Machine learning market categorizes the global market by vertical as BFSI, healthcare and life sciences, retail, telecommunication, government and defense, manufacturing, energy and utilities, by deployment mode, by service, by organization size, and by region.
- Advertising -
According to a new market research report "Machine Learning Market by Vertical (BFSI, Healthcare and Life Sciences, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities), Deployment Mode, Service, Organization Size, and Region - Global Forecast to 2022", The machine learning market size is expected to grow from USD 1.41 Billion in 2017 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%. Technological advancement and proliferation in data generation are some of the major driving factors for global machine learning market.
Furthermore, increasing demand for intelligent business processes and rise in adoption of modern applications are expected to provide opportunities for the growth of the machine learning market.
Browse 71 Market Data Tables and 56 Figures spread through 160 Pages and in-depth TOC on "Machine Learning Market"
In the services segment, the managed service segment is expected to grow at a higher CAGR, whereas professional service segment is expected to be a larger contributor during the forecast period.
- Advertising -
The managed service is said to be growing faster, as it helps organizations to increase efficiency and save costs for managing on-demand machine learning services. The growth of the professional services segment is mainly governed by the complexity of operations and increasing deployment of machine learning solutions.
In the deployment mode segment, the cloud deployment mode is expected to hold the largest market share and grow at the highest CAGR during the forecast period. Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, monitoring document version control, and data loss prevention with robust cloud storage facilities are some of the crucial benefits that have resulted in the adoption of cloud-based delivery models for machine learning software solutions and services.
Fraud and risk management application of machine learning in BFSI vertical is expected to be the largest contributor in the global machine learning market during the forecast period
Organizations use machine learning at every opportunity to gather intelligence to fight risk exposures. By using advanced methodological and machine learning services, companies can avoid, address, or quickly recover from major risk events.
Fraud and risk management with the help of machine learning algorithm solutions help organizations to identify and analyze potential risks in a particular growth initiative to help organizations mitigate the risks. It enables organizations to mitigate fraudulent cases and make better-informed decisions and strategies.
North America is expected to have the largest market share during the forecast period
North America is the most competitive machine learning market in the world. North America, among all the regions, has shown the maximum adoption of machine learning powered solutions, due to its early implementation in the majority of verticals.
The region is expected to hold the highest market share during the forecast period. The US and Canada are projected to extensively implement machine learning solutions.
The machine learning market report encompasses the competitive landscape, which shows the positioning of the 25 key machine learning vendors, based on their strength of product portfolio and business strategy excellence. Some of the major vendors are Microsoft Corporation (Washington, US), IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc.
(North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc.
(Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc.
(Massachusetts, US), Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc.
(Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US), TIBCO Software Inc.
(California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US).
Category: Market Research Publishers and RetailersCompany about: MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth ...