Machine Learning Market Analysis Report By Component, By Enterprise Size, By End Use And Segment Forecasts From 2019 To 2025

Industry Insights

The global machine learning market size was accounted for USD 6.9 billion in 2018. It is projected to witness a CAGR of 43.8% over the forecasted years, 2019 to 2025. The need for supply chain optimization coupled with the emergence of digital services and products for enhancing customer experience is anticipated to drive market growth in the upcoming years.

Several organizations have started investing in the development of AI-based platforms. The majority of startups are also engaged in focusing on solving business problems across niche domains. These factors are projected to boost the market demand for machine learning technology.

Machine learning is a part of AI which has been evolved from pattern recognition and computational learning. It encompasses the study and construction of algorithms coupled with the ability for data forecasting. The applications for ML technologies include OCR (optical character recognition), computer vision, email filtering, and network intruder detection.

ML technology finds various applications across many industrial segments. For example, the prediction of consumer behavior will facilitate growth across the advertising segment. In the BFSI segment, it can largely be used for asset management, loan approval, and other procedures. Also, segments like document management, publishing, and security find applications of ML technologies.

Component Insights

The hardware component segment is projected to register the fastest growth from 2019 to 2025. The rising usage of hardware to optimize the machine learning tasks is anticipated to drive the market growth for this segment. Rapid development in the production of customized chips from silicon having ML and AI capabilities is projected to drive market growth.

The segment of software is expected to register a moderate share across the global market, in 2018. This can be associated with their enhanced hosting parameters and improved cloud infrastructure. Also, the shifting trend from ML to deep learning coupled with the surging demand for managed services is anticipated to propel market growth in the upcoming years.

Enterprise Size Insights

In 2018, the large enterprise segment held the largest share across the global machine learning market. This can be associated with the rising usage of data science and AI technologies for the injection of predictive insights across many business operations. Such organizations are also focusing on optimization and deep learning for delivering higher business values to their clients.

Many SMEs have also started adopting the technology of machine learning. This can be associated with cost-effective and easy deployment offered by ML platforms. Also, options associated with the deployment of such hybrid, on-premise, and cloud facilitated SMEs to scale up ongoing pilot projects. These factors are anticipated to drive the demand for ML technology in the upcoming years.

End-use Insights

In 2018, the advertising & media end-use segment held the largest share across the global market. On the other hand, the healthcare segment is projected to register the highest share in the upcoming years. This can be associated with the surging adoption of ML-based technologies across healthcare areas. Also, their feature of enhanced diagnostics and disease prevention is projected to drive market growth across this segment.

The end-user segment of law is expected to hold the largest CAGR in the upcoming years. This can be attributed to the surging adoption of many ML-based algorithms in several legal applications. Also, its adoption for active learning in the documentation review process of litigation cases is projected to upsurge its demand

Regional Insights

In 2018, North America held the largest share across the global market. This can be associated with the increasing investments of many banking organizations in firms using ML technologies. For example, JPMorgan Chase made an investment in AI, ML, & NLP for analyzing institutional research.

Asia Pacific is projected to witness the fastest CAGR in the upcoming years. This can be attributed to the rising adoption of ML technologies across emerging markets in countries like India and China. For example, a think tank of India named NITI Aayog has collaborated with Google LLC for training and incubating AI-based startups across India.

COVID-19 Impact Insights

The machine learning market has been affected positively due to the ongoing COVID-19 pandemic. As the majority of the companies are operating remotely, the usage of ML technologies has increased significantly. Many healthcare and pharma companies are using these technologies for the development of medicines and vaccines to cater to the ongoing pandemic.

Rapid technological advances being undertaken by key organizations are expected to facilitate the deployment of this technology. Further, the emergence of the online educational system coupled with the concept of remote working is projected to boost the market growth for machine learning over the post-pandemic period.

Machine Learning Market Share Insights

The key players in the market are Google Inc.; Amazon Web Services, Inc.; Intel Corporation; Baidu Inc.; H2O.ai; SAP SE; Microsoft Corporation; and SAS Institute Inc. These players are implementing strategies like partnerships to gain a competitive advantage over other players.

For example, Microsoft Corporation has partnered with an eye institute in Hyderabad named LV Prasad Institute to implement data-driven services for eye care in India. The key players are engaged in product development and innovation to widen their geographical reach and product portfolio.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For this study, Million Insights has segmented the global machine learning market report based on component, enterprise size, end-use, and region:

• Component Outlook (Revenue, USD Million, 2014 - 2025)
    • Hardware
    • Software
    • Services

• Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
    • SMEs
    • Large Enterprises

• End-use Outlook (Revenue, USD Million, 2014 - 2025)
    • Healthcare
    • BFSI
    • Law
    • Retail
    • Advertising & Media
    • Automotive &Transportation
    • Agriculture
    • Manufacturing
    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • The U.K.
        • France
    • The Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • Middle East & Africa