Mastering the Future: Analyzing Growth Trends and Market Dynamics in the Machine Learning Market for Innovative Solutions

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Machine Learning Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The machine learning chip market size has grown exponentially in recent years. It will grow from $15.28 billion in 2023 to $21.12 billion in 2024 at a compound annual growth rate (CAGR) of 38.3%. The growth in the historic period can be attributed to rise in big data analytics, increasing adoption of cloud services, emergence of edge computing, growing ai applications across industries, expansion of iot devices.

The machine learning chip market size is expected to see exponential growth in the next few years. It will grow to $75.17 billion in 2028 at a compound annual growth rate (CAGR) of 37.4%. The growth in the forecast period can be attributed to integration of ai in edge devices, continued ai algorithm complexity, increased focus on energy efficiency, expanding scope of ai applications, global push for autonomous systems. Major trends in the forecast period include technological partnerships and collaborations, investments in ai research and development, advancements in ai technologies, open source hardware initiatives, customization and specialization.

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Key Market Players:

Major companies operating in the machine learning market report are Google Inc., Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Baidu Inc., Intel Corporation, SAS Institute Inc., Fair Isaac Corporation, Alteryx, Dataiku, H2o.AI, KNIME.com AG, Alpine Data, Peltarion, RapidMiner Inc., BigML Inc., Luminoso Technologies Inc., Turing Analytics

Market Drivers:

Increasing adoption of cloud-based platforms is expected to propel the growth of machine learning market going forward. Cloud-based platforms refer to computing services and resources that are delivered over the internet, allowing users to access and utilize applications, storage, and processing power without the need for physical infrastructure or hardware. Cloud-based machine learning platforms facilitate collaboration, as multiple users can work on projects simultaneously and they allow seamless integration with other cloud services. For instance, in October 2023, according to Ofcom, a UK-based Government office, the market for cloud infrastructure in the UK was worth approximately £7.0 billion ($ 7.69) to £7.5 billion ($ 8.23) in 2022. Moreover, in 2023, 41.4% of the global tech and business leaders plan to increase their investment in cloud-based services and products. Therefore, increasing adoption of cloud-based platforms is driving the growth of machine learning market.

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The machine learning market covered in this report is segmented -

1) By Component Outlook : Hardware, Software
2) By Deployment: Cloud, On-Premises
3) By Type: Large Enterprises, Small and Medium Enterprise
4) By End-user: Healthcare, Retail, BFSI, Manufacturing, IT & Telecom, Energy & Utilities, Agriculture, Automotive, Marketing & Advertising

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