Artificial intelligence (AI) and machine learning (ML) technologies are being incorporated in research areas to deal with the critical scenario arrived due to the COVID-19 pandemic. The main focus of this research is toward agriculture and healthcare sectors, as these are some of the most vital industries in unprecedented conditions.
Machine learning technology is gaining traction owing to its ability to allow computers to imitate human intelligence and process a huge amount of data and recognize patterns and offer insights. As a result, the key players working in the global machine learning market are focused on capitalizing this opportunity to accelerate COVID-19 research for treatment and scale customer communications.
- Global machine learning market is expected to expand at higher pace during 2020–2030. This growth is attributed to the proliferation of machine learning in almost all end-use industries across the globe.
- On regional front, the North America machine learning market is likely to maintain dominant position in the forthcoming years.
Analysts at Transparency Market Research highlight the global machine learning market will expand at a promising CAGR of ~27% throughout the assessment period 2020–2030. Thus, the market is likely to gather the valuation of over US$ 600 Bn by the end of 2030.
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Machine Learning Market: Key Findings
- Exponential Growth of Big Data:
With increased penetration of Internet, there is huge amount of unstructured and structured data open for various organizations from across the globe. Thus, these companies are required to study all their data and produce significant insights in order to boost their competitiveness and efficiency. As a result, many organizations across the globe are growing acceptance of machine learning in order to study both unstructured and structured data for potential predictions and further utilize it for marketing as well as other intentions. This scenario is likely to generate prodigious sales opportunities for vendors in the global machine learning market in the forthcoming years.
Machine Learning Market: Growth Boosters
- Over the period of past few years, there is considerable growth in popularity of self-driving cars in all worldwide locations. Advancements in AI and Internet of Things (IoT) technology have resulted into driverless cars, in which machine learning works as one of the key components of the centralized electronic control unit (ECU). In self-driving cars, the main function of machine learning is real-time monitoring of the surroundings and predict potential changes in the environment.
- Various machine learning algorithms including pattern recognition algorithms, supervised learning, unsupervised learning, and decision matrix algorithms are incorporated into the operation of self-driving cars. Thus, the increased adoption of self-driving cars is likely to boost the growth of the global machine learning market in the forthcoming years.
Analyze global machine learning market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
- Owing to simplicity and low cost of implementation, there is considerable growth in the acceptance of cloud-based technologies in all worldwide locations. There is notable growth in the confidence of majority of customers across the globe in the capability of cloud-based solutions to manage all the business operations. This factor is projected to work in favor of the global machine learning market.
Machine Learning Market: Well-Established Participants
The report profiles prominent players working in the global machine learning market. This list includes several names such as:
- BigML Inc.
- Amazon Web Services, Inc.
- Ersatz Labs Inc.
- DeepL GmbH
- Featurespace Limited
- German Auto Labs GAL GmbH
- Formulate AB
- Google LLC
- Hewlett Packard Enterprise Development LP
- InstaDeep Ltd
- IBM Corporation
- MySales Labs Ltd
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