Pune, India, Nov. 22, 2023 (GLOBE NEWSWIRE) — The global machine learning market size was valued at USD 19.20 billion in 2022 and is projected to reach USD 225.91 billion by 2030, exhibiting a CAGR of 36.2% over the forecast period. Fortune Business Insights presents this information in their report titled “Global Machine Learning Market Forecast, 2023-2030.”
Machine Learning (ML) is a data analytics tool that trains computers to learn from algorithms and data and imitate human learning. ML is a subset of Artificial Intelligence (AI). AI and ML technologies are being deployed on a large scale in various end-use industries, including healthcare, automotive, retail, and manufacturing. This factor will boost the Machine Learning (ML) market growth.
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Key Industry Development:
February 2022 – H2O.ai, a leading cloud company, announced the release of new H2O MLOps features that improve the overall flexibility, configuration, and explainability of ML workflows. These features provide governance, scalability, and greater control as well within its Machine Learning (ML) workflow.
Key Takeaways
- Machine learning market size in North America was USD 6.12 billion in 2022
- Increased Tech Spending by SMEs to Deploy AI and ML Technologies will Bolster Market Progress
- High Usage of Cloud-based Solutions to Aid Adoption of ML Technology
- Rising Machine Intelligence Application in Healthcare to Boost Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the global machine learning market are IBM Corporation (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), Microsoft Corporation (U.S.), Amazon, Inc. (U.S.), Intel Corporation (U.S.), Databricks (U.S.), SAS Institute Inc. (U.S.). BigML, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 36.2% |
| 2030 Value Projection | USD 225.91 Billion |
| Base Year | 2022 |
| Machine Learning Market Size in 2022 | USD 19.20 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Enterprise Type, Deployment, End-Use Industry and Geography |
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Drivers and Restraints:
ML Technologies find Notable Use in Healthcare Applications
ML technology is already being used in several healthcare solutions. This technology analyzes millions of distinct data points and estimates their outcomes. It also offers quick risk scores and exact resource allocation.
Diagnosis and detection of tricky medical conditions or illnesses is one of the key advantages of using ML technology in healthcare. Some of the examples of these ailments include various hereditary diseases and cancers that are difficult to detect early on. For instance, Berg, a biopharmaceutical giant, uses AI to generate therapeutic solutions for cancer.
While the ML platform offers several benefits to a vast range of industries, this technology lacks certain parameters that can hinder overall market growth.
Segmentation
By Enterprise Type
- Small and Mid-sized Enterprises (SMEs)
- Large Enterprises
By Deployment
By End-use Industry
- Healthcare
- Retail
- IT and Telecommunication
- Banking, Financial Services and Insurance (BFSI)
- Automotive & Transportation
- Advertising & Media
- Manufacturing
- Others (Energy & Utilities)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Vast Presence of Leading R&D Investors to Augment the North America Market
North America accounted for the largest market share in 2022. The region has a notable presence of leading R&D investors, such as Oracle Corporation, Amazon.com, and IBM Corporation, which expanded the North America market size. The region also has an easier access to established IT infrastructure. The federal governments are also increasing their investments to improve their IT services by incorporating newer technologies. For instance, the U.S. Defense Advanced Research Projects Agency (DARPA) announced that it invested USD 2 billion to deploy ML and other AI technologies. Such factors will expand the North America Machine Learning (ML) market share.
The Europe market is expected to register strong growth due to the rising use of ML technology in emerging markets that have a large population of skilled workers, such as the U.K. and Germany.
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Competitive Landscape:
Companies to Launch New Functionalities in Existing Offerings to Increase Global Market Footprint
Some of the key companies operating in the market are providing automated machine intelligence solutions and services to ease the process of building learning models. For instance, Microsoft’s Machine Learning Operations (MLOps) or DevOps utilizes Azure’s ML capabilities. The tech giant is also consistently introducing novel capabilities in its product offerings to fortify its position in the market.
FAQs
How big is the machine learning market?
The global machine-learning market size was USD 19.20 billion in 2022. It is expected to reach USD 225.91 billion by 2030.
How fast is the machine learning market growing?
The machine learning market will exhibit a CAGR of 36.2% during the forecast period, 2023-2030.
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