ICT

Machine Learning Market

By Segment, By Region, And Segment Forecasts, 2017 – 2024

Vertical: ICTBase Year: 20189 Sections

Executive Summary

Machine Learning Market — Snapshot

  • Market Size (2017)

    2017

    $2.85B

  • Projected (2024)

    2024

    $30.69B

  • CAGR (2017–2024)

    40.4%

    40.4%
  • Key Players

    110+

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.

Key Insight

The Machine Learning Market market is projected to grow at a CAGR of 40.4% from 2017 to 2024.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

  • Geographic Coverage: This analysis covers 4 regions: North America, Asia Pacific, Europe, Rest of the World.
  • Market Segmentation: The market is analyzed across 3 segments: Hardware, Software, Services. Forecasts are provided for each segment from 2017 to 2024.
  • Competitive Landscape: 110 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Machine Learning Market — Growth Trajectory

Machine Learning is a part of Artificial Intelligence (AI) that grants computers the capability to learn without being detailed programmed. It mainly focuses on the advancement of the computers programs that can be switch when exposed to new data. It helps the computer to find the hidden insights without being explicitly programmed where to look. It has multiple uses in today’s technology market concerning with safety and security such as face detection, face recognition, Image classification, Speech recognition, antivirus , Google, antispam, genetic, signal diagnosing , and whether forecast.

Machine Learning Market — Growth Trajectory

Hardware
Software

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

  • Component Component is broken down into: Hardware, Software, Services.
  • Organization Size Organization Size is broken down into: Large Enterprises, SMEs.
  • Vertical Vertical is broken down into: BFSI, Media and Entertainment, Automotive, Telecommunication, Retail and Ecommerce, Education, Healthcare, Government & Defense, Others.

Geographic Analysis

Regional market breakdown

  • North America North America market size reached $1.26B in 2017 and is projected to reach $12.50B by 2024, growing at a CAGR of 38.9%.
  • Asia Pacific Asia Pacific market size reached $588.07M in 2017 and is projected to reach $7.26B by 2024, growing at a CAGR of 43.2%.
  • Europe Europe market size reached $816.68M in 2017 and is projected to reach $9.19B by 2024, growing at a CAGR of 41.3%.
  • Rest of the World Rest of the World market size reached $189.58M in 2017 and is projected to reach $1.74B by 2024, growing at a CAGR of 37.3%.

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Research Methodology

Machine Learning Market — How We Researched This Market

This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.

  • Base Year

    2018

  • Historical Period

    2017 – 2018

  • Forecast Period

    2018 – 2024

  • Primary Interviews

    150+

Research Process

Historical data (2017–2018) and forecast period (2018–2024)

1

Problem Definition

  • Market scoping
  • Objective setting
  • Framework design
2

Secondary Research

  • Literature review
  • Data mining
  • Trend analysis
3

Primary Research

  • Expert interviews
  • Field visits
  • Surveys
4

Data Analysis

  • Quantitative modeling
  • Statistical testing
  • Validation
5

Insights & Reporting

  • Synthesis
  • Recommendations
  • Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)
Forecast (modelled)

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Competitive Landscape & Porter's Five Forces

Machine Learning Market — Competitive Analysis

Threat of New Entrants

Currently, the global machine learning market is experiencing significant growth. Developing machine learning systems requires moderate investment for hardware components such as chips, memory, processors, and networking devices with high computing capabilities. However, high technical expertise is needed to understand complex machine learning algorithms and models such as linear regression, logistic regression, CART, Naïve Bayes, KNN, Apriori, K-means, PCA, and others. The technological complexity is also high due to the complex programming of machine learning models. Due to this, the prominent players in the global machine learning market possess a moderate threat of new entrants.

