Machine Learning Market is expected to be worth USD 13.5 Bn by 2025, at a CAGR of 39.6%: Google, Amazon, Facebook, Salesforce

The Global Machine Learning Market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period (2019-2025). The assessment provides a 360° view and insights, outlining the key outcomes of the industry, current scenario witnesses a slowdown and study aims to unique strategies followed by key players. These insights also help the business decision-makers to formulate better business plans and make informed decisions for improved profitability. In addition, the study helps venture or private players in understanding the companies more precisely to make better informed decisions. Some of the key players in the Global Machine Learning market are Google, Microsoft Corporation, IBM Corporation, Apple, Amazon, Facebook, Salesforce, Baidu, Intel Corporation, SAP SE.

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The global machine learning market is projected to expand at a CAGR of 39.6% and is expected to be worth USD 13.5 Bn by 2025. With the generation of massive volumes of data across industries, data analytics is crucial to the success of businesses, leading to the rise of machine learning. Apart from this, the rapid evolution and increased use of Artificial intelligence (AI), development of new robust data models and associated algorithms, and a growing number of start-ups have given an impetus to the expansion of the global machine learning market.

Global Machine Learning Market (2019-2025)

Segmentation based on deployment:

Machine learning models can be deployed through cloud or on-premises. Cloud deployment is expected to expand at the highest CAGR (42.6%) during the 2018-2023 period, leading to a global revenue generation of USD 9.2 Bn by 2023. Cloud deployment is highly favorable in the developed regions (North America and Europe), owing to extensive technological advancements and high rates of adoption. Machine learning through cloud deployment is less expensive in terms of operation, has convenient usage, and greater data storage capacities. On-premises deployment is mainly used in the developing regions of APAC and RoW (Latin America, and the Middle East and Africa). This is mainly due to the predominance of legacy systems and low technology adoption rates. However, with the shift from legacy systems to cloud technology, the market shares of on-premises deployment is expected to reach only 31.6% by 2025.

Segmentation based on end user industry:

Based on end user industry, application of machine learning pertains to the areas of BFSI, retail, digital advertising, healthcare, and ‘others’. The BFSI segment had a market share of 22.7% in 2018, and is expected to expand at a CAGR of 23.6% during the 2018-2023 period. This growth can be attributed to the increased use of AI, and generation of huge volumes of transactional data. ML provides advanced analytical capabilities, which is used to make accurate predictions about income leakages, cost reduction, revenue gains, data reporting to stakeholders, fraud detection, and other tasks. The ‘others’ segment comprises law, automobile, manufacturing, security, etc., and is expected to grow rapidly owing to the increased use of ML in self-driving cars (automobile), fraud detection (security), and self-learning robots (manufacturing sector). The healthcare sector is expected to expand at the highest CAGR (41.2%) during the 2019-2025 period, due to the increased use of AI and ML in image processing, automated systems, and to analyze refill patterns of customers and pharmacies, etc.

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Regional insights:

The machine learning market in North America is expected to expand at a CAGR of 35.1% during the 2018-2023 period. Rapid technological development, innovation, and high rates of adoption will fuel the growth of the market. Asia-Pacific, on the other hand, will be the leading contributor to the global machine learning market, and is expected to contribute USD 3.55 Bn by 2023. Additionally, the Asia-Pacific region will witness the highest CAGR (46.1%) during the forecast period of 2018-2023. The key countries contributing to APAC’s huge revenue are China, Singapore, Japan, and India. The revenue contribution by the ‘Rest of the World’ is expected to be USD 2.9 Bn by 2023. The European ML market is expected to expand at a CAGR of 30.3% during the 2019-2025 period, contributing USD 2.3 Bn by 20255

Companies covered:

Google

Microsoft Corporation

IBM Corporation

Apple

Amazon

Facebook

Salesforce

Baidu

Intel Corporation

SAP SE

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