Global Machine Learning Market Analysis: Size, Drivers, Trends, Opportunities, And Strategies
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What is the Expected Growth Rate of the Machine Learning Market from 2024 to 2033?
The machine learning market is expected to grow from $50.2 billion in 2023 to $68.88 billion in 2024, at a CAGR of 37.2%. This rapid growth is attributed to advancements in machine learning algorithms, the expansion of IoT and edge computing, and increasing integration of machine learning technologies across industries.
The machine learning market will grow to $240.84 billion by 2028, with a CAGR of 36.7%. This growth is driven by concerns around explainable and ethical AI, exponential data growth, the expansion of edge computing, and the growing use of AI and machine learning for predictive analytics. Trends include algorithmic innovations, big data technology growth, automated machine learning (AutoML), federated learning, and industry-specific ML solutions.
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What Key Factors Are Fueling the Growth of the Machine Learning Market?
The rising adoption of cloud-based platforms is projected to boost the machine learning market. Cloud platforms provide accessible computing resources, enabling users to work collaboratively and integrate with other services. For instance, Ofcom reported that the UK cloud infrastructure market was valued at approximately £7.0 billion ($7.69 billion) to £7.5 billion ($8.23 billion) in 2022, and 41.4% of global tech leaders planned to increase investments in cloud services in 2023. Thus, the rise in cloud adoption is fueling machine learning market growth.
What Are the Major Segments of the Machine Learning Market?
1) By Component Outlook: Hardware, Software
2) By Deployment: Cloud, On-Premises
3) By Type: Large Enterprises, Small and Medium Enterprise
4) By End-user: Healthcare, Retail, BFSI, Manufacturing, IT & Telecom, Energy & Utilities, Agriculture, Automotive, Marketing & Advertising
What New Trends Are Transforming the Machine Learning Market?
Companies in the machine learning market are prioritizing automated machine learning tools to simplify the model selection, training, and deployment process, making machine learning accessible to those with limited expertise. For example, in April 2023, Singapore-based AND Solutions launched the NIKO AutoML platform, a tool designed to streamline the creation of predictive models. This platform enables users to quickly build and deploy machine learning models without coding or data science experience, enhancing efficiency, productivity, and cost-effectiveness through its intuitive interface.
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Which Regions Are Driving Growth in the Machine Learning Market?
North America was the largest region in the machine learning market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the machine learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Machine Learning Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the machine learning market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Machine Learning Market Include
1. Machine Learning Market Executive Summary
2. Machine Learning Market Segments
3. Machine Learning Market Size And Template Market Growth Rate
4. Key Machine Learning Market Trends
5. Major Machine Learning Market Drivers
……
25. Key Mergers And Acquisitions In The Machine Learning Market
26. Top Machine Learning Companies
27. Machine Learning Market Opportunities And Strategies
28. Machine Learning Market, Conclusions And Recommendations
29. Appendix
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