Machine Learning Market Size & Share, by Enterprise Type (SMEs, Large Enterprise); Deployment (Cloud, On-premises); End-user (Healthcare, Retail, IT & Telecom, BFSI, Automotive & Transportation, Advertising & Media, Manufacturing) Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5169
  • Published Date: Aug 18, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Machine Learning Market size is anticipated to surpass USD 750 billion by the end of 2035, growing at a CAGR of 37% during the forecast period i.e. 2023-2035. In the year 2022, the industry size of machine learning was USD 24 billion. The growth of this sector can be attributed to the increasing demand for machine learning in the healthcare sector. In the healthcare domain, this technology analyses all possible data and then anticipates outcomes along with this it also offers risk scores and correct resource allocations. Another significant application of this technology in this sector is that it helps to identify diseases which is at times difficult to identify. Such as an algorithm developed by Google's DeepMind division can identify retinal images of eye disorders including diabetic retinopathy.

In addition to this, machine learning technology is highly being used in the banking and finance sector for improvement of fraud detection, risk management, and reduce cyber threats in banks. Banks and other financial institutions utilize machine learning algorithms to analyze enormous amounts of data in actual time and more accurately identify fraud and other risks. The growth of the financial services sector is anticipated to fuel the demand for machine learning technologies in the approaching years. In all, 72% of the companies that answered the study stated that they were utilizing or creating ML applications. These apps are being used in more and more different business sectors.


Machine Learning Market
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Machine Learning Sector: Growth Driver and Challenges

Growth Drivers

  • High Demand in the Automotive Sector - The primary cause of market growth is the expanding use of machine learning in automobile manufacturing. Algorithms based on machine learning are used for analyzing and interpreting data from cameras and sensors so that self-driving cars can make decisions in real time and improve road safety. Skills and training for ML are invested in by around 78 percent of car companies.
  • Increasing Adoption of IoT and Automation - IoT and automation adoption is going to grow, propelling the market. IoT operations guarantee the proper and safe operation of the hundred or more sensors linked to a corporate network, as well as the accuracy and timeliness of the data being collected. Although sophisticated back-end analytics engines handle the labor-intensive data stream processing, outmoded techniques are frequently utilized to verify the data's integrity. In order to gain control of big IoT systems, several IoT platform technology providers are developing their operations management skills utilizing machine learning technologies.
  • Growing Technological Advancement - The development of new technologies results in more accurate systems that support market growth. The user interacts with a system based on machine learning, for example, recommendation systems, voice or image recognition systems. The speed of technological development in image recognition systems is leading to an increase in accuracy, which has triggered a desire for machine learning throughout the system.

Challenges

  • Lack of Skilled Labour – There is a lack of skilled professionals who can understand, develop, and deploy machine learning models effectively. This is expected to pose a limitation on the market growth during the forecast timeframe.
  • Data Security Concerns Associated
  • Data Quality and Quantity Issues

Machine Learning Market – Key Insights

Base Year

2022

Forecast Year

2023 – 2035

CAGR

~37%

Base Year Market Size (2022)

~USD 24 billion

Forecast Year Market Size (2035)

~USD 750 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Machine Learning Segmentation

Deployment (Cloud, On-premises)

The cloud segment is predicted to hold 55% share of the global machine learning market by the end of 2035. One of the major benefits that have resulted from adopting cloud delivery models for learning software solutions and services is flexibility, automated software updates, disaster recovery using cloud backup systems, enhanced collaboration, document version controls, and data loss prevention with robust cloud storage facilities.

Enterprise Type (SMEs, Large Enterprise)

Machine learning market from the large enterprise segment is set to grow substantially with a share of 54% in the time period between 2023 – 2035. It is becoming more and more common to use AI as a service and data science for the quantitative analysis of enterprises that are expected to drive segment revenue growth. For the provision of efficient market services, large firms are using machine learning approaches. Large enterprises can use machine learning without major infrastructure investments with services like Google Cloud AI Platform, Amazon Web Services (AWS), and Microsoft Azure Machine Learning providing pre-built models, distributed training capabilities, and infrastructure management. 

Our in-depth analysis of the global market includes the following segments:

 

Enterprise Type

  • SMEs
  • Large Enterprise

 

Deployment

  • Cloud
  • On-premises

 

 

 

End User

  • Healthcare
  • Retail
  • IT & Telecom
  • BFSI
  • Automotive & Transportation
  • Advertising & Media
  • Manufacturing

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Machine Learning Landscape: Regional Synopsis

North American Market Forecast

The machine learning market in the North America region is expected to account for a share of 35% in the time period between 2023 – 2035. North America is expected to be the leading market in machine learning, owing to its increasing application of advanced technologies such as artificial intelligence and big data analytics. The North American big data analytics sector is set to reach USD 169.91 billion by 2028. The US is home to a number of the biggest technology firms, such as Google, Microsoft, and IBM, which are making significant investments in machine learning. In addition, it is expected that market expansion will be further accelerated by the presence of many new companies in this area.

APAC Market Statistics

In the Asia Pacific machine learning market is expected to grow substantially during the projection period. In particular, due to growing demand in emerging countries like China and India for machine learning solutions, the region's market continues to grow. In these countries, there is substantial growth in the use of technology and digitalization that will lead to increased demand for machine learning solutions.

Research Nester
Machine Learning Market Size
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Companies Dominating the Machine Learning Landscape

top-features-companies
    • IBM Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Microsoft Corporation
    • Amazon Web Services, Inc.
    • Oracle Corporation
    • Google LLC
    • SAP SE
    • SAS Institute Inc.
    • Hewlett Packard Enterprise Development LP
    • FICO
    • Intel Corporation

In-the-news

In The News

  • IBM Corporation said in 2021 that it will partner with Palantir Technologies Inc. to provide a collaborative solution that enables businesses to build AI applications. The alliance aims to help companies accelerate their digital transformation journey and drive growth through machine learning.
  • The acquisition of Affirmed Networks, a company specializing in mobile virtualization, by Microsoft Corporation, was announced in 2020. The objective of the acquisition is to enhance Microsoft's machine-learning capabilities and expand the range of products.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5169
  • Published Date: Aug 18, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand in the automotive industry and growing technological advancement are some of the major factors anticipated to drive the growth of the machine learning market.

The market is anticipated to attain a CAGR of ~37% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, Google LLC, SAP SE, SAS Institute Inc., Hewlett Packard Enterprise Development LP, and others.

The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Machine Learning Market Report Scope
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