Europe 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

Europe showcases a healthy growth rate in the global Machine Learning (ML) market, after Asia Pacific and North America. It is projected to grow at a CAGR of 35.0% during the forecast period. The global market is projected to grow from USD 19.20 billion in 2022 to USD 225.91 billion by 2030.

Machine Learning (ML) and Artificial Intelligence (AI) systems are gaining more popularity around the world. Since ML and AI expenditures are anticipated to rise significantly in both the public and private sectors, Western Europe is emerging as a promising market. In addition, the Europe Machine Learning market share is expanding due to increased adoption of autonomous vehicles and growing use of Big Data in the healthcare sector.

Our report on the Europe Machine Learning market covers the following countries – the U.K., Germany, France, Scandinavia, and the rest of Europe.

LATEST TRENDS

Integration of AI/ML Technologies in Thriving European Automobile Industry to Boost Market Growth

Automobile manufacturers in Europe are aware of the potential issues that could arise from using AI in the processes, prompting them to devise strategies that can counteract or mitigate these problems. It is an absolute priority for them to put vehicles on the market that meet the highest ethical and safety standards.

According to the European Automobile Manufacturers' Association (ACEA), the only viable option for addressing both the specificities of the automotive sector and the manner in which automotive products are developed, tested, produced, and commercialized is a sectoral and light-touch approach to AI.

DRIVING FACTORS

Enhanced Use of Big Data in Healthcare Sector to Drive Market Progress

In the field of medicine, Big Data is deployed for computing massive volumes of complicated statistics to deliver trends & patterns that are crucial for applications in the healthcare industry. Big Data aids physicians in predicting problems before they occur. For instance, the Elsevier Health Analytics Group has revolutionized patient care in Germany by deploying Big Data. The company is closely coordinating with health economists, physicians, statisticians, IT specialists, and analysts for growing evidence-driven knowledge on appropriate treatments. This is managed by Big Data in healthcare and appropriately used by medical professionals with the help of AI. This factor has augmented the Europe Machine Learning market growth.

RESTRAINING FACTORS

Lack of Readiness and Europe’s Digital Gap May Hinder Market Development

An emerging gap in Europe's development and adoption of Artificial Intelligence (AI) technologies is now adding to Europe's digital gap with world leaders. That gap may grow if AI research isn't embraced more quickly and widely. Although digitization is a crucial technical and organizational prerequisite to adopt AI, Europe's digital gap with the U.S., which is approximately 35%, has not diminished in recent years. Despite the fact that early digital companies were the first to establish strong AI positions, Europe is home to only 10% of the world's digital unicorns and only two European companies are in the global digital top 30.

Europe's early-stage investment in AI is lower than that of China and the U.S., despite having about 25% of AI startups. In addition, Europe is not ahead of the U.S. when it comes to the promotion of Artificial Intelligence (AI), and less than half of European businesses have implemented at least one AI technology, with the majority still in the pilot phase. As a result, the market's expansion is likely to slow down for a while.

KEY INDUSTRY PLAYERS

To stay ahead of the competition in the market, vendors are concentrating on expanding their customer base. As a result, key players are pursuing a number of strategic initiatives, including partnerships and mergers & acquisitions.

LIST OF KEY COMPANIES PROFILED:

• SAP SE (Germany)
• KNIME AG (Switzerland)
• Software Mind (Poland)
• AI Superior (Germany)
• KONUX GmbH (Germany)
• Shift Technology (France)
• DeepL Translator (Germany)
• SS&C Blue Prism (U.K.)
• Darktrace (U.K.)
• GfK (Germany)

KEY INDUSTRY DEVELOPMENTS:

• November 2022: KNIME, a data analytics company, introduced KNIME Hub at Austin's KNIME Fall Summit 2022, the company's flagship event. Recognizing that ease of use is crucial to upskilling, KNIME has invested heavily over the past year in enhancing the user experience of its low-code, no-code, open source data analytics platform.
• March 2022: Shift Technology entered into a partnership with Duck Creek Technologies, a global provider of technology solutions to the Property & Casualty (P&C) insurance industry, to launch fraud detection capabilities integrated with AI in the market.

REPORT COVERAGE

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The research report provides qualitative and quantitative insights and a detailed analysis of the Europe 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 types 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