Machine Learning – Industry Insights
The internet has seeped into every aspect of the modern man’s life and due to the extensive use of internet; artificial intelligence (AI) is now a reality. Enterprise owners of this era are well acquainted with this technology and its benefits. They have no qualms about using it for their business. As AI becomes widespread, several other markets that are in some way associated with it get their shot at success. An example of such a market is the worldwide market for machine learning. According to a research report published by MRFR (Market Research Future), this market will grow at a phenomenal rate in the forthcoming years.
Machine learning falls under the comprehensive umbrella of Artificial Intelligence. This particular segment imparts computers the ability to learn various things without being overtly programmed. It concentrates on building advanced computers that can adapt quickly to newly introduced data.
Currently, the commercial industry is in a phase of technological reformation. As a result of this, a majority of the enterprises out there are willing to try out new and innovative technologies. Hence, it can be confidently assumed that the global market for machine learning will grow tremendously during the projection period. Statistically too, the future looks good the estimated turnover figures and CAGR are a proof of this fact.
The versatility of the technology itself is a chief aspect that propels the growth of the market. It can be used in numerous security-related procedures like image classification, face detection, signal diagnosing, speech recognition, and much more.
Another factor that further contributes towards the market’s expansion is machine learning’s capability to understand and resolve real-life issues from the provided data. Right from driving cars, diagnosing diseases to stopping horrible crimes, this technology can do it all.
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Market Players & Key Strategies
Some of the most reliable and successful players in this industry are Wipro, Baidu, Google Inc., Microsoft, Amazon and Intel.
All these players are always on the lookout to enhance their products and services. To stay ahead in this competitive field, they adopt various growth strategies like acquisitions, strategic alliances and business expansion.
The global Machine Learning Market is poised for growth during the forecast period of 2018-2022. Last year i.e. in 2017, the evaluated value of the market was around USD 1.35 million. By the end of the forecast period the market is expected to earn USD 8.54 million. The market is anticipated to grow at a jaw-dropping CAGR of 43.9%.
Comprehensive Regional Analysis
The machine learning market has effectively established its base in several regions across the world. Some of the major areas that experience its presence are North America, Europe, Asia Pacific and Rest of the World.
After undertaking an in-depth evaluation of all the geographical growth trends, the research report by MRFR (Market Research Future), suggested that North America will govern the market during the forecast period. It is because this area has observed the maximum adoption of machine learning powered solutions and services.
Europe comes second in line after North America and is expected to advance tremendously during the projection period. Its development could be attributed to the arrival of numerous startups in that region that are focused on innovation and commercialization.
April 9, 2018 – Oracle a major market player recently declared that it would be including AI and machine learning in its product list. This development could prove to be highly advantageous for the market as Oracle has a loyal and diverse client-base across the world.
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The global market for machine learning has been segmented into four equal divisions. These divisions have a sub-segment of their own respectively and they have been listed below:
By applications – Automotive, BFSI, government and healthcare, automotive, defense, education, retail and ecommerce and media & entertainment.
By enterprise size – Large enterprises and small & medium enterprises (SMEs).
By components – Cloud and web-based APIs and software tools.
By services – Managed services and professional services. Amongst these two, managed services account for the larger share of the market. The reason behind this is that the stakeholders of this segment offer third-party services that enable various organizations to manage their machine learning solutions.