Machine learning is a subset of artificial intelligence that permits the computer with the ability to learn things on the go. The current level of Artificial Intelligence is achieved through years of research in Machine Learning, Deep Learning and other related fields. With a lot of hype and investments around, Deep Learning technology – a subdivision of Machine Learning is now successfully applied in our daily life from speech recognition apps in smartphones to YouTube recommendations. The machine learning is mainly used for the advancement of computer programs that can change when the new data is introduced to the picture. One of the major factor that contributes to the growth of the machine learning market is its ability to learn and solve the real life problems from the data captured by the computer across various applications
The factors that promote the growth of machine learning are its diverse application and its ability to learn and solve real life problems from data. The market of machine learning is gearing up with an accelerating pace from diagnosing disease to driving cars to stopping crimes. With the growth of digital marketing industry which represents exciting one in it arenas, where machine learning is applied.
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Market Players & Key Strategies
Google Inc. (U.S.),
IBM Watson (U.S.),
Nuance Communications(U.S.) ,
Amazon (U.S) , Intel (U.S.) and Baidu (China)
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%.
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.
Fast progressions in computer programs across different industries are the factor driving the market of machine learning in North America. The U.S. and Canada are the major countries that contribute to the growth of the market in this region. The market is closely followed by Europe. London, being Europe’s start up centre, mixing capital, proximity to markets, and world-class research hub, the European region is expected to dominate the machine learning market by the forecast period owing to emerging start-ups which mainly focus on innovation and commercialization of machine intelligence technologies. IT companies and professionals in India and China are now focusing more on providing Deep Learning based solutions to their clients. Considering Data Scientists are one of the most wanted and highly paid professionals around the world, the current generation of Engineering students is much aware and interested in these jobs.
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- Cloud service providers
- Telecommunication Companies
- Investors and consultants
- Research/Consultancy firms
- Technology solution providers
- Safety & Security Providers