DUBAI, UAE, Nov. 14, 2023 /PRNewswire/ — As per the recent report released by Kings Research, the global Machine Learning Market revenue was recorded at USD 19.45 billion in 2022 and is projected to reach USD 188.34 billion by 2030, growing at 37.47% CAGR from 2023 to 2030. The primary factors fostering market growth are advancements in technology and accelerated adoption of artificial intelligence. Furthermore, the demand for efficient data analysis and prediction tools in industries such as healthcare, finance, and retail is bolstering market expansion.
The machine learning market involves the creation and use of algorithms and statistical models that enable computers to learn and make predictions or decisions without explicit programming. It is relevant across diverse industries like healthcare, finance, retail, and manufacturing, where machine learning is gaining prominence for enhancing efficiency and precision.
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Trending Now: Box and Google Cloud Expand Partnership to Include Advanced AI and Machine Learning Capabilities
In November 2023, Box and Google Cloud expanded their partnership to offer advanced AI and machine learning functions. These new capabilities will empower companies to automatically categorize and tag documents, extract vital information from text, and construct predictive models. These features will be driven by Google Cloud’s Vertex AI, a unified AI platform.
Moreover, Box is now accessible through the Google Cloud Marketplace, simplifying the purchasing process for customers. This change is anticipated to increase Box’s accessibility to businesses of varying sizes. It will offer companies a robust platform for utilizing AI and machine learning to extract insights from their data and enhance their operations.
Global Machine Learning Market Snapshot:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| Market Value (2022) | USD 19.45 billion |
| Forecasted Value (2030) | USD 188.34 billion |
| CAGR | 37.47 % |
| No. of Pages | 120 |
| Segments Covered | Enterprise Type, Deployment, End-User, and Geography |
| Drivers | Rising Use of Data Science by Large Enterprises to Fuel Machine Learning Market Growth |
| Growing Adoption of Cloud-Based Machine Learning Software to Propel Machine Learning Market Progress |
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Competitive Landscape
Major players are utilizing profitable business strategies like partnerships, mergers, product innovations, and joint ventures to expand their product portfolio and increase market shares, including R&D investments, new manufacturing facilities, and supply chain optimization.
For instance, in January 2022, Stellantis, an automotive company, and Amazon, the e-commerce and technology giant, partnered to introduce enhanced connected experiences for Stellantis’ vehicle customers, expediting Stellantis’ software transformation. This collaboration aims to revolutionize the in-vehicle experience for Stellantis customers and drive the automotive industry toward a sustainable, software-defined future.
Key industry participants profiled in the machine learning market include:
- Amazon Web Services, Inc.
- Baidu Inc.
- Google Inc.
- H2O.ai
- Hewlett Packard Enterprise Development LP
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- SAS Institute Inc.
- SAP SE
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The global Machine Learning Market is segmented as:
By Enterprise Type
- Small & Medium Sized Enterprises
- Large Enterprises
Rising Use of Data Science by Large Enterprises to Fuel Machine Learning Market Growth
In terms of enterprise type, the market is bifurcated into small & medium sized enterprises and large enterprises. The large enterprises segment dominated the global machine learning market in 2022 due to the rising use of data science and artificial intelligence in corporate processes. Machine learning is increasingly being utilized by large businesses to enhance knowledge from large data sets and reduce challenges, thereby generating high business value.
By Deployment
- Cloud
- On Premise
Growing Adoption of Cloud-Based Machine Learning Software to Propel Machine Learning Market Progress
By deployment, the machine learning industry is segregated into on-premise and cloud. The cloud segment garnered the largest share of the market in 2022, primarily driven by the accessibility of automated software updates, flexibility, and disaster recovery options through cloud-based backup systems. Additionally, the robust cloud storage facilities supporting increased collaboration, document version control, and data loss prevention contribute to the growing adoption of cloud-based machine learning software solutions and services.
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Increasing Availability of Big Data to Augment Machine Learning Market Expansion
The key drivers for the global machine learning market are the rising availability of big data and a growing recognition of the advantages offered by machine learning in decision-making. Additionally, the advent of Internet of Things (IoT) devices and the necessity for real-time data analysis are significant factors propelling market growth. Businesses and organizations are increasingly adopting machine learning algorithms to gain valuable insights and make informed decisions, seeking a competitive advantage. Consequently, the machine learning market is poised to observe rapid expansion and transformation across various industries in the upcoming years.
The surge in data generation across industries and businesses has sparked a demand for effective data analysis and insights extraction. Machine learning algorithms excel in processing and analyzing large datasets, enabling data-driven decisions and a competitive edge. This has led to the widespread adoption of machine learning solutions in healthcare, finance, retail, and manufacturing, which is driving market expansion. In healthcare, machine learning aids early disease diagnosis through patient data analysis. In finance, it enhances fraud detection and stock market predictions. With the expanding applications of machine learning, the market is set to witness notable growth in the coming years.
Presence of Key Industry Players in North America to Spur Machine Learning Market Proliferation
North America is poised to lead the machine learning market by the end of the review period mainly due to the presence of key industry players such as Google, Microsoft, and Amazon. These companies have positioned themselves as pioneers in the field, drawing exceptional talent and substantial R&D investments. Moreover, North America benefits from a thriving network of universities and research institutions leading the way in pioneering machine learning innovations, guaranteeing a continuous flow of highly skilled professionals and groundbreaking ideas. The region’s robust infrastructure, financial resources, and government support have fostered a nurtured environment for machine learning startups and enterprises, which is impelling market progress.
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Key Points from TOC:
1 Introduction of the Global Machine Learning Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Machine Learning Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Machine Learning Market, By Enterprise Type
7 Global Machine Learning Market, By Deployment
8 Global Machine Learning Market, By End User
9 Global Machine Learning Market, By Geography
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Machine Learning Market Competitive Landscape
16 Company Profiles
16.1 Amazon Web Services, Inc.
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Baidu Inc.
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Google Inc.
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 H2o.AI
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Hewlett Packard Enterprise Development LP
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
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