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What Is the Estimated Market Growth Potential of the Machine Learning Market by 2029?
The machine learning market size has grown exponentially in recent years. It will grow from $68.88 billion in 2024 to $93.73 billion in 2025 at a compound annual growth rate (CAGR) of 36.1%. The growth in the historic period can be attributed to advancements in algorithms, increasing data availability, computing power enhancement, industry adoption and integration, iot and edge computing integration.
The machine learning market size is expected to see exponential growth in the next few years. It will grow to $325.8 billion in 2029 at a compound annual growth rate (CAGR) of 36.5%. The growth in the forecast period can be attributed to explainability and ethical ai concerns, exponential data growth, expansion of edge computing, growing integration of ai and ml, global demand for predictive analytics. Major trends in the forecast period include continued algorithmic innovations, rise of big data technology, automated machine learning (automl), federated learning, integration of ml with other technologies, industry-specific ml solutions.
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Which Key Growth Contributors Will Drive the Machine Learning Market in the Next Decade?
Increasing adoption of cloud-based platforms is expected to propel the growth of machine learning market going forward. Cloud-based platforms refer to computing services and resources that are delivered over the internet, allowing users to access and utilize applications, storage, and processing power without the need for physical infrastructure or hardware. Cloud-based machine learning platforms facilitate collaboration, as multiple users can work on projects simultaneously and they allow seamless integration with other cloud services. For instance, in October 2023, according to Ofcom, a UK-based Government office, the market for cloud infrastructure in the UK was worth approximately £7.0 billion ($ 7.69) to £7.5 billion ($ 8.23) in 2022. Moreover, in 2023, 41.4% of the global tech and business leaders plan to increase their investment in cloud-based services and products. Therefore, increasing adoption of cloud-based platforms is driving the growth of machine learning market.
What Segments Are Covered in the Machine Learning Market Report?
The machine learningmarket covered in this report is segmented –
1) By Component Outlook: Hardware, Software
2) By Deployment: Cloud, On-Premises
3) By Type: Large Enterprises, Small And Medium Enterprise
4) By End-User: Healthcare, Retail, BFSI, Manufacturing, IT And Telecom, Energy And Utilities, Agriculture, Automotive, Marketing And Advertising
Subsegments:
1) By Hardware: Graphics Processing Units (GPUs), Application-Specific Integrated Circuits (ASICs), Field Programmable Gate Arrays (FPGAs), Central Processing Units (CPUs), Memory And Storage Devices
2) By Software: Machine Learning Frameworks And Libraries, Data Processing And Analytics Tools, Model Development Platforms, Deployment And Integration Software, Pre-Built AI Solutions
What Are the Key Trends Shaping the Machine Learning Market?
Major companies operating in the machine learning market are focusing on automated machine learning tools to automate the process. These tools aim to automate the process of model selection, training, and deployment, making machine learning more accessible to individuals and organizations with limited expertise in the field. For instance, in April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company that provides automated machine learning solution platforms, launched the NIKO AutoML platform, an innovative machine-learning tool created to streamline and expedite the creation of prediction models. This platform offers various tools and functionalities, enabling users to create and deploy top-notch machine learning models without coding or data science expertise swiftly and effortlessly. The platform’s user interface helps users through every procedure stage, providing optimal results in a fraction of the time traditional approaches would take. NIKO AutoML offers several key benefits, including fast and accurate model creation, streamlined workflow, increased productivity and cost-effectiveness.
Who Are the Most Influential Players in the Machine Learning Market?
Major companies operating in the machine learning market report are Google Inc., Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Baidu Inc., Intel Corporation, SAS Institute Inc., Fair Isaac Corporation, Alteryx, Dataiku, Convergence of the World’s Best Predictive and Generative AI for Private, Protected Data, Open for Innovation | KNIME AG, Alpine Data, Peltarion, RapidMiner Inc., BigML Inc., Luminoso Technologies Inc., Turing Analytics
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Which Region Is Projected to Account for the Largest Share of the Machine Learning Market?
North America was the largest region in the machine learning market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the machine learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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