Bargaining Power of Suppliers

Enterprises of all industry verticals are adopting machine learning technologies to gain meaningful insights from the data to solve the complex and data-rich problems. It also offers personalized services to its clients and helps them to remain competitive in the market. The suppliers in the global machine learning market provide the required components such as processors, memory, and storage devices. The number of suppliers present in the market is high, which lowers their bargaining power. Furthermore, the product differentiation is low. Additionally, the substitute availability of these components in the market is high since a large number of hardware and services providers are required to create machine learning solutions; this further lowers the bargaining power. Due to these factors, the bargaining power of suppliers in the machine learning market is expected to be low during the forecast period.

Bargaining Power of Buyers

The buyers for the machine learning solutions include industry verticals such as BFSI, automotive, and healthcare. Hence, the buyer concentration in machine learning market is high. However, the technical expertise among the buyers is moderate as the machine learning solutions are provided by the companies such as Amazon, the only technical expertise required on the buyer’s side is to handle such solutions. However, the buyers are price sensitive, which lowers their bargaining power. The switching costs of buyers are low due to the presence of a large number of machine learning solution providers. Owing to the aforementioned factors, the bargaining power of buyers is expected to be moderate in the global machine learning market during the forecast period.

Threat of Substitutes

Currently, there are no direct replacements for machine learning solutions available in the market. However, there is internal substitution as each player aims at developing solutions focusing on specific applications such as machine vision, recommendation engine, and natural language processing, owing to which the product differentiation is high. The key players are investing intensely to develop machine learning algorithms which will help cater to various application areas and offer best-in-class services to its consumers; due to this, the brand loyalty among the consumers is high. However, the cost of switching to substitute products is moderate as the solutions are application specific. Therefore, the threat of substitutes is expected to be low in the global machine learning market during the forecast period.

Intensity of Rivalry

The global machine learning market is expected to register high competition among the existing players. For maintaining a competitive advantage among the competitors, the companies are spending significantly in research and development of machine learning algorithms and models and increasing its application areas in various industries. Also, the global market witnesses a high brand loyalty, as customers opt for tier-1 companies for high computing capability systems with low power consumption to be used in AI, IoT and other applications. Furthermore, the market poses high barriers to exit as it requires moderate capital requirement, very high technical expertise, and high investments for research and development of machine learning components. Therefore, the intensity of rivalry is expected to be high in the global machine learning market during the forecast period.

Quantitative Analysis

Regional Breakdown

Regional market breakdown for Machine Learning Market.

Regional Market Size (USD Mn)

Market estimates by geography (2024)

USD Mn

InsightNorth America leads with $12.50B by 2024, while Asia Pacific is projected to grow fastest at a 43.2% CAGR.

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Regional Market Data

REGION201720182024CAGRSHARE
North America$1.26B$4.36B$12.50B38.9%41%
Asia Pacific$588.07M$2.30B$7.26B43.2%24%
Europe$816.68M$3.03B$9.19B41.3%30%
Rest of the World$189.58M$626.87M$1.74B37.3%6%
Total$2.85B$10.32B$30.69B40.4%100%

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Segment Revenue (2024)

Hardware
Software
Services
0392778541178015707

Segment Market Share

  • Hardware47%
  • Software36%
  • Services17%

Total Market Size

$30.69B

Market by Segment (2024)

APPLICATIONREVENUE ($B)GROWTH RATEMARKET PENETRATION
Hardware$14.28B40.4%
89%
Software$11.08B40.4%
89%
Services$5.33B40.4%
89%

* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.

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Analytics

Machine Learning Market — Key Findings

Analytical insights on Machine Learning Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

The Machine Learning Market market is projected to reach $30.69B by 2024, growing at 40.4% CAGR. The Hardware segment holds the largest share.

