The Global Machine Learning Market is expected to expand at 42.08% CAGR during the forecast period 2018–2024. The technology has gained momentum in the data-driven industries with the rising penetration of big data analytics. In addition, the market is expected to encash the opportunities unleashed by the technological advancements in the years to come.
Machine learning is an Artificial Intelligence integrated program which is excessively used for predictive analysis. It is being widely adopted by the business houses for making informed decisions to achieve their objectives & goals and ensuring efficiency. Furthermore, it facilitates a customer-centric approach for reaching to customers. this, in turn, is expected to augment the machine learning market over the next couple of years.
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Machine learning is almost inevitable for any technological innovation. From healthcare to the automotive sector, it is responsible for acceleration of revenue creation. It is projected to favor the expansion of the machine learning market across the review period.
By components, the global machine learning market has been segmented into software tools, cloud and web-based APIs, and others.
By service, the machine learning market has been segmented into professional services and managed services.
By application, the global machine learning market has been segmented into BFSI, healthcare, government, automotive, education, media and entertainment, defense, telecom, retail and e-commerce, and others.
By organization size, the machine learning market has been segmented into Small and Medium Enterprises (SMEs), and large enterprises.
The global machine learning market, by region, has been segmented into North America, Europe, Asia Pacific (APAC) and the Rest of the World (ROW). This MRFR report indicates that North America is likely to hold a substantial share of the global market owing to the vast presence of key players. Furthermore, the market is at a nascent stage and is expected to witness an influx of new entrants. In addition, significant growth is on the cards for these new startups as they exhibit more adaptability than the tech-giants.
Europe is projected to thrive at a high CAGR and account for the maximum share of the machine learning market. The growth can be ascribed to the innovation and commercialization of artificial intelligence and machine learning technologies. London has been presumed to hold the greatest number of startups and fuel venture capital funds, investments, etc. into the market. Meanwhile. Asia Pacific resonates strong potential for growth. It is forecasted to expand at a moderate pace through the forecast period.
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Some of the major players operating in the global machine learning market are:
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