Global Machine Learning
Market Report
2024
As per Cognitive Market Research's latest published report, the Global Machine Learning market size was USD 24,345.76 million in 2021 and it is forecasted to reach USD 206,235.41 million by 2028. Machine Learning Industry's Compound Annual Growth Rate will be 42.64% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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As per Cognitive Market Research's latest published report, the Global Machine Learning market size was USD 24,345.76 million in 2021 and it is forecasted to reach USD 206,235.41 million by 2028. Machine Learning Industry's Compound Annual Growth Rate will be 42.64% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Machine Learning Market Sales Revenue 2021 | $ 24345.8 Million |
Global Machine Learning Market Sales Revenue 2028 | $ 206235 Million |
Global Machine Learning Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 42.64% |
Market Split by Component |
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Market Split by Application |
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Market Split by Deployment Model |
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Market Split by Services |
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Market Split by Organization Size |
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Market Split by End-use Industry |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Machine Learning Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Machine learning (ML) is a subdivision of artificial intelligence (AI). It is a method of data analysis that teaches computers to learn from algorithms and data, quickly mimicking the way humans learn. The technique focuses primarily on developing a program that can access data and use it to learn for itself. Machine learning enables machines to learn directly from data, experience, and examples. Additionally, machine learning offers enormous potential, from wearable data-driven gadgets that track health and fitness goals to self-driving cars and "smart cities" with infrastructure that automatically reduces wasted time and energy.
Similar to other industries, the covid-19 situation has affected the machine learning industry. Despite the dire conditions and uncertain collapse, some industries have continued to grow during the pandemic. During covid 19, the machine learning market remains stable with positive growth and opportunities. The global machine learning market faces minimal impact compared to some other industries.The growth of the global machine learning market has stagnated owing to automation developments and technological advancements. Pre-owned machines and smartphones widely used for remote work are leading to positive growth of the market. Several industries have transplanted the market progress using new technologies of machine learning systems.
June 2020, DeCaprio et al. Published COVID-19 pandemic risk research is still in its early stages. In the report, DeCaprio et al. mentions that it has used machine learning to build an initial vulnerability index for the coronavirus. The lab further noted that as more data and results from ongoing research become available, it will be able to see more practical applications of machine learning in predicting infection risk.
Growing use of the technology and automation is a major factor is expected to drive the growth of the global machine learning market. Increasing need of machine learning from the media and entertainment, automobiles, IT and telecommunications, education, and other government and non-government sectors are factors driving the growth of the global machine learning market over the forecast period.
In October 2022, Bharat Electronics (BEL) announced the signing of an agreement with Meslova to develop products and services in artificial intelligence and machine learning to develop air defense (AD) systems and platforms for the armed forces. Meslova uses artificial intelligence to develop domain-specific products and applications for some of the largest governments and corporations.
Increasing technology advancements to higher accuracy of systems coupled with demand of various system based on machine learning such as voice recognition systems, image recognition system and recommender systems which is expected to support the growth in the near future. Furthermore, introduction of self-driving automobiles and significant expenditures in AI is another factor expected to fuel the growth of the global market over the forecast year.
The lack of skilled and experienced employees in the machine learning is a major factor expected to decline growth of the target market to a certain extent. In addition, network hardware issues, delicate data security, and ethical allegations in the algorithms is expected to hamper growth of the potential market in the near future. However, the high deployment cost is another factor that could pose as a hindrance in the growth of global market.
During covid 19, industries and organizations in almost all regions are using remote working and working from home. It increases the use of machines, smartphones and other technological devices. Schools, colleges, government and non-government sectors are using machines developed by AI systems.
Therefore, according to the machine learning market forecast report, the technology and machine learning are in high demand and will increase in the future. Organizations and other organizational sectors are investing more in building A-based technologies to benefit the global market. These are the major machine learning market opportunities to watch during the forecast period.
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In January 2022, Amazon.com, Inc. and Stellantis N.V. partnered to introduce customer-centric connected experiences in millions of vehicles to help accelerate Stellantis' software transformation. The agreement is expected to transform the in-car experience for Stellantis customers and facilitate the software transition to a sustainable future defined by the car.
In May 2021, Google Cloud launched Vertex AI, a new managed machine learning platform. The platform will make it easier to deploy and maintain Google's AI models. According to the company, it takes 80% fewer lines of code to train a model in Vertex than some competing platforms.
Top Companies Market Share in Machine Learning Industry: (In no particular order of Rank)
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North America dominates the global machine learning market in terms of revenue contribution and is expected to maintain its dominance over the forecast period. This dominance can be attributed to presence of major vendors, early adoption of machine learning technology, and increasing number of machine learning start-ups in this region. Moreover, rising adoption of machine learning in the defence sector and technical developments in the telecommunications sector in various countries in this region.