Market Drivers

The adoption of cloud computing has been increasing at an unprecedented rate. Organizations are increasingly using software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS) solutions due to the benefits they offer in terms of return on investments. Cloud-based services offer increased scalability and security, which has made it more attractive to businesses of all sizes. This growth in the adoption of cloud-based services has positively impacted the global machine learning market. Companies such as Amazon, Google, and Microsoft have invested heavily in the development of machine learning and AI. Cloud platforms such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform have started offering machine learning and deep learning-based services, which have benefitted the progress in the development of machine learning models. The cloud-based machine learning services offer a pay-per-use model for large AI or machine learning workloads. These services significantly benefited companies building sophisticated machine learning and deep learning models which require large compute clusters. Cloud-based machine learning services have offered low-cost options for moving machine learning models to the cloud and have eliminated the problem of the need for deep knowledge of AI or a team of data scientists for the development of machine learning models. These benefits and the increasing adoption of cloud-based machine learning services are driving the growth of the global machine learning market.

Market Opportunities

Agri technology and precision farming have given rise to new scientific fields that use data-intensive approaches to drive agricultural productivity while minimizing its environmental impact. Machine learning has emerged as an ideal solution to deal with analytics of different types of data involved in digital and precision farming. Machine learning algorithms such as ANN, CNN, RNN, DNN, and DBN offer significant opportunities for different application areas in precision farming such as yield prediction, disease detection, weed detection, crop quality analytics, species recognition, livestock management, water management, and soil management.

In the field of medicine, machine learning has potential applications in drug discovery and computational biology. Machine learning and deep learning models are expected to transform the field of drug discovery due to the advantages that they offer in terms of predicting new molecular entities to match with the genomes of patients.

Marketing automation is another field which is expected to be transformed by machine learning models in the coming years. Machine learning is used to provide a convenient, informed, and intelligent customer experience. It is a tool that can be used to gain a competitive advantage and drive enterprise growth. Machine learning technology has transformed marketing to ensure enhanced customer experience by offering rapid, automated, and hassle-free services. These products and services include virtual assistants and chatbots. Presently, customers prefer voice-activated virtual assistants such as Apple’s Siri and Amazon Alexa to search for products online and control home appliances, among other functions. Enterprises also use machine learning for customer analytics as it offers them the opportunity to improve customer experience and pave the way for new revenue streams. The advantages that machine learning models offer in the fields of agriculture, healthcare, and marketing automation present a noteworthy growth opportunity for the global machine learning market.

Market Restraints

The demand for machine learning is growing significantly due to its advantages, such as improved efficiency and cost reduction. However, the designing and creation of machine learning models require a high level of skilled expertise as they are highly complex. The solutions that machine learning offers to businesses are very critical for gaining a competitive advantage in their respective markets, which has further increased the need for skilled labor. There is a remarkable lack of technical experts for both software and hardware development in the field. According to Tencent, there are just around 300,000 AI practitioners and researchers globally, while the demand for machine learning skilled human resources is in the millions. The limited availability of skilled human resources in the field of artificial intelligence has driven companies to gain skills by acquiring innovative startups. The recent examples of such acquisitions include Microsoft acquiring Maluuba, TomTom acquiring Autonomous, and Uber acquiring Geometic. Companies such as Google, have teamed up with MOOC pioneer Coursera to launch online courses to increase the awareness and skills of professionals in machine learning. However, the lack of skilled professional in the research and development of artificial intelligence technology, at present, is expected to hamper the growth of the global machine learning market in the short term.

Market Challenges

Supervised learning technique which is predominantly used for training machine learning models requires labeled data for training. The availability of labeled data poses a considerable challenge for multiple machine learning projects as the process of labeling is not automated. Tasks such as speech recognition and image recognition require a high level of abstraction and hence a large number of parameters and data for training the machine learning algorithms. Researchers developing machine learning algorithms have to feed terabytes of data to the machine learning algorithms for them to perform basic tasks such as learning a language. This process is highly time-consuming and requires tremendous data processing capabilities. Furthermore, the availability of datasets required for training is low for certain areas such as industrial applications. The requirement of massive datasets for training machine learning algorithms and high processing capabilities to perform the training process are together considered to be a challenge for the machine learning market. However, efforts are being made to bypass and reduce the high requirement of data sets for training machine learning algorithms through approaches such as the use of small datasets for automatically creating new and similar data.

Strategic Outlook and Future Directions

Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.

Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.

Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Market Value by Segment (2024)

Value (USD Mn)
Hardware
Software
Services

Companies

Key companies profiled in Machine Learning Market

Profiles of 110 companies operating in the Machine Learning Market market, including revenue, employee count, and market positioning where available.

Showing 110 of 110 companies

Wipro Ltd

Wipro Ltd

ICT

Company Headquarter: Bengaluru, India Founded: 1992 Workforce: ~160,000 Company Overview: Wipro Limited (Wipro) is one of the leading global information technology, consulting, and business process service company. The company operates through three segments, namely IT services, IT products, and Indian state-run enterprises (ISRE). The IT service business group offers a range of IT and IT-enabled services such as digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, and development. The IT products segment offers a range of third-party IT products such as computing, platforms and storage, networking solutions, enterprise information security and software products, including databases and operating systems which allows us to offer comprehensive IT system integration services. The company offers services related to data, analytics & AI; cloud & infrastructure; consulting; applications; digital operations and platforms; and product engineering. Wipro serves 27 industry verticals some of which includes aerospace & defense, communications, automotive, consumer electronics, healthcare, banking, public sector, semiconductor, and pharmaceutical & life science, and engineering & construction. The company’s strategic focus areas include blockchain, smart machines, human-machine interface (HMI), cognitive computing, and 5G. Wipro has its presence in 50 countries across Europe, the Americas, Asia, and the Middle East and Africa.

Revenue$0.0B
Employees160,000
Market CapN/A
Founded1991
United States, North America
Nuance Com

Nuance Communications

ICT

Company Headquarters: US Founded: 1992 Workforce: ~10,400 Company Working: Nuance Communications, Inc. develops conversational and cognitive artificial intelligence (AI) solutions. The firm creates software that recognizes, analyses, and responds to people, enhancing human intelligence and boosting productivity and security. Its Healthcare division offers clinical speech and clinical language understanding technologies that help improve the clinical documentation process, from capturing the whole patient record to improving clinical documentation and reimbursement quality standards. dragon medical one, a cloud-based speech solution; computer-assisted physician documentation; diagnostic imaging solutions; Nuance dragon ambient experience, a voice-enabled solution; and clinical documentation enhancement and coding are just a few of the company's offerings. The company offers voice recognition and natural language understanding solutions, which includes automated speech recognition (ASR), natural language understanding (NLU) capabilities, dialog and information management, biometric speaker authentication, text-to-speech (TTS), and optical character recognition (OCR) capabilities. The company's enterprise sector focuses on providing automated customer solutions and services for phone, mobile, web, and messaging channels, particularly employing speech, natural language understanding, and artificial intelligence. Intelligent engagement solutions, conversational AI, engagement AI, and security AI are among the company's offerings. The company's other division offers voicemail transcribing services. healthcare, financial services, telecommunications, government, and retail are among the industries served by the corporation. Nuance Communications, Inc. offers and sells its solutions and technologies through a network of resellers worldwide, including system integrators, independent software vendors, value-added resellers, distributors, hardware vendors, telecommunications carriers, and e-commerce Websites. Microsoft Corporation purchased Nuance Communications for USD 19.7 billion in April 2021, boosting its healthcare position with a pioneer in voice recognition technology. Nuance's technology is used by more than 55 percent of physicians and 75 percent of radiologists in the United States. This acquisition builds on the two companies' current telemedicine collaboration, which began in 2019 and has been accelerated by COVID-19 lockdowns around the world.

Revenue$1.6B
Employees10,400
Market CapN/A
Founded1991
US
Apple Inc.

Apple Inc.

