The global machine learning market size is anticipated to rise remarkably on account of the advancement in deep learning. This, coupled with the amalgamation of analytics-driven solutions with ML abilities, is expected to aid in favor of the market in the coming years. As per a recent report by Fortune Business Insights, titled, “Machine Learning Market Size, Share & Covid-19 Impact Analysis, By Component (Solution, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (Healthcare, Retail, IT and Telecommunication, BFSI, Automotive and Transportation, Advertising and Media, Manufacturing, and Others), and Regional Forecast, 2020-2027,” the value of this market was USD 8.43 billion in 2019 and is likely to exhibit a CAGR of 39.2% to reach USD 117.19 billion by the end of 2027.
Click here to get the short-term and long-term impacts of COVID-19 on this Market.
Coronavirus has not only brought about health issues and created social distance among people but it has also hampered the industrial and commercial sectors drastically. The whole world is following home quarantine, and we are unsure when we can freely roam the streets again. The governments of various nations are also making considerable efforts to bring the COVID-19 situation under control, and hopefully, we will overcome this obstacle soon.
Fortune Business Insights is offering special reports on various markets impacted by the COVID-19 pandemic. These reports provide a thorough analysis of the market and will be helpful for the players and investors to accordingly study and chalk out the growth strategies for better revenue generation.
What Are the Objectives of the Report?
The report is based on a 360-degree overview of the market that discusses major factors driving, repelling, challenging, and creating opportunities for the market. It also talks about the current trends prevalent in the market, recent industry developments, and other interesting insights that will help investors accordingly chalk out growth strategies for the future. The report also highlights the names of major segments and significant players operating in the market. For more information on the report, log on to the company website.
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Drivers & Restraints-
Huge Investment in Artificial Intelligence to Aid in Favor of Market
The e-commerce sector has showcased significant growth in the past few years, with the advent of retail analytics. Companies such as Alibaba, eBay, Amazon, and others are utilizing advanced data analytics solutions for boosting their sales graph. Thus, the advent of analytical solutions into the e-commerce sector, offering enhanced consumer experience and rise in sales graph is one of the major factors promoting the machine learning market growth. In addition to this, the use of machine intelligence solutions for encrypting and protecting data is adding boost to the market. Furthermore, massive investments in artificial intelligence (AI) and efforts to introduce innovations in this field are further expected to add impetus to the market in the coming years.
On the flipside, national security threat issues such as deep fakes and other fraudulent cases, coupled with the misuse of robots, may hamper the overall market growth. Nevertheless, the introduction and increasing popularity of self-driving cars from the automotive industry is projected to create new growth opportunities for the market in the coming years.
IT and Telecommunication Segment Bagged Major Share Soon to be Overpowered by Healthcare Sector
Based on segmentation by industry, the IT and telecommunication segment earned 22.0% machine learning market share and emerged dominant. But the current COVID-19 pandemic increased the popularity of wearable medical devices to keep track of personal health and diet. This is expected to help the healthcare sector emerge dominant in the coming years.
Asia Pacific to Exhibit Fastest Growth Rate Owing to Rising Adoption by Developing Economies
Region-wise, North America emerged dominant in the market, with a revenue of USD 3.07 billion in 2019. This is attributable to the presence of significant players such as IBM Corporation, Oracle Corporation, Amazon.com, and others and their investments in research and development of better software solutions for this technology. On the other side, the market in Asia Pacific is expected to exhibit a rapid CAGR in the forecast period on account of the increasing adoption of artificial intelligence, machine learning, and other latest advancements in the rising economies such as India, China, and others.
Players Focusing on Development of Responsible Machine Learning to Strengthen their position
The global market generates significant revenues from companies such as Microsoft Corporation, IBM Corporation, SAS Institute Inc., Amazon.com, and others. The principal objective of these players is to develop responsible machine learning that will help prevent unauthorized use of such solutions for fraudulent or data theft crimes. Other players are engaging in collaborative efforts to strengthen their position in the market.
Major Industry Developments of this Market Include:
March 2019 – The latest and most advanced ML capability was added to the 365 platforms by Microsoft. This new feature will help strengthen the internet-facing virtual machines by increasing security when merged with the integration of machine learning by Azure’s security center.
Some of the Key Players of the Machine Learning Market Include:
- Hewlett Packard Enterprise Development LP
- SAS Institute, Inc.
- Amazon Web Services, Inc.
- SAP SE
- Baidu, Inc.
- Oracle Corporation
- BigML, Inc.
- Microsoft Corporation
- Fair Isaac Corporation
- Intel Corporation
- Google LLC
- IBM Corporation
- Other players