Global Machine Learning Market Segmentation
The global machine learning market has been segmented on the basis of the component, organization size, vertical, and region. The component segment has been sub-segmented into hardware, software, and service. The hardware segment has been further segmented into processors, memory, and network. The software segment has been segmented into solution and platform. The services segment has been segmented into installation, training and support and maintenance services. The organization size segment has been segmented into large enterprises and small- and medium-sized enterprises. The vertical segment has been segmented into BFSI, media & entertainment, automotive, telecommunication, retail & e-commerce, education, healthcare, government & defense, and others. The region includes North America, Europe, Asia-Pacific, and the rest of the world.
Market Highlights
The Global Machine Learning Market is expected to reach USD 106.52 Billion at a CAGR of over 38.76% by the end of 2030.
The Global Machine Learning Market is spanned across North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to contribute the highest market share due to the presence of key market players investing in the development of machine learning software, platforms, applications, and systems across the US, Canada, and Mexico. For the purpose of analysis, North America has been categorized into three regions—the US, Canada, and Mexico. The US accounted for the highest market share of 64.85% in 2017, growing at a CAGR of 39.13%. The growth in this region is driven by the increasing demand for machine learning-based speech and image recognition software and data mining in industry verticals namely government, law enforcement, healthcare, security and surveillance, military & defense, IT & telecommunication, financial services, and research and development.
On the other hand, Europe contributes the second-largest market share due to the rapidly growing implementation of machine learning software, solutions, platforms, and systems for various industry verticals such as security, marketing, automotive, healthcare, IT & telecommunication, retail, agriculture, and manufacturing. The governments in European countries are adopting machine learning technology for surveillance, fraud detection, and data mining. Furthermore, the growing demand for machine learning technology in various applications such as smart home devices, consumer electronics products, healthcare equipment to diagnose diseases, IT & telecommunication for predictive analytics, media & entertainment to translate languages, and automotive for autonomous driving also boost the market growth in the region
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Regional Analysis
According to the geographical status, the Machine Learning Market covers major reasons such as North America, Latin America, Europe, the Middle East and Africa, and Asia-Pacific. Among all these above regions, the North American market is considered the dominating region to reach a good CAGR during the forecast period. The region is showing good progress due to key players in the developed countries implementing their new ideas and advanced technologies in the research and development sector.
The Asia Pacific regions are even estimated to reach their estimated CAGR value due to industry progress regarding business productivity. The Asian markets are even offering experienced machine learning techniques and serve as the most efficient region of the market.
Industry News
In December 2020, HP Enterprises announced to release its solutions as a service by the HPE Greenlake, a new cloud-based service of HP. This will help the customers to amalgamate the power payment experience to the cloud users.
Competitive Dashboard
The key players of the global machine learning market are Microsoft Corporation. (US), Google (US), Amazon.com, Inc. (US), Cisco Systems, Inc. (the US), IBM Corporation (US), Apple Inc (US), Intel Corporation (US), Baidu Inc (China), Nuance Communications (US), Facebook, Inc. (the US), and Wipro Limited (India).
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