According to a new Netscribes report published by Research on Global Markets, the global machine learning market is expected to reach a value of USD 19.40 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 48.3% during the 2018-2023 period.
The report highlights the global trends, which indicate the increased application of machine learning techniques in the healthcare, financial, and retail sectors. In 2018, retail outpaced the banking, financial services, and insurance (BFSI) sub-segment to become the industry leader in terms of machine learning expenditure. Retail firms are expected to further invest in a number of machine learning applications, including expert shopping advisors and product recommendations, and automated customer service agents.
According to the report, North America is leading the innovation in machine learning techniques and currently holds the largest share of the global machine learning market. The growth of mobile computing systems in the last decade has led to the emergence of big data, on which machine learning is hugely dependent now. This has given a considerable boost to the market in North America. However, despite the positive outlook in the North American market, Asia-Pacific will witness the highest growth rate during the forecast period. In Latin America, on the other hand, the unskilled workforce has found it challenging to pick up the expertise needed for machine learning processes. This may prove to be a hindrance to the further development of the market.
Check out the Netscribes report featured in this article:
Key highlights of this report:
- Trends in the global machine learning market
- Comprehensive global market overview, including historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the market and its segments
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Value chain analysis
- Market segmentation based on applications - key market observations
- Market segmentation based on deployment mode (cloud deployment and on-premise deployment) – market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, and Asia-Pacific)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for machine learning techniques across the world, to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.