Machine Learning Market Report 2031 | The Insight Partners
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.
Machine Learning Market Analysis
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.
Machine Learning Market Overview
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.
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Machine Learning Market: Strategic Insights
Machine Learning Market
-
CAGR (2023 - 2031)
35.2%
-
Market Size 2023
US$ 37.92 Billion
-
Market Size 2031
US$ 425.37 Billion
Market Dynamics
GROWTH DRIVERS
- Increasing Integration of Machine Intelligence with Analytics Solutions to Favor Market
FUTURE TRENDS
- Adoption of Robot Processs Autoamtion
OPPORTUNITIES
- Increasing Application in the Healthcare Sector
Key Players
- Amazon Web Services Inc
- FICO
- Google
- Hewlett Packard Enterprise Development LP
- IBM
- Microsoft
- SAP
- BigML Inc
- H2O ai
- SAS Institute Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Services
- Human Resource
- E-Commerce
- Finance
- Accounting
- Customer Care. Sales & Marketing
Vertical
- BFSI
- Telecom & IT
- Healthcare
- Automotive
- Manufacturing
- Food
- Beverage
- Power & Energy
- Consumer Electronics
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Machine Learning Market: Strategic Insights
-
CAGR (2023 - 2031)35.2% -
Market Size 2023
US$ 37.92 Billion -
Market Size 2031
US$ 425.37 Billion
Market Dynamics
- Increasing Integration of Machine Intelligence with Analytics Solutions to Favor Market
- Adoption of Robot Processs Autoamtion
- Increasing Application in the Healthcare Sector
Key Players
- Amazon Web Services Inc
- FICO
- Hewlett Packard Enterprise Development LP
- IBM
- Microsoft
- SAP
- BigML Inc
- H2O ai
- SAS Institute Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Human Resource
- E-Commerce
- Finance
- Accounting
- Customer Care. Sales & Marketing
- BFSI
- Telecom & IT
- Healthcare
- Automotive
- Manufacturing
- Food
- Beverage
- Power & Energy
- Consumer Electronics
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Machine Learning Market Drivers and Opportunities
Increasing Integration of Machine Intelligence with Analytics Solutions to Favor 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.
Increasing Application in the Healthcare Sector to Favor Market
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.
Machine Learning Market Report Segmentation Analysis
Key segments that contributed to the derivation of the machine learning market analysis are services and vertical.
- Based on services, the machine learning market is divided into human resources, e-commerce, finance and accounting, customer care, sales & marketing, and others. The human resource segment is anticipated to grow in the forecast period.
- By vertical, the market is segmented into BFSI, telecom & IT, healthcare, automotive, manufacturing, food and beverage, power & energy, consumer electronics, and others. The BFSI segment is anticipated to grow in the forecast period.
Machine Learning Market Share Analysis by Geography
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.
Machine Learning Market Report Scope
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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Machine Learning Market News and Recent Developments
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:
- In February 2024, - XTX Markets, one of the leading algorithmic trading companies, is excited to announce the launch of XTY Labs, a new machine learning division to be headed by newly appointed Research Director Dr. Atlas Wang.
(Source: XTX Markets, Press Release, 2024)
- In April 2024, AdTheorent Holding Company, Inc., one of the machine learning pioneers using privacy-forward solutions to deliver measurable value for programmatic advertisers, and Miles Partnership, a strategic marketing company focused exclusively on travel and tourism, announced campaign results from the VISIT FLORIDA Sun Seekers digital advertising campaign.
(Source: AdTheorent Holding Company, Inc, Press Release, 2022)
Machine Learning Market Report Coverage and Deliverables
The "Machine Learning Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Services ; and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.