Machine Learning Market in India Thriving on Higher Investments
Research On Global Markets has announced the addition of a market research report titled “Machine Learning Market In India (2018-2023)” to their offering. According to the report, machine learning has emerged as a distinct artificial intelligence (AI) technology, which is being adopted aggressively by retail, transportation (especially airlines), and financial services companies in India. In 2018 itself, 0.18 Mn to 0.2 Mn new jobs were created for professionals who have expertise in machine learning applications.
The research report published by Research On Global Markets features a comprehensive analysis of the Indian machine learning market as well as global. The global machine learning market is expected to reach a value of INR 543.18 Bn by the end of 2023, expanding at a compound annual growth rate (CAGR) of nearly 42.99%. This growth is attributed to technological advancements, and its proliferation in the field of data generation.
According to the analysts, the adoption of AI applications in India is still at a nascent stage, but it is anticipated that the market will grow at a higher rate in the coming years. Among the various AI technologies being implemented in India, investments are the highest in the field of machine learning applications. In India, investments in artificial intelligence (which was INR 773.64 Bn in 2017) is expected to expand at a CAGR of 33.49% during the 2018-2023 period. The growing popularity of AI technologies, especially ML applications, across business functions like finance, accounting, general management, IT, operations, and administration is one of the primary reasons for this positive outlook, according to Research On Global Markets.
However, the analysts at Research On Global Markets are somewhat sceptical regarding the privacy of customer data in machine learning applications. Customers’ apprehensions regarding the safety of their information hinders the implementation of machine learning applications, which in turn can hurt the growth of this market.
Research On Global Markets tracks the performance of the major players operating in the machine learning market in India including Artivatic Data Labs Pvt. Ltd., Formcept Technologies & Solutions Pvt. Ltd., PixelCrayons, QBurst Technologies Pvt. Ltd., Active Intelligence Pte. Ltd., Amazon Web Services, Inc., Fair Isaac Corporation, International Business Machines Corporation, Microsoft Corporation, and Xoriant Corporation, among others.
Key highlights of this report:
- Indian machine learning market - definition and structure
- Application of machine learning across industries
- Market size and growth forecast – value-wise (2017-2023e)
- Number of machine learning applications published by global companies (2017)
- Artificial intelligence market size and growth forecast – investment-wise (2017-2023e)
- Qualitative analysis of the major drivers and challenges affecting the market
- Analysis of the competitive landscape and profiles of major players operating in the market
- Key recent developments associated with the online education market in India
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for machine learning in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.