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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.
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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.
List of Key Players Covered in this Market Report
Further Report Findings
Table of Segmentation
2017 – 2028
2021 – 2028
2017 – 2019
Value (USD Billion)
Component; Enterprise Size; Deployment; Industry and Region
By Enterprise Size