Machine Learning Market market is expected to grow at a CAGR of 35.2% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Machine Learning Market size accounted for USD 40.1 Billion in 2023, growing at a CAGR of 35.2% from 2023 to 2033. Machine learning (ML) is a subset of artificial intelligence (AI) that focuses on the development of algorithms and statistical models that enable computer systems to perform tasks without explicit programming. The primary goal of machine learning is to allow computers to learn and make predictions or decisions based on data. There are several types of machine learning, including supervised learning, unsupervised learning, and reinforcement learning.
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The increasing availability of large volumes of data is a significant driver for machine learning. ML algorithms require substantial amounts of data to learn and make accurate predictions. The development of more powerful and efficient hardware, including GPUs (Graphics Processing Units) and TPUs (Tensor Processing Units), has accelerated the training of complex machine learning models. Ongoing research and development in machine learning algorithms, including deep learning techniques, have led to improved performance in various tasks, such as image recognition, natural language processing, and more. The availability of cloud computing resources has made it easier for organizations to deploy and scale machine learning models without the need for significant upfront investments in hardware.
Key Players
Some of the major Machine Learning Market players holding high market shares include Microsoft Corporation, IBM, SAP, SAS Institute, and Google. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Amazon, Baidu, BigML, Fair Isaac Corporation, Hewlett Packard Enterprise Development
Report Description: https://evolvebi.com/report/machine-learning-market-analysis-and-global-forecast-2021-2028-with-covid-impact-analysis/
Segmental Analysis
Based on service, the Machine Learning market is segmented into Professional Services, Managed Services. Managed Services is the largest segment in the Service category because businesses are increasingly looking for outsourced solutions to manage their Machine Learning fleets. This is due to the complexity of managing these fleets, as well as the need for specialized expertise.
Based on the Deployment Model, the Machine Learning market is Cloud and on-premises. Cloud is the largest segment in the Deployment Model category because businesses are increasingly moving their IT infrastructure to the cloud. This is due to the scalability, flexibility, and cost-effectiveness of cloud-based solutions.
Based on organization size, the Machine Learning market is SMEs and large Enterprises. Large Enterprises are the largest segment in the Organization Size category because they have the resources and budget to invest in Machine Learning. Additionally, large enterprises are more likely to have complex logistics operations that can benefit from the use of Machine Learning.
Based on Vertical, the Machine Learning market is BFSI, Healthcare and Life Sciences, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities, and Others. BFSI is the largest segment in the Vertical category because Machine Learnings are being used in a variety of applications in the BFSI industry, such as inventory management, order fulfillment, and customer service.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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