals, larger public spaces and healthcare waiting rooms. This advanced technology may be used to predict flu trends and other viral respiratory outbreaks, such as the COVID-19 pandemic or SARS.
However, lack of skilled data scientists, implementation challenges and security concerns are restraining the growth of the machine learning market to a certain extent.
Browse key industry insights spread across 190 pages with market data tables & figures & charts from the report, Machine Learning Market by Deployment Mode (Cloud, On-premise), Organization Size (SMEs (Small and Medium-Sized Enterprises), Large Enterprises), Service (Professional Services, Managed Services), Industry Vertical (Healthcare & Life Sciences, Manufacturing, Retail, Telecommunications, Government and Defense, BFSI (Banking, financial services, and insurance), Energy and Utilities and Others) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/machine-learning-market/133
Asia Pacific is estimated to grow atthe highest CAGR in the machine learningmarketduring theforecast period. Factors like rapid urbanization, industry competitiveness understanding, and rising acceptance of machine learning in developed countries with a large talent pool are expected to push the machine learning market in the Asia Pacific.North America is expected to hold a significant market share due to the high concentration of technologies as innovations obtained from R&D are strongly prioritized.
Some of the key players operating in the global machine learning market include Intel Corporation, H2O.ai, Amazon Web Services, Inc., Hewlett Packard Enterprise Development LP, IBM, Google LLC, Microsoft, SAS Institute Inc., SAP SE, BigML, Inc., and others.
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