Pune, India, June 08, 2021 (GLOBE NEWSWIRE) — The global machine learning market size is projected to reach USD 152.24 billion in 2028. This information is provided by Fortune Business Insights™, in its report, titled, “Machine Learning (ML) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (Healthcare, Retail, IT and Telecommunication, BFSI, Automotive and Transportation, Advertising and Media, Manufacturing, and Others), and Regional Forecast, 2021-2028.” The study further mentions that the market stood at USD 11.33 billion in 2020. It is expected to project a CAGR of 38.6% during the forecast period.
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The increasing requirement of digitalization amid the pandemic, in order to maintain the social distancing regulations imposed by the government is expected to boost the demand for machine learning technologies during the upcoming years. For example, in April 2020, the Massachusetts Institute of Technology (MIT) researchers developed a model which utilizes data from the COVID-19 pandemic that further leverages machine intelligence algorithms to detect or predict the spread of the virus and the potency of quarantine measures.
COVID-19 Regulations to Positively Affect Global Machine Learning Market Growth
The COVID-19 pandemic has affected the health condition, financial situation, and has disrupted the social system of several countries. Individuals are subjected to profit from understanding their mental health and coping with it in these unprecedented times. The government has imposed several regulations regarding the virus as well have encouraged some businesses to continue working as they do not violate the lockdown laws. The application of artificial intelligence technology is likely to help in combating the COVID-19 pandemic. Several nations are utilizing population surveillance techniques to track COVID-19 cases. For instance, South Korea is utilizing these techniques involving geo-location data to trace the people affected by the virus.
Report Coverage
We follow a comprehensive research methodology that focuses primarily on providing precise information. Our researchers have used a data triangulation technique which would help us to offer authentic estimates and gauge the overall market dynamics. Moreover, we have gained access to several global and regional paid databases in order to deliver the latest trends and information to ease the investment-making decision for you.
To know more about the short-term and long-term impact of COVID-19 on this market,
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Drivers and Restraints
Significant Investments in Machine Learning (ML) to Stimulate the Market Growth
The commercial usage of artificial learning is rising in developed and developing economies. Therefore, there is a fierce competition among the market players to maintain their position by funding, developing, and acquiring artificial intelligence technology based start-ups.
For example, Hypersonix provides AI-powered autonomous analytics platforms/solutions. KFBIO, a digital pathological system provider and Xsight Labs, create innovative developments for appliance intelligence, data analytics, and segregated storage.
On the other hand, Deepfakes generated by AI-enabled fake content are considered to breach security and pose a threat to any nation. Anyhow, the concept of allotting AI licenses can overcome this negative trait. For example, Responsible AI licenses, also known as (RAIL), authorize the software developer to issue open-source ML software with a license. This terminates the risk of illegal use of the software.
Segmentation
Our researchers have classified the market on the basis of component analysis, enterprise size analysis, deployment, end-users and geography. By component analysis, it is fragmented into solutions and services. Based on enterprise size, it is further categorized into small and mid-sized enterprises and large enterprises. By deployment, the market is divided into cloud and on premise. By end-users, it is further segregated into healthcare industry, financial and retail industries, manufacturing industry, automotive industry, educational sector, and energy & utility industry. The outbreak of COVID-19 virus has observed an increase in utilization of artificial intelligence (AI) in all sectors and industries and the government is working to curb the spread in any possible way. This is expected to boost the demand for ML and AI in the near future.
Regional Insights
North America captured the maximum market share in 2020 and is expected to continue to further dominate the machine learning market share. It generated USD 4.05 billion in terms of revenue. The factor boosting the growth of this region is the presence of giant R&D investors such as IBM Corporation, Amazon.com, and Oracle Corporation.
Europe is expected to project strong growth in the global market. The growth is credited to the rising usage of this technology in developing markets such as Germany and the United Kingdom, with a huge population of workers and skilled labourers.
Asia Pacific is anticipated to showcase a phenomenal growth rate in the foreseeable future. The developing nations in this region such as China, India pose a flourished and sturdy start- up ecosystem with assistance from surging skilled workforce that steers market growth across the region.
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Competitive Landscape
New Solution Developments and Partnerships – Crucial Strategies by Companies
The prominent players in the market are on a constant lookout for apt opportunities to expand their business and create a strong foothold in the global market. For this, they launch products, develop solutions, and partner up with other key companies. Below mentioned is an industry development by mega player Google LLC:
January 2021: Google LLC launched a collection of services under the name Product Discovery Solutions for Retail. This exclusively launched solution is majorly open to all businesses and promises to solve AI and machine learning related problems. Additionally, it gives access permission to Google AI Recommendations that further uses machine learning to respond to various other factors.
List of Key Players Covered in this Market Report
- Amazon Web Services, Inc. (Washington, United States)
- Baidu, Inc. (Beijing, China)
- Domino Data Lab, Inc. (California, United States)
- Microsoft Corporation (Washington, United States)
- Dataiku (Paris, France)
- Luminoso Technologies, Inc. (Massachusetts, United States)
- TrademarkVision (Pennsylvania, United States)
- SAP SE (Walldorf, Germany)
- BigML, Inc. (Oregon, United States)
- Fair Isaac Corporation (FICO) (California, United States)
- Hewlett Packard Enterprise Development LP (HPE) (California, United States)
- Intel Corporation (California, United States)
- IBM Corporation (New York, United States)
- KNIME.com AG (Zurich, Switzerland)
- RapidMiner, Inc. (Massachusetts, United States)
- Angoss Software Corporation (Toronto, Canada)
- H2O.ai (California, United States)
- SAS Institute Inc. (North Carolina, United States)
- Google, Inc. (California, United States)
- Alpine Data (California, United States)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Property Management Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Machine Learning Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solutions
- Services
- By Enterprise Size (Value)
- SME’s
- Large Enterprises
- By Deployment (Value)
- Cloud
- On-premise
- By Industry (Value)
- Healthcare
- Retail
- IT and Telecommunication
- BFSI
- Automotive & Transportation
- Advertising & Media
- Manufacturing
- Others (Energy & Utilities)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- Global Machine Learning Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued.
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