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NEW YORK, May 11, 2023 /PRNewswire/ -- The machine learning market size o grow by USD 56,493.47 million at a CAGR of 47.81% from 2022 to 2027, according to the latest research report from Technavio. The research report focuses on top companies and crucial drivers, current growth dynamics, futuristic opportunities, and new product/project launches. Discover IT Consulting & Other Services industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports.View Sample Report

Technavio has announced its latest market research report titled Global Machine Learning Market

Vendor Landscape

The machine learning market is fragmented. Many local and global vendors offer machine learning with limited product differentiation. However, due to the significant growth of the market, vendors are continuously adopting the latest innovations. Therefore, the threat of rivalry was low, and it is expected to remain the same during the forecast period. Some of the key vendors covered in the report include:

Alibaba Group Holding Ltd.- The company offers machine learning platforms for AI that rely on Alibaba Cloud distributed computing clusters.

Alphabet Inc. - The company offers innovative machine learning products and services that will help build, deploy, and scale more effective AI models.

Amazon.com Inc. - The company offers SageMaker which is a machine learning service enabling data scientists, data engineers, MLOps engineers, and business analysts to build, train, and deploy ML models for any use case, regardless of ML expertise.

BigML Inc. - The company offers machine learning which provides predictive applications across industries including aerospace, automotive, energy, entertainment, financial services, food, healthcare, IoT, pharmaceutical, transportation, and telecommunications.

Altair Engineering Inc.

Alteryx Inc.

Cisco Systems Inc.

Fair Isaac Corp.

H2O.ai Inc.

Hewlett Packard Enterprise Co.

Iflowsoft Solutions Inc.

Intel Corp.

International Business Machines Corp.

Microsoft Corp.

Netguru S.A

Salesforce.com Inc.

SAP SE

SAS Institute Inc.

TIBCO Software Inc.

Yottamine Analytics LLC

Story continues

For the market's vendor landscape highlights with a comprehensive list of vendors and their offerings - View Sample Report

Key Market Segmentation

The market is segmented by end-user (BFSI, retail, telecommunications, healthcare, and automotive and others), deployment (cloud-based and on-premise), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

By end-user, the market will observe significant growth in the BFSI segment during the forecast period. BFSI companies are increasingly adopting machine learning solutions to understand their customers and provide customized solutions. The adoption of machine learning solutions is helping BFSI companies in achieving automated processing, data-driven insights about customers, and personalized customer outreach. In addition, the ongoing digital transformation initiatives in the BFSI sector has been driving the growth of the segment.

View Sample Reportfor more highlights into the market segments.

Regional Market Outlook

North America will account for 36% of the market growth during the forecast period. The growth of the regional market is driven by the increase in data generation from industries such as telecommunications, manufacturing, retail, and energy. Also, the increasing need to ensure data consistency and accuracy, improve data quality, identify data patterns, detect anomalies, and develop predictions among enterprises is another major factor driving the growth of the machine learning market in North America.

For more key highlights on the regional market share of most of the above-mentioned countries. -View Sample Report

The machine learning market covers the following areas:

Market Dynamics

Driver The market is driven by the increasing adoption of cloud-based offerings. Cloud-based services solutions offer various benefits such as minimal cost for computing, network and storage infrastructure, scalability, reliability, and high resource availability. Cloud-based solutions eliminate the need for dedicated IT support teams and hence reduces operating costs. Many such benefits are increasing the adoption of cloud-based offerings among enterprises. Machine learning solutions helps enterprises to scale up the production workload of their projects over cloud with the increase in data. Thus, the increased adoption of cloud-based offerings will drive the growth of the market during the forecast period.

Trend The growing number of acquisitions and partnerships is identified as the key trend in the market. Vendors operating in the market are focused on forming strategic alliances with other players to gain a competitive advantage. These growth strategies are allowing vendors to gain access to new clients. Strategic partnerships also provide access to a larger customer base and technologies to help them improve their product portfolio. Moreover, partnerships and acquisitions help vendors to expand their presence in new markets. This trend among vendors will have a positive influence on the market growth over the forecast period.

Challenge The shortage of skilled professionals is identified as the major challenge hindering market growth. Most enterprises lack a proper mix of AI and machine learning skillset-based workforce. This has led enterprises to invest more time and money in retaining and training their existing employees. Also, companies working and investing in AI and machine learning face challenges in finding skilled workforces. Such challenges are restricting the growth of the market in focus.

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Machine Learning Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 47.81%

Market growth 2023-2027

USD 56,493.47 million

Market structure

Fragmented

YoY growth 2022-2023(%)

42.74

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 36%

Key countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Alibaba Group Holding Ltd., Alphabet Inc., Altair Engineering Inc., Alteryx Inc., Amazon.com Inc., BigML Inc., Cisco Systems Inc., Fair Isaac Corp., H2O.ai Inc., Hewlett Packard Enterprise Co., Iflowsoft Solutions Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., Netguru S.A, Salesforce.com Inc., SAP SE, SAS Institute Inc., TIBCO Software Inc., and Yottamine Analytics LLC

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Deployment

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@technavio.comWebsite: http://www.technavio.com/

Global Machine Learning Market

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Machine learning market size to grow by USD 56,493.47 million between 2022 and 2027; Alibaba Group Holding Ltd., Alphabet Inc., among others...