Global machine learning market is estimated to grow at a CAGR of 43.3% during the forecast period (2021-2029). The major drivers for machine learning market are proliferation in data generation, technological advancements in machine learning, increasing adoption of connected devices and increased adoption in data driven application. Enterprises are awash in data related to their customers, prospects, internal business processes, suppliers, partners and competitors. Often, they can’t control this flood of data and convert it to actionable information for growing revenue, increasing profitability and efficiently operating the business.

The volume of data collected by business worldwide is estimated to double every year and lack of understanding of data is cited as a primary reason that overruns project cost, and that may cost business approximately 20% to 35% of their operating revenue. Big data capabilities assist in providing constant changing customers preferences that help companies by assisting them by improving customer’s satisfaction, faster decision making, developing strategies for launching new products and exploring new market.

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Global machine learning market has been segmented on the basis of verticals, deployment modes, organization size and service. The vertical segment is further sub segmented into banking, financial services, and insurance, retail, telecommunication, healthcare and life sciences, manufacturing, government and defense, energy and utilities and other verticals. BFSI segment leads the vertical segment in terms of revenue in the global machine learning market with around 21.9% market share in 2020. The BSFI segment is primarily driven by growing demand of ML in the BFSI sector to automate the process of loan approval, for fraud prevention, risk management, investment predictions, marketing and others. Prominent banks across the globe including JPMorgan Chase, Wells Fargo, Bank of America, Citibank, U.S. Bank and others have adopted the machine learning to realize the potential benefits of data driven decision.

The healthcare and life science vertical is anticipated to grow at the highest rate over the forecast period growing at a CAGR of 44.3%. The high growth rate is attributed to the fact that ML solution has wide potentials across healthcare industry. These include patient data & risk analysis, in patient care & hospital management, medical imaging & diagnosis, drug discovery, life style monitoring & management, medical diagnosis & imaging, precision medicine and others. According to the Institute of Health Metrics and Evaluations, global healthcare expenditure is expected to reach $18.28 trillion globally by 2040.

Geographically, global machine learning market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). North America leads the global machine learning market by capturing largest market share in terms of revenue of 36.96% in 2020. The U.S. market for machine learning is primarily driven high adoption of machine learning solutions by both public and private organization, coupled with technological sound infrastructure and proactive government support to artificial intelligence. Furthermore, public as well as private sector are embracing machine learning to realize the benefits of data driven decision which is expected to create lucrative growth opportunities for the machine learning market in North America. For instance, several companies in the North America region including Walmart, Facebook, Amazon, General Motors, Tesla and others have included machine learning as a part of their marketing strategy, as well as are focusing on deployment of ML to realize operational efficiency within the supply chain.

Asia Pacific machine learning system market is anticipated to grow at highest CAGR of 44.1 % during the forecast period. Emergence of machine learning startups, growth in the BFSI, manufacturing and healthcare sector coupled with growing adoption of artificial intelligence by both the private and public sectors along with the investments in artificial intelligence by the governments of countries such as India, China, Japan, etc are the major factors augmenting growth in the machine learning market in Asia Pacific.

Merger & acquisition is the primary strategy adopted by companies in global machine learning market. Merger & acquisition is enabling the companies to enhance market through effective leverage of product portfolio and global reach. Key market players in this segment include IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc. (North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc. (Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc. (Massachusetts, US),  Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc. (Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US),  TIBCO Software Inc. (California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US) and others.

KEY MARKET MOVEMENT

  • Global machine learning market is estimated to grow at a CAGR of 43.3% during the forecast period (2021-2029).
  • Exponential increase in business data is the most impactful driver.
  • BFSI segment leads the vertical segment in terms of revenue in the global machine learning market with around 21.9% market share in 2020.
  • The healthcare and life science vertical is anticipated to grow at the highest rate over the forecast period growing at a CAGR of 44.3%.
  • North America leads the global machine learning market by capturing largest market share in terms of revenue of 36.96% in 2020.
  • Asia Pacific machine learning system market is anticipated to grow at highest CAGR of 44.1% during the forecast period.
  • Merger & acquisition is the primary strategy adopted by companies in global machine learning market.
  • Key market players in this segment include IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc. (North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc. (Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc. (Massachusetts, US),  Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc. (Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US),  TIBCO Software Inc. (California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US) and others.

Machine Learning Market is segmented as follows:

ATTRIBUTE DETAILS
Research Period  2019-2029
Base Year  2020
forecast Period  2021-2029
Historical Year  2019
Unit  USD Million
Segmentation By Verticals 2019–2029 ($ Million)
By Deployment Type (2019-2029; US$ Mn)
By Organization Size (2019-2029; US$ Mn)
By Service Segment (2019-2029; US$ Mn)
By Region (2019-2029; US$ Mn)
Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

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