Growing demand for cloud-based services, growing concerns in safety and security, and growing advancements in technologies is expected to drive the growth of the machine learning market. The global machine learning market was valued at USD 1.7 billion in 2018 and is expected to reach USD 33.4 billion in 2026, growing at a CAGR of 44.3% during the forecast period.
Machine learning is nothing but new computing technologies and allows computers can learn without being programmed to perform specific tasks. The machine learning is used in various safety and security applications which include face recognition, speech recognition, antispam, signal diagnosing, weather forecast, and face detection.
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Machine learning has a huge application in the Banking, Financial Services, and Insurance (BFSI), manufacturing, telecommunication, energy and utilities, and retail industry. The growing demand for huge data management and increased concerns for managing the complex business processes with improved efficiency and lowering the overall costs grows the demand for machine learning in these industries.
Rising demand for mapping consumer behaviour in the advertising and marketing sector and increase in demand for IoT based and cloud computing platforms and growing advancements in technologies are the key factors attributed to the market growth. Furthermore, the increasing development in complex business processes with improved efficiency and lowering the overall costs also expected to fuel the market growth during the forecast period. On the other hand, lack of technical expertise and government and compliance issues is acting as a restraint to this market. However, continuous development in IoT platforms and growing connectivity and communication technologies is expected to create major growth opportunities during the forecast period.
• Based on service, the managed services segment is expected to grow at the highest CAGR of around 51% during the forecast period
• Based on deployment mode, the cloud deployment mode segment is accounted for the largest share in the market and held for around 64% of the total market, in 2018
• Based on organization size, the large enterprises segment is accounted for the largest share in the market and held for around 55% of the total market in terms of value, in 2018
• Based on industry vertical, the Banking, Financial Services, and Insurance (BFSI) segment is accounted for the largest share in the market and held for around 28% of the total machine learning market, in 2018
• North America accounted for around 38% share of the global machine learning market in 2018
• In April 2019, Google, Inc. Introduced Google AI Platform. This new platform helps user to build and run their machine learning models on-premise as well as on Google cloud.
• In December 2018, Microsoft introduced Azure Machine Learning services. The services include advanced capabilities which are designed to simplify the process of building, training, and deploying machine learning models.
• In August 2018, Intel Corporation (US) acquired Vertex.ai. An AI model suite development organization. The acquisition helped the company to enhance its product portfolio and work on new learning and communication technologies.