Jul 23, 2020 5:23 PM ET
iCrowd Newswire – Jul 23, 2020
Machine Learning Market Research Report- Forecast till 2024
The machine learning market is anticipated to remain lucrative during the forthcoming period. The innovations in automation technologies and the rising adoption of cloud-based systems in expanding machine learning as a service market has played a significant role in augmenting the market at a global level. The need to manage the data qualitatively is another major factor propelling the market. Furthermore, the availability of data storage at low cost and adoption of a cloud-based system is augmenting the growth of the market. However, the scarcity of historical data is a significant factor hampering the expansion of machine learning as a service market.
The outbreak of COVID-19 has brought a significant impact on the market. We will provide COVID-19 impact analysis with the report.
As per the analysis by Market Research Future Reports (MRFR), the worldwide machine learning market is anticipated to grow at 42.08% CAGR during the review period from 2016 to 2022. The advancements made in the machine learning equipment like face recognition, data visualization, APIs, natural language processing, predictive analysis, and deep learning are likely to propel the expansion of the market. The increasing demand for predictive analysis across the verticals, along with the inclinations towards data science, has open avenues of opportunities for the expansion of machine learning as a service (MLaaS) market. The market is at a primary stage and is estimated to display the entry of startups, which are at a strong enough position to undergo technological advancements. Besides, the deployment of cloud computing in machine learning has augmented the expansion of machine learning as a service (MLaaS).
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The most significant players in the global machine learning as a service are Yottamine Analytics (U.S.), BigML (U.S.), Ersatz Labs, Inc. (U.S.), Microsoft (U.S.), IBM (U.S.), Google (U.S.), AT&T (U.S.), Amazon Web Services (U.S.), Fuzzy.ai (Canada), Sift Science, Inc. (U.S.).
The geographical research of Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis, North America is likely to dominate the market during the review period. Canada and the U.S. have a maximum contribution to the expansion of the market. The APAC market is likely to display positive expansion in the forthcoming time. The expansion of the market can be accredited to the developing countries like South Korea, Japan, China, and India. Europe is anticipated to exhibit considerable growth due to the advancements developed in machine learning.
The worldwide machine learning market can be classified on the grounds of application, component, end-user, deployment type, organization size, and region.
Based on application, the global machine learning market can be classified into Network analytics, Risk analytics and fraud detection, Predictive maintenance, Marketing, and advertising, Augmented reality, and others.
Based on component, the global machine learning market can be classified into Software tools, Web-based APIs, and Cloud-based APIs.
Based on end-user, the global machine learning market can be classified into Manufacturing, Telecom, BFSI, Government, Healthcare, Transportation, Retail, and others.
Based on the deployment type, global machine learning market can be segmented into Cloud and on-premise.
Based on organization size, global machine learning market can be classified into SMBs and large enterprises.
Based on region, the global machine learning market can be classified into Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
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Global Machine Learning Market Research Report: by Component (Hardware, Software), Organization Size (Large Enterprise, Small and Medium-Sized Enterprises) Vertical (BFSI, Media and Entertainment, Automotive, Telecommunication, Retail and E-commerce, Education, Healthcare, Government and Defense, others) and Region (North America, Europe, Asia-Pacific, Rest of the World) – Forecast to 2024
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Keywords: Machine Learning Market, Machine Learning Market Analysis, Machine Learning Market Size, Machine Learning Market Share, Machine Learning Market Growth, Machine Learning Market Research