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Reinforcement Learning Market Size, Trends And Overview Report 2024-2033
Reinforcement Learning Market Size
According to The Business Research Company's, The reinforcement learning market size has grown exponentially in recent years. It will grow from $8.14 billion in 2023 to $10.49 billion in 2024 at a compound annual growth rate (CAGR) of 29.0%. The growth in the historic period can be attributed to increase in computing power, rise in data availability, industry-specific applications, open-source frameworks, and demonstrated success in real-world applications.
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Market Drivers and Trends:
The increase in industrial automation is expected to propel the growth of the reinforcement learning market going forward. Industrial automation refers to the use of advanced technologies, control systems, and machinery to automate industrial processes and operations. Reinforcement learning (RL) is increasingly being used in industrial automation due to its ability to learn optimal control policies from interaction with the environment without the need for explicit programming. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, there will be 23,000 industrial robots operating in UK factories in 2021, an increase of 6% from the previous year. Further, sales of new robots were up by 8% to 2,205 units in 2020. Therefore, the increase in industrial automation is driving the growth of the reinforcement learning market.
Major companies operating in the reinforcement learning market are focusing on developments in AI advancements such as autonomous control AI services due to the potential applications of reinforcement learning in various industries. Autonomous Control AI Service refers to a new technology that achieves complex process control, which was previously manual, using reinforcement learning. For instance, in February 2023, Yokogawa Electric Corporation, a Japan-based software company, launched a reinforcement learning solution for edge controllers. The autonomous control service for OpreX Realtime OS-based Machine Controllers (e-RT3 Plus) uses the Factorial Kernel Dynamic Policy Programming (FKDPP) reinforcement learning AI algorithm. It includes packaged software, consulting services, and/or training programs, depending on end-user requirements. It is designed to achieve complex process control and is initially targeted at industries such as resources and energy, materials, and electronics. The service offers features such as simplified AI model creation, support for control cycles as short as 0.01 seconds, and the ability to retrofit edge controllers with the autonomous control AI.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Google LLC, Microsoft Corp., Metadata Platforms Inc., Tencent Holdings Ltd., Amazon Web Services Inc., Intel Corp., International Business Machines Corporation, SAP SE, Nvidia Corp., Hewlett Packard Enterprise LP, ABB Ltd., Salesforce Inc., Cognizant Technology Solutions India Pvt. Ltd., Baidu Inc., Yandex LLC, SAS Institute, Sentient Technologies LLC, Unity Technologies Inc., TIBCO Software Inc., SenseTime Group Ltd., Zoox Inc., Open AI Inc., DeepMind Technologies Limited, Vicarious Surgical Inc., RapidMiner Inc.
Reinforcement Learning Market 2024 Key Insights:
• The reinforcement learning market is expected to grow to $26.64 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%.
• Industrial Automation Driving Growth In Reinforcement Learning Market
• Yokogawa Electric Corporation Launches Reinforcement Learning Solution For Autonomous Control AI Services
• North America was the largest region in the reinforcement learning market in 2023
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