The machine learning market size is projected to reach US$ 425.37 billion by 2031 from US$ 37.92 billion in 2023. The market is expected to register a CAGR of 35.2% in 2023—2031. Increasing integration of machine intelligence and increasing applications in the healthcare sector are likely to remain key machine learning market trends.
The subfield of computer science and artificial intelligence is known as machine learning. To increase accuracy, it focuses on data and algorithms. The technology that enables a computer to learn from historical data is called machine learning. Algorithms used in machine learning employ a variety of techniques to extract knowledge from historical data. The quantity and historical data are directly related to the information or data accuracy, and this relationship aids in the development of a more accurate model that forecasts future data.
Because of its technological developments, machine learning is an emerging technology that is expanding every day. Large volumes of data are processed using machine learning in accordance with organizational needs. Humans are unable to handle the massive amount of data; hence computer systems are needed for data analysis and management. Machine learning is one such tool. The need for technological solutions to manage intricate data and operations within enterprises is anticipated to propel the machine-learning market.
The discipline of retail analytics has grown significantly in the last several years. By utilizing cutting-edge data analytics tools, numerous e-commerce companies, including Alibaba, eBay, and Amazon, have raised their revenues and enhanced customer happiness. Research and development in speech and voice recognition technology have led to the emergence of ML-based cognitive speech coding techniques.
Numerous applications in the healthcare industry already make use of ML technology. This platform evaluates millions of unique data points in this industrial vertical, forecasts results, and offers precise resource allocation and fast risk scores.
Diagnosing and identifying ailments that can be challenging to diagnose is one of the most significant uses of this technology in the healthcare industry. This can include several inherited illnesses and cancers that are challenging to identify in the early stages. IBM Watson Genomics is a well-known example of this, demonstrating how genome-based tumor sequencing in conjunction with cognitive computing may help in cancer detection.
Key segments that contributed to the derivation of the machine learning market analysis are services and vertical.
The geographic scope of the Machine Learning market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the machine learning market. High technology adoption trends in various industries in the North American region have fuelled the growth of the machine learning market. Factors such as increased adoption of digitization and high technological spending by government agencies are expected to drive the North American machine learning market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has many machine learning market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the Machine Learning market.
The regional trends and factors influencing the Machine Learning Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Machine Learning Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 37.92 Billion |
| Market Size by 2031 | US$ 425.37 Billion |
| Global CAGR (2023 - 2031) | 35.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Services
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Machine Learning Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Machine Learning Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Machine Learning market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: XTX Markets, Press Release, 2024)
(Source: AdTheorent Holding Company, Inc, Press Release, 2022)
The "Machine Learning Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global machine learning market is expected to reach US$ 425.37 billion by 2031.
The key players holding majority shares in the global machine learning market are Amazon Web Services, Inc., FICO, Google, Hewlett Packard Enterprise Development LP, IBM, Microsoft, SAP, BigML, Inc., H2O.ai., SAS Institute Inc
Increasing applications in the healthcare sector are anticipated to play a significant role in the global machine-learning market in the coming years.
Increasing integration of machine intelligence and increasing applications in the healthcare sector are the major factors that propel the global machine learning market growth.
The global machine learning market was estimated to be US$ 37.92 billion in 2023 and is expected to grow at a CAGR of 35.2% during the forecast period 2024 - 2031.