The current report Scope analyzes Machine Learning Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Machine Learning Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Machine Learning Industry growth. Machine Learning market has been segmented with the help of its Component, Application Deployment Model, and others. Machine Learning market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Based on component, software and services are the segments of the global machine learning market. Software segment is expected to register highest revenue share in the global machine learning market. This is attributed to cut down workload and time by automating several tasks and widespread applications in customer interaction, more reliable in data handling.
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Based on application, the market is segmented into Marketing & Advertising, Fraud Detection & Risk Management, Computer vision, Security & Surveillance, Predictive analytics, Natural Language Processing, Augmented & Virtual Reality and Others.
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In terms of revenue, Cloud-based was the leading segment with 68.36% share of total Machine Learning market.
Based on deployment model, the market is segmented into cloud-based and on-premise. The cloud-based segment is expected to register highest growth of the global market in terms of revenue. This growth is primarily attributed to flexibility, automatic software upgrades, disaster management via cloud-based backup systems, and enhanced efficiency.
In terms of revenue, Professional Services was the leading segment with 71.65% share of total Machine Learning market.
Based on Services, the market is segmented into managed service and professional services. The professional services segment is expected to register highest share in the global market, due to increasing deployment of machine learning solution.
In terms of revenue, Large Enterprise was the leading segment with 66.34% share of total Machine Learning market in 2021
Based on organization size, the global machine learning market is segmented into large enterprise and small and medium-sized Enterprises. Large enterprises segment accounted for the largest revenue share where as small and medium-sized enterprises segment is expected to register a steady revenue growth rate during the forecast period.
In terms of revenue, Automotive was the leading segment with 24.35% share of total Machine Learning market in 2021
Based on end-use industry, the global machine learning market is segmented into BFSI, Media and Entertainment, Automotive, Telecommunication, Retail and E-commerce, Education, Healthcare, Government and Defense and others. Automotive segment accounted for the largest revenue share in the global machine learning market, due to machine learning is being used in self-driving cars. The BFSI segment is expected to register a steady revenue growth rate during the forecast period. Algorithmic trading, portfolio management, loan underwriting, and, most critically, fraud detection are all popular uses of machine learning in the BFSI business.
Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
Swasti an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
In her current role, Swasti manages research for service and software category, leading initiatives to uncover market opportunities and enhance competitive positioning. Her strong analytical skills and ability to provide clear, impactful findings have been crucial to her team’s success. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations, Swasti remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Machine Learning Market is witnessing significant growth in the near future.
In 2023, the Software segment accounted for noticeable share of global Machine Learning Market and is projected to experience significant growth in the near future.
The Marketing & Advertising segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Microsoft Corporation, Intel Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Component | Software, Services, Solution |
Application | Marketing & Advertising, Fraud Detection & Risk Management, Computer vision, Security & Surveillance, Predictive analytics, Natural Language Processing, Augmented & Virtual Reality, Others |
Deployment Model | Cloud-based, On-premise |
Services | Managed Service, Professional Services |
Organization Size | Large Enterprise, Small and Medium-Sized Enterprises |
End-use Industry | BFSI, Media and Entertainment, Automotive, Telecommunication, Retail and E-commerce, Education, Healthcare, Government and Defense, others |
List of Competitors | Microsoft Corporation, SAP SE, Intel Corporation, SAS Institute Inc., Bigml Inc., Google Inc., Fair Isaac Corporation, Baidu Inc., H2o.AI, Hewlett Packard Enterprise Development LP, Amazon Web Services Inc., Domino Data Lab Inc., Dataiku, Luminoso Technologies Inc., TrademarkVision, IBM Corporation, KNIME.com AG, RapidMiner Inc., Angoss Software Corporation, Alpine Data., Others |
This chapter will help you gain GLOBAL Market Analysis of Machine Learning. Further deep in this chapter, you will be able to review Global Machine Learning Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Component Analysis 2019 -2031, will provide market size split by Component. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Component Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Deployment Model Analysis 2019 -2031
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Chapter 13 Market Split by Services Analysis 2019 -2031
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Chapter 14 Market Split by Organization Size Analysis 2019 -2031
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Chapter 15 Market Split by End-use Industry Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Machine Learning market
Chapter 16 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Software have a significant impact on Machine Learning market? |
What are the key factors affecting the Software and Services of Machine Learning Market? |
What is the CAGR/Growth Rate of Marketing & Advertising during the forecast period? |
By type, which segment accounted for largest share of the global Machine Learning Market? |
Which region is expected to dominate the global Machine Learning Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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