Global Machine Learning Market Research Report 2023

The global Machine Learning market was valued at US$ 21040 million in 2022 and is anticipated to reach US$ 140610 million by 2029, witnessing a CAGR of 37.3% during the forecast period 2023-2029.

Key factors driving the growth of the machine learning market include:

Increasing Adoption Across Industries: Machine learning is being adopted across various sectors, including finance, healthcare, retail, manufacturing, automotive, and more. Its applications range from fraud detection and personalized marketing to predictive maintenance and autonomous vehicles.

Advancements in Data Analytics and Processing: The availability of big data and the development of powerful data analytics tools have played a pivotal role in the expansion of machine learning applications.

Cloud Computing: The rise of cloud computing has made machine learning more accessible to businesses, as it allows for scalable and cost-effective deployment of machine learning models.

Technological Advancements: Improvements in algorithms, model architectures, and hardware (such as GPUs) have boosted the performance and efficiency of machine learning systems.

Investment and Research: Increased investments from companies, venture capital firms, and governments in research and development have led to the creation of innovative machine learning solutions.

Automation and Process Optimization: Machine learning is being used to automate various processes, leading to increased efficiency and reduced costs for businesses.

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Machine Learning Market Share

Machine learning (ML) is the study of algorithms and mathematical models that computer systems use to progressively improve their performance on a specific task.

Machine learning (ML) is a discipline of artificial intelligence (AI) that provides machines with the ability to automatically learn from data and past experiences while identifying patterns to make predictions with minimal human intervention.

Machine learning (ML) methods enable computers to operate autonomously without explicit programming. ML applications are fed with new data, and they can independently learn, grow, develop, and adapt.
The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.

Global top five manufacturers of Machine Learning occupied for a share over 30 percent, key players are IBM, Dell, HPE, Oracle and Google, etc. North America is the largest market of Machine Learning, has a share nearly 40%, followed by Europe.

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Segment by Type
Supervised Learning
Semi-supervised Learning
Unsupervised Learning
Reinforcement Learning

Segment by Application
Marketing and Advertising
Fraud Detection and Risk Management
Computer Vision
Security and Surveillance
Predictive Analytics
Augmented and Virtual Reality
Others

By Region
North America (United States, Canada)
Europe (Germany, France, UK, Italy, Russia) Rest of Europe
Nordic Countries
Asia-Pacific (China, Japan, South Korea)
Southeast Asia (India, Australia)
Rest of Asia
Latin America (Mexico, Brazil)
Rest of Latin America
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of MEA)

By Company IBM, Dell, HPE, Oracle, Google, SAP, SAS Institute, Fair Isaac Corporation (FICO), Baidu, Intel, Amazon Web Services, Microsoft, Yottamine Analytics, H2O.ai, Databricks, BigML, Dataiku, Veritone.

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This release was published on openPR.