Machine Learning Market size to increase by USD 56.49 billion between 2022 to 2027, Market Segmentation by End-user and Geography, Technavio

NEW YORK, April 18, 2024 /PRNewswire/ -- The global machine learning market size is estimated to grow by USD 56493.47 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 47.81% during the forecast period. Machine learning, a core AI technology, is gaining popularity in developed economies for business operations. Enterprises adopt it in self-driving cars, healthcare, and smart home devices. However, the skills gap necessitates significant investment in employee training. Key sectors like cloud computing, healthcare, finance, and retail are driving machine learning market growth. Keywords: AI technologies, machine learning algorithms, data scientists, cyber attacks, collaborations, OCI, cyber specialists, 5G wireless networking, edge computing, hybrid cloud, public sector, market expansion, responsible computing.

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The End-user segment emerges as the fastest-growing segment in the machine learning market

The global machine learning market is experiencing significant growth, with cloud-based deployment emerging as a primary segment. Cloud-based machine learning enables organizations in retail, IT and telecommunications, banking, automotive and transportation, advertising and media, energy and utilities, and healthcare to access machine learning tools and resources without the need for on-premises infrastructure. Market expansion is driven by technology pioneers integrating machine learning algorithms into their offerings, such as AI technology in self-driving cars and face recognition on social media platforms. Product launches, innovations, mergers and acquisitions, and collaborations continue to shape the industry. Responsible Computing and adherence to Sustainable Development Goals are crucial considerations. Cloud providers like OCI offer dedicated regions and data centers to ensure security and learning capabilities. However, cyber attacks pose a threat, necessitating robust cybersecurity measures. Machine learning and analytics-driven solutions are transforming various industries, from e-commerce to large enterprises, with chatbots and AI technology streamlining processes. OCI Dedicated Region and data centers provide organizations with the necessary infrastructure to deploy machine learning models, ensuring scalability, flexibility, and cost-effectiveness.

The Machine Learning market is experiencing significant growth, driven by Artificial Intelligence and Computer Science advancements. Algorithms powering this Technology are revolutionizing various sectors, including Organizations in North America, where high adoption of cloud and machine learning, big data analysis, and increasing data generation in industries like telecommunications, manufacturing, retail, and energy, fuel demand. Self-driving cars, cybersecurity, face recognition, and chatbots are some applications. Large enterprises invest in cloud-based solutions for cost savings, enabling one-click functionality through Cloud Computing. SMEs and the Public sector also benefit, with Machine Learning algorithms used in healthcare, security analytics, and cyber threats mitigation. AI technologies, including 5G wireless networking, Edge computing, and Hybrid cloud, are expanding market reach. Responsible Computing and Technology pioneers are driving Sustainable development goals. Machine Learning applications include banking, retail, IT and telecommunications, advertising and media, energy and utilities, and automotive and transportation. OCI Dedicated Region and Data centers support this growth.

Commenting on the market trends, a Senior Analyst of Technavio, stated," Machine learning, a subset of artificial intelligence in computer science, enables IoT devices to learn user preferences through real-time analysis of large data sets. Key industries like finance, retail, healthcare, and automotive utilize machine learning algorithms for revenue gains, cybersecurity, and market expansion. Machine learning is integrated with AI technologies, cloud computing, and edge computing to enhance cybersecurity, facial recognition, and chatbot functionality. Market leaders in various sectors continue to invest in responsible machine learning applications to drive sustainable development goals."

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Analyst Review

The Machine Learning market is a significant segment of the Artificial Intelligence and Computer Science industry, valued for its ability to develop Algorithms that enable Computer Systems to learn and improve from experience without being explicitly programmed. This technology is revolutionizing various sectors, including Self-driving cars, Cybersecurity with Face recognition and Security analytics, Social media platforms, and the E-commerce industry. Large Enterprises and SMEs alike are adopting Machine Learning for Big Data analysis, while Cloud-based and Hybrid cloud solutions facilitate its implementation. AI technologies are also transforming the Public sector, Financial services, and Healthcare industries. However, with the increasing use of Machine Learning comes the need for Cybersecurity, as cyber threats such as Supply chain attacks pose significant risks. The advent of 5G wireless networking and Edge computing further expands the potential applications of Machine Learning.

Market Overview

In the dynamic and innovative Machine Learning market, Compute and Algorithmic technologies play a pivotal role. Artificial Intelligence (AI) and Cybersecurity are key sectors driving growth. Tech companies develop Cloud-based solutions for scalability and accessibility. Machine Learning algorithms enable predictive analytics in sectors like Healthcare, Finance, and Marketing. Cybersecurity measures are crucial to secure Machine Learning models from threats. Clouds provide Business Intelligence and Analytics tools, enabling data-driven decision-making. Machine Learning systems require vast amounts of data for training, necessitating Data Management solutions. Companies like Google, Microsoft, and IBM dominate the Machine Learning landscape. The market is expected to grow significantly in the coming years, with advancements in areas like Deep Learning and Reinforcement Learning.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio