Machine Learning Market

Over the past few years, there have been significant advancements in machine learning and artificial intelligence technologies, which have raised the capabilities of machine learning solutions across a suite of applications. Increasing data availability across multiple industries has enabled machine learning systems to be trained on a large number of examples, while increasing computer processing power has supported the analytical capabilities of these systems. Algorithmic advances in machine learning have improved the capabilities of machine learning solutions for applications such as image processing and recognition and speech analytics. The rising adoption of machine learning for image recognition systems used in social media; voice recognition systems, used by virtual personal assistants; and recommender systems, such as those used by online retailers has propelled market growth globally.

The global machine learning market generated a revenue of USD 3.86 billion in 2018 and is expected to reach a market value of USD 30.68 billion by 2024, registering a 42.08% CAGR. North America accounts for over 44% market share in the global machine learning market due to the presence of key market players such as Amazon.com Inc., Apple Inc., Facebook, and Microsoft Corporation. There is a high demand for machine learning-based solutions from the BFSI and media & entertainment sectors in the region. Furthermore, the rising adoption of smart devices such as smart speakers and smart wearables and increasing investments in research and development of machine learning technology in countries such as the US and Canada drive market growth in North America.

The European machine learning market acquired around 29% market share globally in 2018. The BFSI, media & entertainment, and automotive are the three leading sectors with high demand for machine learning solutions in the European machine learning market. Large enterprises form the majority of market share with increasing adoption of AI solutions for handling cloud-based data in the European machine learning market. Rising demand for machine learning-based solutions for tasks such as image recognition, speech analytics, and predictive maintenance propels market growth in the region. The German machine learning market is expected to register the highest CAGR of 45.78% during the forecast period in the European machine learning market.

The Asia-Pacific machine learning market acquired around 21% of the market share in terms of revenue generation as China, India, Japan, South Korea, Malaysia, and Australia are experiencing increased adoption of AI-based platforms, software and solutions in leading industry verticals including BFSI, media & entertainment, automotive, and telecommunication. There is a large market for AI-based hardware components in the region as countries such as China, Japan, and India have the presence of well-established semiconductor industry. India is expected to register the highest CAGR of 47.72% in the Asia-Pacific machine learning market due to an increase in investment by key players for research and development of AI technology in the country.

The Middle East and Africa and South America have shown increased adoption for AI-based services and platforms in industries such as BFSI, media & entertainment, automotive, telecommunication, retail, and education. The rising use of machine learning in applications such as image recognition, voice recognition, performance analytics, and data analytics drives market growth in the region.