DUBLIN , Nov. 20, 2023 /PRNewswire/ — The “Machine Learning Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Component (Services & Solutions), By Enterprises Size (SMEs and Large Enterprises), By Deployment (Cloud and On-premises), By End-User, By Region” report has been added to ResearchAndMarkets.com’s offering.
The Global Machine Learning Market is anticipated to grow at a robust pace to 2028
The Global Machine Learning Market is categorized based on several factors, including its components, enterprise size, deployment methods, end-users, regional distribution, and competitive landscape.
The primary driver behind the growth of the global machine learning market is technological innovation. The integration of artificial intelligence (AI) into machine learning processes allows computer systems to make more accurate predictions without explicit programming. AI and machine learning represent the cutting edge of development in the IT sector. Machine learning focuses on analyzing and developing learning processes and techniques that utilize data to enhance performance on specific tasks.
Machine learning excels at processing vast amounts of data and identifying trends and patterns that may elude human observation. For example, e-commerce giant Amazon leverages machine learning to analyze customer browsing habits and previous purchases, enabling it to offer customers relevant products, discounts, and reminders.
Another example is ServiceNow, a cloud computing platform that utilizes machine learning to help its clients automate various repetitive processes and ensure efficient workforce management. The ability to execute tasks without human intervention, advancements in data center capabilities, and high computational power all contribute to the increasing prominence of machine learning.
Additionally, the market is expanding due to the rapid adoption of cloud-based technologies across various sectors, including virtual services like software as a service (SaaS), platforms as a service (PaaS), and infrastructure as a service (IaaS). Machine learning also plays a vital role in preventing errors and failures, with predictive algorithms capable of forecasting potential issues and enabling preventive measures. This aspect is expected to drive market growth in the foreseeable future.
Key players in the Global Machine Learning Market include Amazon Web Services, Inc., Baidu, Inc., Domino Data Lab, Inc., Microsoft Corporation, Google, Inc., Alpine Data, IBM Corporation, SAP SE, Intel Corporation, and SAS Institute Inc.
Latest Trend of Self-Driving Vehicles and Multiple Handle Datasets
Companies are using this open-source artificial intelligence library to develop their machine-learning capabilities. For Instance, TensorFlow is library organizations use to build Java projects, data flow graphs, and various applications. APIs for Java are also present. For instance, Accenture Consultancy and professional services firms are using machine learning-based technologies with a market cap of USD 229 billion. Due to this market is expected to grow in the forecast period.
Many modern mobile devices can recognize autonomously when a user performs a certain activity, like cycling or running. Nowadays, novice machine learning engineers utilize a dataset that comprises fitness activity records for a few people that were acquired using mobile devices equipped with inertial sensors to practice with this sort of project.
Furthermore, students are using categorization models that can precisely forecast future actions. Due to this, the adoption of machine learning in the datasets market is likely to increase in the forecast period.
ML is also being introduced in the automotive sector. For instance, Tesla, an American multinational company, announced the launch of self-driving. Although they have generated controversy, self-driving cars constitute one of the most remarkable advancements introduced in machine learning. This market is expected to grow with a high CAGR in the forecast period.
The machine-learning market has also expanded due to the integration of machine learning-in robots.
Lack of skilled employees
However, the main difficulty most organizations have when integrating machine learning into their business processes is a lack of qualified workers with analytical talent, and there is an even greater need for those who can keep an eye on analytical material.
Competitive Landscape
Company Profiles: Business Overview, Key Revenue and Financials, Recent Developments, Key Personnel, Key Product/Services
Amazon Web Services, Inc.
Baidu, Inc.
Domino Data Lab, Inc.
Microsoft Corporation
Google, Inc.
Alpine Data
IBM Corporation
SAP SE
Intel Corporation
SAS Institute Inc.
Report Scope:
Machine Learning Market, By Component:
Services
Solutions
Machine Learning Market, By Enterprises Size:
SMEs
Large enterprises
Machine Learning Market, By Deployment:
Cloud
On-premises
Machine Learning Market, By End-user:
Healthcare
Retailer
IT & telecom
Automotive and Transports
Advertising & Media
BFSI
Government and Defense
Others
Machine Learning Market, By Region:
North America
United States
Mexico
Canada
Asia-Pacific
India
Japan
South Korea
Australia
Singapore
Malaysia
China
Europe
Germany
United Kingdom
France
Italy
Spain
Poland
Denmark
South America
Brazil
Argentina
Colombia
Peru
Chile
Middle East
Saudi Arabia
South Africa
UAE
Iraq
Turkey
For more information about this report visit https://www.researchandmarkets.com/r/4fl3n5
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