A recent report published by Infinium Global Research on the machine learning market provides an in-depth analysis of segments and sub-segments in the global as well as regional machine learning market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional machine learning market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global machine learning market. According to the report, the global machine learning market is projected to grow at a healthy CAGR over the forecast period of 2020-2026.

Market Insight

Emerging technologies such as machine learning and artificial intelligence are changing the way industries and humans work. These technologies have optimized supply chains, launched numerous digital products and services, and transformed overall customer experience. Machine learning is a subset of artificial intelligence and it has evolved from computational learning and pattern recognition in artificial intelligence. Further, it explores the construction and study of algorithms and carries out predictions on data. In addition, in the upcoming years, applications of machine learning in various industry verticals are anticipated to rise exponentially. Technological advancement and proliferation in data generation are some of the major pouring factors for the machine learning platforms segment growth.

The World Health Organization (WHO) has declared the novel coronavirus (COVID-19) outbreak as an epidemic, causing a huge impact on businesses and humankind. This contagion has emerged as an opportunity for machine learning and AI-enabled computer systems to fight against the pandemic as numerous tech giants and start-ups are working on prevents, mitigate, and contain the virus. Furthermore, the COVID-19 outbreak is projected to stimulate machine learning market growth of next-generation tech domains, including AI, due to the mandated work-from-home (WFH) policy owing to this pandemic. The company that offers Software-as-a-Service (SaaS) and cloud-based customer engagement and remote connectivity and collaboration services, has experienced a substantial increase in new sign-ups across its all product portfolios amid the epidemic. Moreover, tech companies are expanding their product offerings and services to broaden availability across the world.

The demand for machine learning is accredited to the increasing adoption of cloud-based services, upsurge in unstructured data leads to the growing demand for machine learning solutions. Cloud-based services deliver augmented scalability and security, which has made them more suitable to be utilized by businesses of all sizes. This rise in the adoption of cloud-based services and solutions have positively impacted the global machine learning market. Furthermore, growing need to improve computing power and decline hardware cost owing to machine learning algorithms capability to run or execute faster on a GPU as compared to a CPU is resulting in high adoption of machine learning technologies among numerous industries. Moreover, the increasing rate of adoption for IoT and automation systems in industries is projected to drive the growth of the machine learning market. Conversely, the absence of technical expertise is anticipated to restrain the machine learning market growth during the forecast period.

Among the geographies, North America region is expected to hold the largest share in the global machine learning market as countries such as the U.S. and Canada are the front-runners of the adoption of new technology. Furthermore, the large-scale adoption of big data in numerous sectors, for example, financial services, automotive, industrial, IT & telecommunications, healthcare, consumer electronics, research, and development, and many others propel the market growth of machine learning market in the North America region. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period. This is attributed to the growing adoption of machine learning in emerging markets with a massive talent base, such as China and India.

Segment Covered

The report on the global machine learning market covers segments such as component, enterprise size, service, deployment model, and end-user. On the basis of component, the sub-markets include hardware, software, and services. On the basis of enterprise size, the sub-markets include large enterprises, and SMEs. On the basis of service, the sub-markets include professional services, and managed services. On the basis of the deployment model, the sub-markets include cloud, and on-premises. On the basis of end-user, the sub-markets include healthcare, BFSI, government and defense, retail, advertising & media, automotive & transportation, agriculture, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Amazon Web Services, Inc., Baidu Inc., Google Inc., RapidMiner, Inc., Intel Corporation, International Business Machines Corporation, Hewlett Packard Enterprise Development LP, Microsoft Corporation, SAS Institute Inc., and SAP SE.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of machine learning market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.