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Machine Learning (ML) Market to Grow at a CAGR of 38.8% during 2022-2029; Rising Demand for Automated Data Analysis Applications to Boost Market

March 31, 2022 | Information & Technology

The global machine learning (ML) market size was USD 15.44 billion in 2021. The market is projected to grow from USD 21.17 billion in 2022 to USD 209.91 billion by 2029 at a CAGR of 38.8% during the 2022-2029 period.


Fortune Business Insights™ published this information 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 End-user (Healthcare, Retail, IT and Telecommunication, BFSI, Automotive and Transportation, Advertising and Media, Manufacturing, and Others), and Regional Forecast, 2022-2029.”


As per the researchers, machine learning is one of the fastest-growing technologies used in several end-use industries. The market is expected to witness significant growth in the coming years and implement technological advancements in the services and solutions. Key market players focus on implementing innovative product development strategies to enhance their product portfolio. Also, the companies consider forming a strategic alliance, partnership, merger, and collaboration with supporting organizations to gain a competitive advantage and expand their business globally. 


Increasing Data Analysis Application in Healthcare Segment to Propel Growth during COVID-19


The outbreak of COVID-19 pandemic has positively affected this market due to the increasing demand for artificial intelligence-based solutions and services in several industries. Healthcare infrastructure development included developing technologies to analyze and maintain the data of rising COVID-19 cases in several countries. These factors bolstered the machine learning (ML) market growth during the pandemic. 


Intel Corporation Acquires Cnvrg.io to Enhance their ML Model Operations   


Intel Corporation strategically acquired Cnvrg.io, an Israel-based company, to enhance and efficiently run their ML models. The acquired company is still intended to work independently and deliver high-quality services to their clients from different verticals. The developed platform focuses on building, managing, and automating machine learning activities. This provides reliability and efficiency to manage and record data.     


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


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


Rising Industrial Waste Management Activities to Stimulate Growth


This market is expected to exhibit significant growth during the projected period. Technological development in several industries and digitalization of data analysis bolsters the market expansion. Furthermore, medical imaging diagnosis is implemented using artificial intelligence and ML technology which is highly utilized in the healthcare sector. The advanced properties of these solutions, such as access data points and predict outcomes, are expected to ensure market growth in the coming years.         


Competitive Landscape


Innovation in Service Development Allow Key Players to Deliver Efficient Solutions   


Key players in the market focus on creating strategic alliances and forming a partnership with supporting organizations to expand their business reach in the global market. Also, implementing innovative solution designing and development ideas allow companies to adopt technological advancements and deliver a highly optimal solution.


Industry Development



  • November 2020 – Intel Corporation acquired an Israel-based company, Cnvrg.io, to run ML models. The acquired company is to operate as an independent firm of Intel. Its platform is expected to support building, managing and automating ML.


List of Key Players Covered in the Report



  • IBM Corporation (U.S.)

  • SAP SE (Germany)

  • Oracle Corporation (U.S.)

  • Hewlett Packard Enterprise Company (U.S.)

  • Microsoft Corporation (U.S.)

  • Amazon, Inc. (U.S.)

  • Intel Corporation (U.S.)

  • Fair Isaac Corporation (U.S.)

  • SAS Institute Inc. (U.S.)

  • BigML, Inc. (U.S.)


Further Report Findings


North America stands first in the global market by holding the highest machine learning market share. The region held USD 5.56 billion in 2021 due to the presence of key players and their dominance in the R&D sector. Also, development in technological solutions used in various industries is expected to drive the market further.


According to the end-user industry, the market is segregated into healthcare, retail, IT & telecommunication, banking, financial services & insurance (BFSI), automotive & transportation, advertising & media, manufacturing, and others. The IT & telecommunication segment is expected to lead the market due to the rising demand for automated data analysis models.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2018–2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022–2029



Historical Period



2018–2020



Unit



Value (USD billion)



Segmentation



Component, Enterprise Size, Deployment, End-user, Region



By Component




  • Solution

  • Services



By Enterprise Size




  • SMEs

  • Large Enterprises



By Deployment




  • Cloud

  • On-premise



By End-user




  • Healthcare

  • Retail

  • IT and Telecommunication

  • Banking, Financial Services and Insurance (BFSI)

  • Automotive & Transportation

  • Advertising & Media

  • Manufacturing

  • Others (Energy & Utilities, etc.)



By Region




  • North America (By Component, By Enterprise Size, By Deployment, By End-user, By Country)

    • U.S. (By End-user)

    • Canada (By End-user)



  • Europe (By Component, By Enterprise Size, By Deployment, By End-user, By Country)

    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Scandinavia (By End-user)

    • Rest of Europe





  • Asia Pacific (By Component, By Enterprise Size, By Deployment, By End-user, By Country)





    • China (By End-user)

    • Japan (By End-user)

    • India (By End-user)

    • Southeast Asia (By End-user)

    • Rest of Asia Pacific



  • Middle East & Africa (By Component, By Enterprise Size, By Deployment, By End-user, By Country)

    • GCC (By End-user)

    • South Africa (By End-user)

    • Rest of the Middle East & Africa





  • Latin America (By Component, By Enterprise Size, By Deployment, By End-user, By Country)

    • Brazil (By End-user)

    • Mexico (By End-user)

    • Rest of Latin America




Global Machine Learning Market
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  • 2021
  • 2018-2020
  • 160

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