Asia Pacific Machine Learning (ML) Market Size, Share & COVID-19 Impact Analysis, By Enterprise Type (Small and Mid-sized Enterprises (SMEs) and Large Enterprises), By Deployment (Cloud and On-premise), By End-use Industry (Healthcare, Retail, IT and Telecommunication, BFSI, Automotive and Transportation, Advertising and Media, Manufacturing, and Others), and Regional Forecast, 2023-2030

Asia Pacific is the fastest growing region in the global Machine Learning (ML) market. It is projected to grow at a CAGR of 37.6% during the forecast period. The global market is expected to grow from USD 19.20 billion in 2022 to USD 225.91 billion by 2030.

Asia Pacific has become a leading market as it has a vast presence of vendors that design robust and futuristic machine learning solutions. Since the region’s Banking, Financial Services and Insurance (BFSI) industry is anticipated to witness significant growth in the deployment of security services, leading businesses are focusing on this region to expand their operations.

Our report on the Asia Pacific Machine Learning market covers the following countries – China, Japan, India, Southeast Asia, and the rest of Asia Pacific.

LATEST TRENDS

Digital Transformation Trends across Region will Offer New Growth Opportunities

Asian nations are holding a leading position in advanced technologies and trends such as autonomous driving, artificial intelligence, e-health, and fintech. The landscape of digitalization in the region is diverse, with regional and national differences in readiness for capitalization, digital transformation, and regulatory capacities.

The region's finance & banking sector is the primary driver of digital transformation. For instance, the digital payments market in Asia Pacific was valued at USD 4 trillion in 2021, according to the Economic and Social Commission for Asia and the Pacific (ESCAP). It is anticipated that this figure will rise to USD 6.7 trillion by 2026. E-commerce accounted for two-third of these transactions in 2021. Mobile Point-of-Service (PoS) payment, on the other hand, is expected to be the most dynamic segment in future.

DRIVING FACTORS

Rising Government Initiatives toward Artificial Intelligence to Accelerate the Asia Pacific Machine Learning Market Growth

The machine learning market in South Korea has been largely driven by the government's efforts to promote artificial intelligence and the proliferation of ML startup companies. In recognition of the significance of ML in AI, the South Korean government announced a budget of around USD 963 million, in July 2021, for the development of AI semiconductor by 2029. As a result, the market in South Korea is predicted to expand at a notable pace.

RESTRAINING FACTORS

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High Risk of Error to Limit Market Growth 

The process involved in machine learning is extremely error-prone. An algorithm can be taught without having enough small datasets. As a result, biased predictions are made and customers are exposed to irrelevant advertising. Such errors can go unnoticed for a long time and need to be fixed quickly. The market’s revenue growth is also impeded by rigid business models. ML is an adaptable technology that needs the involvement of skilled professionals in addition to adaptable infrastructure. However, the market's revenue margin can shrink as all companies do not follow dynamic business practices and do not permit experimentation.

KEY INDUSTRY PLAYERS

In terms of competitive landscape, Baidu Inc., IBM, AWS, and Alibaba Cloud are the key players in the Asia Pacific market due to strong product offerings and active involvement in R&D investments for the acceleration of product launches and approvals in the forecast period.

These leading players sell and market their products and services in numerous countries across the region. Their marketing strategies are focused on creating market awareness, building brand reputation, generating demand for sales force and channel partners, and communicating their product’s advantages to their customers. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase the Asia Pacific’s market share.

LIST OF KEY COMPANIES PROFILED:

• IBM India Private Limited (India)


• Amazon Web Services Japan K.K. (Japan)


• Baidu Inc. (China)


• Neusoft Corporation (China)


• Cinnamon AI (Japan)


• Megvii (China)


• Alibaba Cloud (China)


• AiDA Technologies Pte Ltd (Singapore)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: Amplify Health, a provider of health solutions in Singapore, acquired AiDA Technologies (AiDA), a provider of AI solutions to businesses in the Asia Pacific region. Amplify Health intends to expand its regional team of highly skilled data scientists by acquiring AiDA.


• January 2023: Baidu Inc. planned to launch an artificial intelligence chatbot service that is comparable to OpenAI's ChatGPT. The largest search engine company in China intends to launch a ChatGPT-like app in March, initially integrating it into its primary search services.

REPORT COVERAGE

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This market research report provides qualitative and quantitative insights on the market and a detailed analysis of the Asia Pacific market size & growth rate for all possible segments in the market. In addition, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the number of procedures, price analysis of products, regulatory scenario of key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 on the market.

Report Scope & Segmentation