Machine Learning Market Forecast and Growth 2031

Machine Learning Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Services (Human Resources, E-Commerce, Finance and Accounting, Customer Care. Sales & Marketing, and Others); and Vertical (BFSI, Telecom & IT, Healthcare, Automotive, Manufacturing, Food and Beverage, Power & Energy, Consumer Electronics, and Others), and Geography

  • Report Code : TIPTE100000804
  • Category : Technology, Media and Telecommunications
  • No. of Pages : 150
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Machine Learning Market Report 2031 | The Insight Partners

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The machine learning market size is projected to reach US$ 425.37 billion by 2031 from US$ 37.92 billion in 2023. The market is expected to register a CAGR of 35.2% in 2023—2031. Increasing integration of machine intelligence and increasing applications in the healthcare sector are likely to remain key machine learning market trends.

Machine Learning Market Analysis

The subfield of computer science and artificial intelligence is known as machine learning. To increase accuracy, it focuses on data and algorithms. The technology that enables a computer to learn from historical data is called machine learning. Algorithms used in machine learning employ a variety of techniques to extract knowledge from historical data. The quantity and historical data are directly related to the information or data accuracy, and this relationship aids in the development of a more accurate model that forecasts future data.

Machine Learning Market Overview

Because of its technological developments, machine learning is an emerging technology that is expanding every day. Large volumes of data are processed using machine learning in accordance with organizational needs. Humans are unable to handle the massive amount of data; hence computer systems are needed for data analysis and management. Machine learning is one such tool. The need for technological solutions to manage intricate data and operations within enterprises is anticipated to propel the machine-learning market.

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Machine Learning Market: Strategic Insights

Machine Learning Market

  • CAGR (2023 - 2031)
    35.2%
  • Market Size 2023
    US$ 37.92 Billion
  • Market Size 2031
    US$ 425.37 Billion

Market Dynamics

GROWTH DRIVERS
  • Increasing Integration of Machine Intelligence with Analytics Solutions to Favor Market
FUTURE TRENDS
  • Adoption of Robot Processs Autoamtion
OPPORTUNITIES
  • Increasing Application in the Healthcare Sector

Key Players

  • Amazon Web Services, Inc.
  • FICO
  • Google
  • Hewlett Packard Enterprise Development LP
  • IBM
  • Microsoft
  • SAP
  • BigML, Inc.
  • H2O.ai.
  • SAS Institute Inc

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Services
  • Human Resource
  • E-Commerce
  • Finance
  • Accounting
  • Customer Care. Sales & Marketing
  • Others
Vertical
  • BFSI
  • Telecom & IT
  • Healthcare
  • Automotive
  • Manufacturing
  • Food
  • Beverage
  • Power & Energy
  • Consumer Electronics
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Machine Learning Market Drivers and Opportunities

Increasing Integration of Machine Intelligence with Analytics Solutions to Favor Market

The discipline of retail analytics has grown significantly in the last several years. By utilizing cutting-edge data analytics tools, numerous e-commerce companies, including Alibaba, eBay, and Amazon, have raised their revenues and enhanced customer happiness. Research and development in speech and voice recognition technology have led to the emergence of ML-based cognitive speech coding techniques.

Increasing Application in the Healthcare Sector to Favor Market

Numerous applications in the healthcare industry already make use of ML technology. This platform evaluates millions of unique data points in this industrial vertical, forecasts results, and offers precise resource allocation and fast risk scores.

Diagnosing and identifying ailments that can be challenging to diagnose is one of the most significant uses of this technology in the healthcare industry. This can include several inherited illnesses and cancers that are challenging to identify in the early stages. IBM Watson Genomics is a well-known example of this, demonstrating how genome-based tumor sequencing in conjunction with cognitive computing may help in cancer detection.

Machine Learning Market Report Segmentation Analysis

Key segments that contributed to the derivation of the machine learning market analysis are services and vertical.

  • Based on services, the machine learning market is divided into human resources, e-commerce, finance and accounting, customer care, sales & marketing, and others. The human resource segment is anticipated to grow in the forecast period.
  • By vertical, the market is segmented into BFSI, telecom & IT, healthcare, automotive, manufacturing, food and beverage, power & energy, consumer electronics, and others. The BFSI segment is anticipated to grow in the forecast period.

Machine Learning Market Share Analysis by Geography

The geographic scope of the Machine Learning market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the machine learning market. High technology adoption trends in various industries in the North American region have fuelled the growth of the machine learning market. Factors such as increased adoption of digitization and high technological spending by government agencies are expected to drive the North American machine learning market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has many machine learning market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the Machine Learning market.

Machine Learning Market Report Scope

Report Attribute Details
Market size in 2023 US$ 37.92 Billion
Market Size by 2031 US$ 425.37 Billion
Global CAGR (2023 - 2031) 35.2%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Services
  • Human Resource
  • E-Commerce
  • Finance
  • Accounting
  • Customer Care. Sales & Marketing
  • Others
By Vertical
  • BFSI
  • Telecom & IT
  • Healthcare
  • Automotive
  • Manufacturing
  • Food
  • Beverage
  • Power & Energy
  • Consumer Electronics
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Amazon Web Services, Inc.
  • FICO
  • Google
  • Hewlett Packard Enterprise Development LP
  • IBM
  • Microsoft
  • SAP
  • BigML, Inc.
  • H2O.ai.
  • SAS Institute Inc
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Machine Learning Market News and Recent Developments

    The Machine Learning market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

    • In February 2024, - XTX Markets, one of the leading algorithmic trading companies, is excited to announce the launch of XTY Labs, a new machine learning division to be headed by newly appointed Research Director Dr. Atlas Wang.

    (Source: XTX Markets, Press Release, 2024)

    • In April 2024, AdTheorent Holding Company, Inc., one of the machine learning pioneers using privacy-forward solutions to deliver measurable value for programmatic advertisers, and Miles Partnership, a strategic marketing company focused exclusively on travel and tourism, announced campaign results from the VISIT FLORIDA Sun Seekers digital advertising campaign.

    (Source: AdTheorent Holding Company, Inc, Press Release, 2022)

    Machine Learning Market Report Coverage and Deliverables

    The "Machine Learning Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

    • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
    • Market dynamics such as drivers, restraints, and key opportunities
    • Key future trends
    • Detailed PEST/Porter's Five Forces and SWOT analysis
    • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Services ; and Vertical

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

    Frequently Asked Questions


    What will be the market size for the global machine learning market by 2031?

    The global machine learning market is expected to reach US$ 425.37 billion by 2031.

    Which are the key players holding the major market share of the machine learning market?

    The key players holding majority shares in the global machine learning market are Amazon Web Services, Inc., FICO, Google, Hewlett Packard Enterprise Development LP, IBM, Microsoft, SAP, BigML, Inc., H2O.ai., SAS Institute Inc

    What are the opportunities of the global machine learning market?

    Increasing applications in the healthcare sector are anticipated to play a significant role in the global machine-learning market in the coming years.

    What are the driving factors impacting the global machine-learning market?

    Increasing integration of machine intelligence and increasing applications in the healthcare sector are the major factors that propel the global machine learning market growth.

    What is the estimated market size for the global machine learning market in 2023?

    The global machine learning market was estimated to be US$ 37.92 billion in 2023 and is expected to grow at a CAGR of 35.2% during the forecast period 2024 - 2031.

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