ICT

Company Headquarters: US Founded: 1977 Workforce: ~ 164,000 Company Working: Apple Inc. (Apple) creates, manufactures, and sells smartphones, tablets, personal computers (PCs), portable devices, and wearable technology. Aside from software and related services, the company also provides accessories, networking solutions, and third-party digital content and apps. Apple's product lineup consists of the iPhone, iPad, Mac, iPod, Apple Watch, and Apple TV. It provides a wide range of consumer and professional software applications, including iOS, macOS, iPadOS, and watchOS, as well as iCloud, AppleCare, Apple Pay, and accessories. Apple sells and distributes digital material and applications through the Apple Store, App Store, Apple Arcade, Apple News+, Apple Fitness+, Apple Card, Apple Pay, and Apple Music, among other channels. The corporation serves consumers, small and medium-sized businesses, education, enterprise, and government markets. It makes third-party applications for its products available through the App Store. Additionally, the company offers its products through its retail and online stores, as well as its direct sales force, as well as third-party cellular network carriers, distributors, merchants, and resellers. The corporation operates in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Apple is headquartered in Cupertino, California, in the US.

Revenue$0.3B
Employees164,000
Market CapN/A
Founded1976
US
Microsoft

Microsoft Corporation

ICT

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Revenue$0.1B
Employees140,000
Market CapN/A
Founded1974
New York, US
Baidu Inc.

Baidu Inc.

ICT

Company Headquarters: China Founded: 2000 Workforce: ~37,779 Company Working: Baidu, Inc. is a leader in web search in China. In addition to web search, the company provides several popular community-based products, including Baidu Post Bar, the world’s first and the largest Chinese-language query-based, searchable online community platform, Baidu Knows, the world’s largest Chinese-language interactive knowledge-sharing platform, and Baidu Encyclopedia, the world’s largest user-generated Chinese-language encyclopedia. Beyond these, the company offers its services in navigation, image search, and video search, among many more. It offers a media platform for online marketers through its website partner, Baidu Union. Baidu Union directs traffic to the marketers by integrating the company’s search box into their websites and/or by displaying relevant contextual promotional links for customers. Most of the total revenue is derived from performance-based online marketing services, whereby the company’s customers pay on a cost-per-click basis by clicking on the paid link. Beyond China, Baidu, Inc. has its presence in other markets such as Brazil, Egypt, Indonesia, Japan, and Thailand.

Revenue$0.2B
Employees37,779
Market CapN/A
Founded1999
China
Google LLC

Google LLC

ICT

Company Headquarters: US Founded: 1998 Workforce: ~118,899 Company Working: Google LLC. (Google) is a multinational enterprise initially incorporated as a privately held company. Later in 2004, the company announced its first public offering. It is known to build technology products and provide services to organize information. The company offers managed services in work and productivity, scheduling and time management, instant messaging and video chats, language translation, mapping, video sharing, note-taking, and photo organizing and editing through various applications. Google offers google search, google now, AdWords, Adsense, double click ad exchange, adexchange, and AdMob. AdMob is a mobile advertising network that enables app developers to monetize and promote their mobile and tablet apps using ads. Google has approximately 16 data centers across the globe. The company operates in Europe, the Middle East & Africa, Asia-Pacific, and the Americas. The company's expertise lies in search engines, ads, mobile, android, online video, apps, machine learning, and virtual reality. Furthermore, the company offers google assistant, a worldwide popular voice assistant platform, which is now available in more than 90 countries, the google assistant now helps more than 500 million people every month to get things done across smart speakers & smart Displays, TVs, phones, cars and more.

Revenue$0.2B
Employees118,899
Market CapN/A
Founded1997
US
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ICT Research Team

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Wantstats' technology team put this together — analysts who track vendor roadmaps, standards bodies, and enterprise adoption curves for a living. The numbers reflect proprietary tracking data cross-referenced with executive interviews, reviewed internally before release.

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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
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R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Machine Learning Market

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