Federated Learning Solutions Market Projections, COVID-19 Pandemic Shaping Global Demand by 2030
Implementation and adoption of artificial intelligence and machine learning technology in all verticals changes the overall shape of the market. Federated learning solutions is a new machine learning technique which can be used to train an artificial intelligence model.
Federated learning solutions are used to solve the problem of building a machine learning model that utilizes datasets distributed cross-platform.
Some of the key sectors which are adopting federated learning solutions include BFSI, retail and e-commerce, healthcare and life sciences, manufacturing, and energy & utilities.
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Global Federated Learning Solutions Market: Dynamics
Global Federated Learning Solutions Market: Key Drivers
Growing need to increase learning between devices and organizations is estimated to boost the federated learning solutions market during the forecast period.
Rising need to ensure better data security and privacy by training algorithms on decentralized devices is projected to fuel the market during the forecast period.
Growing need to adapt data in real-time to optimize conversions automatically is projected to fuel the market in the forthcoming years.
Federated learning solutions help corporations to leverage a shared machine learning model collaboratively by keeping data on devices. This is estimated to boost the federated learning solutions market during the forecast period.
Rise in need to enable predictive features on smart devices without leaking private information and impacting user experience is likely to propel the market in the next few years.
However, lack of skilled technical expertise, interoperability issues, and system heterogeneity is anticipated to hinder the federated learning solutions market during the forecast period
federated learning solutions market dynamics
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Impact of COVID-19 on the Global Federated Learning Solutions Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown and millions of employees are working from home for the first time, during this pandemic. The artificial intelligence or machine learning model has been applied to predict and analyse the growth of potential threats in countries across the world. Artificial intelligence plays a pivotal role in understanding the prediction of future reachability of COVID-19 across nations by utilizing real-time information. This is expected to continue during the forecast period. Hence, COVID-19 has a positive impact on the federated learning solutions market.
For instance, in May 2020, OWKIN, INC. introduced COVID-19 Open AI Consortium (COAI). The COAI will enable advanced collaborative research and boost the clinical development of effective treatments for patients who are infected with COVID-19. For this, the company has used federated learning solutions to help healthcare organizations understand why drug efficacy differs from patient-to-patient, recognize the best drug for the right patient at the right time, enhance the drug development process, and improve treatment outcomes. This is projected to indirectly propel the global federated learning solutions market in the next few years.
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North America to Hold Major Share of the Global Federated Learning Solutions Market
In terms of region, the global federated learning solutions market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
North America dominated the global federated learning solutions market with the largest share mainly because of the presence of developed economies, such as the United States and Canada. The U.S. is a key market in the region due to the early adoption and implementation of federated learning solutions. Europe is also estimated to account for a notable market share due to stringent data regulations and focus on innovation through research, high focus on data privacy, and rapid technology infrastructure advancements among end-users.
The federated learning solutions market in Asia Pacific is projected to expand at a rapid pace during the forecast period. The growing adoption of emerging technologies, such as Big Data analytics, artificial intelligence, machine learning, and IoT is projected to create lucrative opportunities for the federated learning solutions market in the near future.
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