North America 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

North America is the second largest growing region in the global Machine Learning (ML) market. It is projected to grow at a CAGR of 36.8% 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.

The presence of several large industries and a robust IT infrastructure have made North America one of the biggest markets for cognitive computing. Rising investments in healthcare, defense, and BFSI sectors, technological advancements in the telecom industry, and adoption of services, such as security information & cloud application, are expected to drive the North America ML market growth during the forecast period.

Our report on the North America ML market covers the following countries – U.S. and Canada.

LATEST TRENDS

IoT and Automation Adoption to Create New Avenues for Market Growth

Usage of Internet of Things (IoT) ensures the security and correct operation of hundreds or more devices on a business network as well as the accuracy and timeliness of the data being gathered. To keep control of large IoT systems, some North American IoT platform providers have been utilizing machine learning technologies to improve their operations management abilities.

Machine learning may be able to decipher the IoT data's hidden patterns by analyzing huge volumes of data with strong algorithms. In crucial activities, automated systems that use ML inference and statistically generated actions, may either replace or enhance manual operations. ML-based solutions automate the IoT data modeling process, removing the laborious and time-consuming coding and validation model selection steps. These factors will improve the demand for Machine Learning (ML) solutions in North America.

DRIVING FACTORS

Hiring Boom in Machine Learning Roles in North America’s Tech Industry to Boost Market Expansion

AI and ML are now common tools used in a variety of fields. This development is especially evident in the business sector, where the application of AI technology is poised to gain prominence. By 2030, roughly 70% of businesses will have incorporated at least one type of AI technology into their operational strategy, according to a recent McKinsey Global Institute study.

As AI is utilized by various kinds of businesses, ML scientists work full-time in several industries. The U.S. Bureau of Labor Statistics (BLS) stated that the prominent employers in this extensive field are the computer systems designers and federal government, which was projected to grow by 21% from 2021 to 2031.

RESTRAINING FACTORS

Lack of Privacy and Privacy Violations in AI and ML Applications to Restrain Market Growth

When it comes to AI privacy, it is different from data privacy. The formation of appropriate regulations that protect privacy without stifling the technological advancements in AI is one of the key challenges of protecting privacy in machine learning. The Proof Strategies CanTrust Index reports that less than half of Canadians (39% have faith in their media, government, business, their leaders, and non-governmental organizations in 2023, articulating the global pattern of growing and "disturbing" distrust of institutions.

Clearview AI, a U.S. company, violated Canadian privacy laws by collecting photographs of adults and even children in Canada for the purpose of facial recognition and mass surveillance without their consent. These photos were also used by the company for commercial sale, which severely undermines customers’ trust in AI businesses and the ability of nations to appropriately direct matters pertaining to privacy and AI. These occurrences are inhibiting the market development in North America.

KEY INDUSTRY PLAYERS

There are a lot of big players in the market share such as IBM, Oracle, and Microsoft, among others, who have a lot of experience working in Big Data and analytical platforms. The number of ML use cases across industries has been successfully expanding due to the entry of additional newcomers in the market. H2O.ai, Dataiku, and other prominent new entrants have had a significant impact on the market.

LIST OF KEY COMPANIES PROFILED:

• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Hewlett Packard Enterprise Company (U.S.)
• Microsoft Corporation (U.S.)
• Amazon, Inc. (U.S.)
• Fintelics Technology Inc. (Canada)
• Convergence (Canada)
• Veritone (U.S.)
• Gathr (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: Hewlett-Packard Enterprise (HPE) announced that it would acquire Pachyderm, an artificial intelligence startup, with the intention of developing a brand-new integrated Artificial Intelligence (AI) platform to complement its "AI-at-scale" product portfolio. With HPE's supercomputing technologies and the HPE Machine Learning Development Environment, the company hopes to integrate Pachyderm's reproducible AI capabilities into a single platform.
• March 2022: Adding to its analytics and transaction processing, Oracle introduced Oracle MySQL HeatWave that supports in-database Machine Learning. Since MySQL HeatWave ML completely automates the lifecycle of ML and stores all trained models within the MySQL database, neither the model nor the data needs to be transferred to a machine learning service or tool.

REPORT COVERAGE

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This market research report provides qualitative and quantitative insights on the market and a detailed analysis of the North America 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 overview of the number of procedures, an overview of price analysis of types of products, overview of the regulatory scenario by 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