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
Market Size Value in US$ 1,582.9 Million in 2017 Market Size Value by US$ 39,986.7 Million by 2025 Growth rate CAGR of 49.7% from 2017-2025 Forecast Period 2017-2025 Base Year 2017
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Machine Learning Market: Strategic Insights
| Market Size Value in | US$ 1,582.9 Million in 2017 |
| Market Size Value by | US$ 39,986.7 Million by 2025 |
| Growth rate | CAGR of 49.7% from 2017-2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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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
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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