Machine Learning Market accounted for USD 1,904.59 million in 2021 and is likely to grow at a CAGR of 47.7% over the forecast period, to account for USD 29,205.52 million in 2028.
Machine learning is a part of artificial intelligence (AI). It provides the ability for the system to learn automatically and get improved from experience. This technology provides a specific, required program that can access data and use that data to learn for themselves. Machine learning is a sub-branch of artificial intelligence; it allows the execution of specific tasks smartly and correctly. Machine learning helps computers in learning from examples or data, to carry out complex processes. Pre-programmed rules are not required to operate in machine learning. The main focus of machine learning is making independent programs for computers to learn automatically without any human assistance or intervention and accordingly work on their action. Different types of methods are used in the machine learning process such as semi-supervised machine learning algorithms, supervised machine learning algorithms, reinforcement machine learning algorithms, and unsupervised machine learning algorithms.
Major Key Players for Machine Learning Market:
- Amazon Web Services Inc
- Baidu Inc
- BigML Inc
- Fair Isaac Corporation
- Google LLC
- Hewlett Packard Enterprise Development LP (HPE)
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- SAP SE
- SAS Institute Inc and other major players.
Market Dynamics and Factors:
Increasing advanced technology gives high accuracy in every management system. People are using various systems, which are based on machine learning such as voice recognition systems, image recognition systems, and recommender systems. This instant development and advancement in technology in image recognition systems has increased the productivity of the system, due to this there is increased demand for machine learning in various systems. The increasing use of machine learning in robotics has fueled the growth of MI market in the robotic segment. Different industries are using machine learning technology to improve their performance and productivity such as Retail industry, Telecommunication, Government and Defense agencies, Manufacturing companies, Energy, and Utilities. The Healthcare industry is using machine learning technology on large scale for maintaining the high amount of data. These are the factors that help to boom the machine learning market during the forecast period.
Machine Learning Market Report Highlight:
- By Type, the Cloud segment is expected to have the maximum market share in the Machine Learning Market during the projected period. The cloud segment offers many machine learning options that don’t require deep knowledge of AI most of the company use cloud technology which gives a boost to the MI market.
- By application, Healthcare and Life Sciences segment is predicted to expand the most in the Machine Learning Market during the forecast year. In Healthcare and Life Sciences sector generates a large amount of data every day and to maintain the record of that data they require management technology and which gives rise to the demand for machine learning.
- By region, North America is expected to dominate the Machine Learning Market, during the projection period. These are developed countries; there is a high adaption of advanced technology in this region which gives a boost to the machine learning market.
Key Industry Development:
- In May 2021, Google Cloud announced the general availability of their AI product Vertex AI; it is a machine learning (ML) platform that allows companies to maintenance of artificial intelligence (AI) models and accelerates their deployment. Vertex AI requires nearly 80% fewer lines of code to train a model in comparison with the first platform, it is new and advanced technology presented by Google.
- In April 2022, Microsoft announced updates in there machine learning program called Azure Arc; Azure Arc is used in the management and also in multiple clouds, data centers, and edge devices. Azure Arc-enabled Kubernetes, which launched in May and now it is generally available.
Machine Learning Market Segmentation:
- Healthcare and Life Sciences
- Government and Defense
- Energy and Utilities
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For this report, Introspective Market Research has segmented the Machine Learning Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
IMR in News: