The Machine Learning (ML) Market is Expected to Reach USD 183.89 Billion in 2030
Machine Learning (ML) Market Size – USD 4.73 Billion in 2020, Market Growth – at a CAGR of 44.1%, Market Trend – Increasing R&D Investment
NEW YORK, NY, USA, Jan. 26, 2022 /EINPresswire.com/ — Massive adoption of smartphones, e-commerce and social media due to increasing internet penetration is driving the revenue growth of the machine learning
According to the latest Reports and Data report, the global machine learning (ML) market size is expected to reach USD 183.89 billion by 2030 and register a revenue CAGR of 44.1% over the forecast period. The growing trend of integrating cloud computing into Bring Your Own Device (BYOD) systems and work model, coupled with continuous technological advancements, is driving the revenue growth of the machine learning market.
Machine learning helps analyze large volumes of data and identify specific trends and patterns that would otherwise not be apparent. For example, for an e-commerce website such as Amazon, it helps to analyze the shopping histories and browsing behaviors of its users, which in turn helps to respond to the right opportunities, products and reminders. relevant to users. The results are then used to deliver relevant advertisements to users. Machine learning allows systems to learn, make predictions and improve algorithms. For example, antivirus software learns to filter out new threats as they are recognized. Algorithms can handle multidimensional and multivariate data, even in dynamic or uncertain environments.
Virtual agents are another big trend driving demand for machine learning. Virtual agents respond to customers via email or chatbots on company websites and thus provide personalized, human-like help to customers. Companies such as Google and Amazon provide 24/7 customer service using virtual agents. Virtual agents rely on artificial intelligence (AI) systems to answer customer questions. AI systems depend on machine learning to establish and analyze frequently asked questions. Machine learning is expected to enable robots to perform business management tasks for years to come. Algorithms are a powerful tool for pattern recognition and predictive analysis. Bots will be able to perform repetitive tasks, which are currently performed by lower-level managers, using algorithms. These advancements are expected to have a positive impact on the growth of the market.
Companies profiled in the global market report include Oracle Corporation, International Business Machines (IBM) Corporation, Amazon Web Services, Inc., Microsoft Corporation, Fractal Analytics Inc., Google LLC, Baidu Inc., Intel Corporation, Hewlett Packard Enterprise Development LP, and Dell Inc.
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Some highlights of the report
• In January 2022, Amazon and Stellantis collaborated to bring customer-centric connected experiences to millions of vehicles, helping to accelerate Stellantis’ software transformation. The agreement will transform the in-car experience for Stellantis customers and advance the automotive industry’s transition to a software-defined sustainable future.
• Software segment accounted for a larger revenue share in 2020. Data can be reviewed, analyzed, and then decisions can be made using software.
• Small and medium enterprises are increasingly adopting machine learning tools to reduce investments in information and communications technology (ICT) and access digital resources. Rapid digitalization and increase in cyber threats are driving the growth of small and medium business segment.
• Fraud detection and risk analysis is a major concern for the banking and financial sector. The increasing number of transactions due to a plethora of payment channels, such as smartphones, credit/debit cards and others, increases the risk of fraud. As a result, it becomes difficult for businesses to authenticate their transactions, creating demand for advanced technologies such as machine learning to address these issues.
• The predictive maintenance segment is expected to register a high revenue growth rate during the forecast period. Manufacturing companies must implement corrective and preventive maintenance practices. However, these practices are often inefficient and costly. Machine learning helps create highly effective predictive maintenance programs. These can minimize the risk of unexpected breakdowns, thereby reducing unnecessary preventive maintenance projects.
• The BFSI segment accounted for a large share of revenue in 2020. Some common benefits provided by machine learning to the BFSI industry include algorithmic trading, portfolio management, loan underwriting, and most importantly, fraud detection. Additionally, the technology facilitates the continuous evaluation of data to detect and analyze anomalies and nuances. This helps improve the accuracy of financial models and rules.
• The market in North America accounted for the largest revenue share in 2020. The region is rapidly adopting machine learning technology and investing heavily in new technologies like artificial intelligence, cloud computing and others. The generation of large amounts of data through social media and IT companies is increasing the demand for advanced technologies such as machine learning. The increasing adoption of autonomous vehicles and the presence of key market players investing in machine learning R&D are also driving the North America market revenue growth.
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For this report, Reports and Data has segmented the global Machine Learning (ML) Market on the basis of component, organization size, application, end-use, and region:
Components Outlook (Revenue, USD Billion; 2018-2030)
o Access control
o Security intelligence
o Big Data Governance
o Cloud and web-based application programming interface (API)
o Managed Services
o Professional Services
Support & Maintenance
Organization Size Outlook (Revenue, USD Billion; 2018-2030)
• Small and medium enterprises
• Large companies
Application Outlook (Revenue, USD Billion; 2018-2030)
• Fraud detection and risk analysis
• Augmented and virtual reality
• Natural language processing
• Computer Vision
• Security monitoring
• Marketing and advertising
• Automated network management
• Predictive maintenance
End-Use Outlook (Revenue, USD Billion; 2018-2030)
• Aerospace and Defense
• Retail and e-commerce
• Health and life sciences
• Media and entertainment
• IT and telecommunications
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Regional Outlook (Revenue, USD Billion; 2018-2030)
Middle East and Africa
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