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Study: Machine Learning Market Forecast to Reach USD 20.83 Billion by 2024
According to the report, global machine learning market was valued at around USD 1.58 billion in 2017 and is expected to reach approximately USD 20.83 billion in 2024, growing at a CAGR of 44.06% between 2017 and 2024.
Machine Learning is an application of artificial intelligence that enables software applications for being more precise in predicting results without being definitively programmed. Many of the artificial intelligence experts have projected their idea that by 2050 all the intellectual tasks performed by the humans can be accomplished by the artificial intelligence technology. Common application to machine learning technology is financial services, healthcare, government, marketing and sales, transportation, oil and gas, manufacturing, bioinformatics, computational anatomy, and more.
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Some of the open-source and proprietary software for machine learning are LIONsolver, NeuroSolutions, Oracle Data Mining, SAP Leonardo Machine Learning, SequenceL, CNTK, Deeplearning, Mallet, and more. The introduction of machine learning has transformed many industries which holds the benefits such as autonomous vehicles and interactive machines in production, smart manufacturing, quality control or test automation, predictive maintenance, optimized energy management for climate and energy change, and more. Major companies adopting machine learning for their business agility are Google, IBM, Baidu, Microsoft, Twitter, Qubit, Intel, Apple, Pindrop, and more. Machine learning helps finance industry in customer and client satisfaction, reacting to market trends, and calculating risk; for the healthcare industry in personalized health monitoring; for the retail industry in online recommendations, and tracking price change. There are several real-time examples used by the Facebook, PayPal, Netflix, Uber, Lyst, and many more to provide advanced featured apps.
Some of the major factors which are driving the market growth are technological advancements and proliferation in data generation. Machine learning has increased the scope for businesses and helps them in smart work. However, sensitive data security and ethical implications of the algorithms deployed is hindering the market expansion. Additionally, increasing demand for intelligent business processes and increasing adoption in modern applications are broadcasting good market opportunities for players in the forecast years. Lack of skilled employees is one of the major restraining factors.
Machine learning market is segmented based on service, verticals, and region. On the basis of the service, the market is bifurcated into professional services and managed services. Furthermore on basis of verticals market is categorized into BFSI, healthcare and life science, retail, telecommunication, government and defense, manufacturing, energy and utilities, and others. In respect of geographic region, North America is expected to dominate the market in forecast period due to the developed economies and their major focus on innovative technologies obtained from R&D sector. Asia-Pacific region is predicted to grow at the highest CAGR during the forecast period because of increasing awareness regarding business productivity. In Asia, region vendors are offering competent machine learning competence due to which it is the highest potential region for the market.
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Microsoft Corporation, International Business Machines Corporation, Sas Institute Inc., SAP SE, Bigml Inc., Google Inc., Intel Corporation, Fair Isaac Corporation, Baidu Inc., Amazon Web Services Inc., Hewlett Packard Enterprise Development Lp, H2o.ai are some of the major players of the machine learning market.