The adoption of technological innovation and the ability to handle massive amounts of data sets simultaneously propel market growth in the forecast period.
According to TechSci Research report, “Global Machine Learning Market - By Region, Competition Forecast & Opportunities, 2018-2028,” the Global Machine Learning Market is expected to register robust growth during the forecast period, 2023-2028. An emerging market trend is the integration of machine intelligence with analytics-driven solutions. Moreover, large investments in artificial intelligence and the development of self-driving cars is also boosting the machine learning market's expansion across all sectors and regions.
The main aim of machine learning is to enable computers to automatically learn without human assistance or intervention and adjust their behavior in response. Algorithms for supervised machine learning, unsupervised machine learning, semi-supervised machine learning, and reinforcement learning are some techniques utilized in the machine learning process. Machine learning algorithms forecast new output values using historical data as input. A typical use case for machine learning is recommendation engines. Other typical applications include business process automation (BPA), predictive maintenance, spam filtering, malware threat detection, and fraud detection.
The variety of an algorithm in ML is still a manual procedure and there is a need to run and test all the algorithms on data manually. Only then, and only after that, decision regarding which algorithm to utilize is made. The main problem appears while training and testing using data. The size of the data may make it challenging to eliminate mistakes. Robotic automation procedures that leverage machine intelligence are susceptible to fraud and unintended usage, which might stunt corporate expansion.
The market in North America (NA) is anticipated to grow due to significant expenditures and the availability of current IT infrastructure. The region's development has been expedited by a robust innovation ecosystem supported by smart federal investments in cutting-edge technology, visionary scientists and entrepreneurs from across the world, and well-known research institutions.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on the "Global Machine Learning Market."
The Global Machine Learning Market is segmented into components, enterprises size, deployment, and end-use. Based on end-use, market is allocated into healthcare, retailer, it & telecom, automotive and transports, advertising & media, BFSI, government and defense and others.
Based on components, the market is segmented into Services & Solutions. Based on enterprises' size, the market is divided into SMEs and large enterprises. The large enterprise segment has been rising since Several multinational corporations have made significant use of machine learning to extract necessary information from large data sets and forecast the outcomes of various situations.
Based on deployment, the market is divided into cloud and on-premises. The cloud-based deployment type segment is expected to dominate the market in 2018-2028 with a high CAGR. Adoption is driven by cloud-based software since it enables users to switch from machine learning to deep learning. Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, tracking document version control, and data loss prevention with cloud storage facilities are factors propelling the market growth in the future.
Based on end-use, market is allocated into healthcare, retailer, it & telecom, automotive and transports, advertising & media, BFSI, government and defense and others.
Key market players in the Global Machine Learning Market: -
- Amazon Web Services
- Baidu, Inc
- Domino Data Lab, Inc
- Microsoft Corporation
- Google, Inc
- Alpine Data
- IBM Corporation
- SAP SE
- Intel Corporation
- SAS Institute Inc.
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"The factors behind the growth of the machine learning market arerapid technological modernization and large investments in artificial intelligence and the development of self-driving cars. Nowadays, organizations are moving towards machine learning (ML) technologies for efficient and effective output. The ability to perform operations without involving human involvement drives the future market said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Machine Learning Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028. Segmented By Component (Services & Solutions), By Enterprises Size (SMEs and Large Enterprises), By Deployment (Cloud and On-premises), By End-User (Healthcare, Retailer, IT & Telecom, Automotive and Transports, Advertising & Media, BFSI, Government and Defense and Others), By Region,” has evaluated the future growth potential of Global Machine Learning Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Machine Learning Market.
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