The Machine Learning Market accounted for US$ 1,289.5 Mn in 2016 and is expected to grow at a CAGR of 49.7% during the forecast period 2017 - 2025, to account for US$ 39,986.7 Mn in 2025.
With the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new capabilities for managing and computing the big sets of data and when coupled with machine learning technology, has delivered best insights to the businesses. Availability of massive amount of data, and demand for superior customer service, efficient operations and improve sales revenue are the two key factors significantly driving the growth of machine learning market.
Machine Learning Market Insights
Demand for superior customer service, efficient operations, and improved sales revenue
All the industries across the region are embracing IoT, big data, analytics to further explore the use cases for businesses and provide superior customer services, adopt efficient business operations, and improve the sales revenue. The nature of the business is becoming very competitive and to compete efficiently, enterprises nowadays relying more on business analytics. Traditionally, business analytical tools were used to project sales from the data about events that were a week or month old. With the advancement of machine learning technology which learns at real time and provides real-time recommendations or patterns, which helps in offering personalized user experience, computing real-time dynamic pricing, optimizing supply chain management and so on. These features are expected to fuel the machine learning market during the forecast period.
Rising adoption of cloud-based machine learning
By the end of 2017, the cloud computing industry had achieved significant adoption across all the major industries worldwide. Owing to this trend the companies are anticipated to produce high-quality service by adopting cloud-based machine learning services. The machine learning technology is quite expensive and complex to be built in-house by every enterprise. Not every mid-size or to some extent even the large enterprises may not require the full applications of machine learning technology. The specific use of machine learning to the specific use cases for each enterprise is considered as the best business model of machine learning technology. Hence, in the coming years, cloud adoption is further expected to gain high traction and expected to become a priority for each type of enterprises. This impact of cloud-based machine learning services would result in generating multiple opportunities for the vendors in machine learning market.
Machine Learning Market Strategic Insights
The partnership was observed as the most adopted strategy in the Global Machine Learning Market. Few of the recent strategy by some of the players in Machine Learning Market landscape are listed below-
2017: Google announced the opening of a machine learning research lab ‘Google AI China Center” headquartered in Beijing. With this expansion, Google strengthen its position in China machine learning market.
2017: IBM announced its first machine learning to be opened in Bengaluru, India. Many organizations collaborated with experts of IBM for the creation of analytic models.
2017: SAP introduced new analytics data platform for SAP Student Activity Hub. This platform will provide a real-time vision of student behavior and success. The company also provided embedded tools to Student Activity Hub for machine learning, predictive analytics, and artificial intelligence.
GLOBAL MACHINE LEARNING – MARKET SEGMENTATION
By Deployment Model
Table of Contents1 Table of Contents 2
List of TablesTable 1: Global Machine Learning Market Revenue and Forecasts to 2025 (US$ Mn) 47
List of FiguresFigure 1: North America Machine Learning Market, Global Revenue (US$ Mn), 2016 & 2025 21
The List of Companies - Machine Learning Market1. Amazon Web Services, Inc.