Last edited 19 Apr 2022

Global Machine Learning Market Driven by Automation

Contents

[edit] Introduction

The global machine learning market is projected to expand at 48.02% CAGR from 2018 to 2024, as per the latest research conducted by Market Research Future (MRFR).

The global machine learning market is driven by increasing automation of processes and machines and the prevalence of rapid industrialisation. Efforts by corporations to reduce the workload of humans and reduce errors bodes well for the market. Labour charges imposed by countries may also facilitate market growth.

Adoption of cloud services, generation of unstructured data, and demand for machine learning solutions are major drivers of the market. The open-source nature of certain machine learning programmes and the establishment of certain standards for closing the gap between IT programmers and scientists in order to encourage innovation may also bolster market growth.

Development of chatbots powered with the help of machine learning to respond to customer queries can drive the market growth. Emergence of various companies in the e-commerce space and the use of cognitive coding techniques is likely to influence the machine learning market. Recently, Intel Corporation has invested close to USD 132 million in Anodot for enhancing autonomous monitoring and assist companies in leveraging on large data volumes.

[edit] COVID-19

The COVID-19 pandemic has accelerated the use of machine learning models as force majeure factors have increased and economies witness a downfall. Machine learning has been paired with predictive analytics to treat the virus and conduct analysis on populations across countries, according to a recent JAMA study. The National COVID Cohort Collaboration (N3C) has been formed for accumulation of COVID related data and accurately predicting severity of the disease as per the symptoms.

[edit] Segmentation

Machine learning infrastructure comprises various components including hardware, software, and services. The hardware segment is deemed to attain higher revenues as compared to its counterparts owing to the procurement of associated hardware and development of customised chips for machine learning. Huge demand for higher performance processors can drive the segment demand significantly.

Based on the organisation size, the market has been sub-segmented into small- and medium-sized enterprises and large enterprises. Large enterprises are likely to capture a large market share as huge volumes of unstructured data are generated by devices and node points. Machine learning can leverage that data and glean important insights on tackling any drawbacks.

[edit] Regional analysis

North America is expected to continue its dominance in the market owing to investments in machine learning by companies and adoption of the nascent technology. Integration of AI in smart devices and automobiles is likely to drive the market demand significantly.

[edit] Competitive analysis

Microsoft Corporation, IBM Corporation, Amazon.com, Inc., Cisco Systems, Inc., Wipro Limited, Google, Intel Corporation, Facebook, Inc., Nuance Communications, Apple Inc, and Baidu Inc are key players in the global machine learning market.

[edit] Related articles on Designing Buildings

Designing Buildings Anywhere

Get the Firefox add-on to access 20,000 definitions direct from any website

Find out more Accept cookies and
don't show me this again
"