The global machine learning market is expected to grow from USD 1.41 Billion in 2017 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%. The main driving factors for the market are proliferation in data generation and technological advancement.
In the services segment, the managed service segment is expected to grow at a higher CAGR, whereas professional service segment is expected to be a larger contributor during the forecast period. The managed service is said to be growing faster, as it helps organizations to increase efficiency and save costs for managing on-demand machine learning services. The growth of the professional services segment is mainly governed by the complexity of operations and increasing deployment of machine learning solutions.
In the deployment mode segment, the cloud deployment mode is expected to hold the largest market share and grow at the highest CAGR during the forecast period. Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, monitoring document version control, and data loss prevention with robust cloud storage facilities are some of the crucial benefits that have resulted in the adoption of cloud-based delivery models for machine learning software solutions and services.
In the organization size segment, the large enterprises segment is expected to have the largest market share, whereas the SMEs segment is expected to grow at the highest CAGR during the forecast period. The rapidly emerging and highly active SMEs have increased the adoption of machine learning solutions and services globally, as a result of the growing digitization and increased cyber risks to critical business information and data. Large enterprises have been heavily adopting machine learning to extract the required information from a large amount of data and forecast the outcome of various problems.
In the verticals segment, the Banking, Financial Services, and Insurance (BFSI) vertical is expected to be the highest contributor, whereas the healthcare and life sciences vertical is projected to grow at highest CAGR during the forecast period. Both the verticals generate data in a huge amount every second, and there is accelerated demand for data management technologies such as machine learning and predictive analytics in order to extract business critical insights from this ever-increasing data.
The other industry verticals, such as manufacturing, telecommunication, energy and utilities, retail, and government and defense are contributing significantly to the machine learning market. These verticals are also expected to witness significant growth rates during the forecast period due to the increased concerns for managing the complex business processes with improved efficiency and lowering the overall costs.
Amazon Web Services, Inc.
Fair Isaac Corporation
Hewlett Packard Enterprise Development Lp
Sas Institute Inc.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview And Industry Trends
6 Machine Learning Market Analysis, By Vertical
7 Machine Learning Market Analysis, By Deployment Mode
8 Machine Learning Market Analysis, By Organization Size