LONDON, April 16, 2018 /PRNewswire/ -- Report Scope:
In this report, the market has been segmented based on type, deployment, organization size, end-user industries, and geography.The report covers the overview of the global market for machine learning and analyses the market trends, considering the base year of 2016 and estimates for 2017 to 2022.
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Revenue forecasts from 2017 to 2022 for segmentation based on deployment, organization size, end-user industries, and geography have been estimated with values derived from solutions and service providers' total revenues.
The report also includes a section on the major players in the market.Further, it explains the major drivers, competitive landscape, and current trends in the machine learning market.
The report concludes with an analysis of the machine learning vendor landscape and includes detailed profiles of the major players in the global machine learning market.
Report Includes:
- 45 data tables and 32 additional tables
- An overview of the global market for machine learning
- Analyses of global market trends, with data from 2016 and 2017, and projections of compound annual growth rates (CAGRs) through 2022
- Identification of segments with high growth potential and their future applications
- Explanation of major drivers and regional dynamics of the market and current trends within the industry
- Detailed profiles of major vendors in the market, including Amazon.com Inc., Alphabet Inc., Baidu Inc., Intel Corp. and Hewlett Packard Enterprise Company
Summary
Machine learning is one of the fastest growing areas of computer science, with a wide range of applications.Machine learning is an application of artificial intelligence (AI) that provides systems with the ability to automatically learn and improve from experience without being explicitly programmed.
Machine learning systems help in automatic detection of meaningful patterns in data.In recent years, machine learning has become a common tool for extracting information from large data sets.
Users of machine learning solutions can analyze massive amounts of data faster for more accurate results to identify profitable opportunities or dangerous risks.
According to BCC Research estimates, the global machine learning market was valued at REDACTED in 2016.The global machine learning market is expected to grow at a CAGR of REDACTED and is forecast to reach REDACTED by 2022.
The growth of machine learning market is largely being driven by factors such as increasing computing power, increasing availability of big data for learning and prediction, improvement in machine learning algorithms and increasing usage of cloud for data storage. The market growth for machine learning is being restrained by factors such as usage of machine learning by hackers and lack of skilled labor to execute machine learning systems.
The global market for machine learning was segmented on the basis on type, deployment, organization size, end-user industry and geography.Based on type, the machine learning market was classified into supervised learning, unsupervised learning, semi-supervised learning and reinforced learning.
Based on deployment model, the machine learning market was segmented into cloud and on-premise solutions.Cloud deployment, which currently dominates the market, reached REDACTED in 2016.
The machine learning market by cloud deployment is expected to grow at a CAGR of REDACTED and is forecast to reach REDACTED by 2022.The global machine learning market based on firm size was categorized into large enterprises and small and medium enterprises (SMEs).
Large enterprises currently dominate the adoption of machine learning solutions and are expected to maintain their dominant position over the forecast period. Large enterprises dominate the machine learning market due to large volumes of structured data and a skilled workforce.
Based on end-user vertical, the overall market was classified into banking, financial and insurance (BFSI) sector, healthcare and life sciences, retail, IT and telecommunication, government and defense, manufacturing, energy and utilities and others.The BFSI segment was the dominant industry vertical and was valued at REDACTED in 2016.
The BSFI segment, which is estimated to grow at a CAGR of REDACTED, is forecast to reach REDACTED by 2022.In the financial sector, machine learning solutions play an integral role in processes such as loan approval, managing assets, accessing risks and others.
Healthcare and life sciences is the fastest growing end-user industry.Machine learning solutions in healthcare have transformed how services are provided.
Organizations that use machine learning solutions can provide more personalized healthcare assistance, image detection for diagnosis, and improve efficiency, reliability and accuracy. Geographically, the market was segmented into North America, Europe, Asia-Pacific and RoW.
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