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Machine Learning Market to Project a Stellar CAGR of 38.6% till 2028; Utilization of ML Algorithms to Trace COVID-19 Patients in Real-Time will Enhance Growth

June 07, 2021 | Information & Technology

The global machine learning market size is estimated to reach USD 152.24 billion in 2028 owing to the increased utilization of recent advancements in deep learning. This will push the market towards a higher growth trajectory, observes Fortune Business Insights, in its report, titled, “Machine Learning (ML) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (Healthcare, Retail, IT and Telecommunication, BFSI, Automotive and Transportation, Advertising and Media, Manufacturing, and Others), and Regional Forecast, 2021-2028.” According to the report, the value of the market was USD 11.33 billion in 2020 and the market is expected to register a CAGR of 38.6% from 2021-2028.


The utilization of artificial intelligence (AI) technology is expected to assist in combating the COVID-19 crisis. Majority of the regions are making use of population surveillance methods to track coronavirus cases. For instance, in South Korea, researchers make use of camera footage CCTV, geographic-location data to trace COVID-19 positive patients. With assistance from this data, data scientists use machine intelligence algorithms to forecast the location of the next possible outbreak and alert the responsible officials in charge of tracking the virus in real-time. These initiatives are expected to increase the demand for machine intelligence solutions during the forecast period.


Intel Corporation Announces Huge Investment in Technology Start-ups


With the intention to further bolster the market position, Intel Corporation announced a gigantic investment of USD 132 million in 11 unsettling technology startups in May 2020. The startups include a California-based company Anodot, which leverages ML to control autonomous business monitoring. This investment is anticipated to benefit Intel Corporation in the long run and will create immense machine learning market growth opportunities for them.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/machine-learning-market-102226


Machine Learning Algorithms to Broaden AI Functioning Scope  


Several ML algorithms, for example as supervised-learning or unsupervised-learning, algorithms regarding pattern recognition or decision matrix, among others, are supported in the operating of self-driven cars. For instance, Waymo LLC, which is an autonomous driving technology developer based in California, U.S., makes use of categorized appliance intelligence technology to segment and deter all types of route features and articles. By integrating ML algorithms, the company plans to extend to several cities to tackle new scenarios. These factors are estimated to stimulate the demand for machine learning algorithms. 


Industry development



  • December 2020: Amazon Web Services, Inc. launched several new machine learning services for Equipment such as Amazon Monitron, AWS Panorama Appliance, AWS Panorama SDK, and Amazon Lookout for Vision. These ML services co-ordinate with each other to assist customers to enhance performance regarding manufacturing and industrial operations, quality control, security service such as workplace security by installing ML in their manufacturing processes.


List of Key Players Covered in this Market Report



  • Amazon Web Services, Inc. (Washington, United States)

  • Baidu, Inc. (Beijing, China)

  • Domino Data Lab, Inc. (California, United States)

  • Microsoft Corporation (Washington, United States)

  • Dataiku (Paris, France)

  • Luminoso Technologies, Inc. (Massachusetts, United States)

  • TrademarkVision (Pennsylvania, United States)

  • SAP SE (Walldorf, Germany)

  • BigML, Inc. (Oregon, United States)

  • Fair Isaac Corporation (FICO) (California, United States)

  • Hewlett Packard Enterprise Development LP (HPE) (California, United States)

  • Intel Corporation (California, United States)

  • IBM Corporation (New York, United States)

  • KNIME.com AG (Zurich, Switzerland)

  • RapidMiner, Inc. (Massachusetts, United States)

  • Angoss Software Corporation (Toronto, Canada)

  • H2O.ai (California, United States)

  • SAS Institute Inc. (North Carolina, United States)

  • Google, Inc. (California, United States)

  • Alpine Data (California, United States)


Further Report Findings



  • The end-users segment dictated market dynamics on account of the IT and Communication sector showcasing remarkable progress. It held a share of 20.9% in the year 2020.

  • North America is set to dominate the machine learning market share during the forecast period on account of the established IT infrastructure and heavy investments by mega players in the market. The North America market size was USD 4.05 billion in 2020.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



  2017 – 2028



Base Year



  2020



Forecast Period



  2021 – 2028



Historical Period



  2017 – 2019



Unit



  Value (USD Billion)



Segmentation



  Component; Enterprise Size; Deployment; Industry and Region



By Component




  • Solutions

  • Services



By Enterprise Size




  • Small and Medium-sized Enterprises (SMEs)

  • Large Enterprises



By Deployment




  • Cloud

  • On-premise



By Industry




  • Healthcare

  • Retail

  • IT and Telecommunication

  • Banking, Financial Services and Insurance (BFSI)

  • Automotive & Transportation

  • Advertising & Media

  • Manufacturing

  • Others (Energy & Utilities,etc.)



By Region  




  • North America (Component; Enterprise Size; Deployment; End-user and Country)

    • U.S.

    • Canada



  • Europe (Component; Enterprise Size; Deployment; End-user and Country)

    • UK

    • Germany

    • France

    • Scandinavia

    • Rest of Europe



  • Asia Pacific (Component; Enterprise Size; Deployment; End-user and Country)

    • China

    • India

    • Japan

    • Southeast Asia

    • Rest of Asia Pacific





  • The Middle East & Africa (Component; Enterprise Size; Deployment; End-user and Country)

    • GCC

    • South Africa

    • Rest of Middle East & Africa



  • Latin America (Component; Enterprise Size; Deployment; End-user and Country)

    • Brazil

    • Mexico

    • Rest of Latin America




Global Machine Learning Market
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  • 2017-2019
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