The trend of using machine learning techniques in the healthcare sector, financial sector and retail sector are widespread. The world is moving towards a connected business world to make data-powered decisions.
The value of the machine learning market is expected to reach USD 23.46 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 42.6% during 2018-2023.
A large amount of data that is generated by the industries provide an impetus to this market. Also, an increased usage of deep learning techniques in the various industries is also one of the reasons giving thrust to the market. A lot of research and development (R&D) is done to improve the efficiency of the output provided by the machine learning market.
Technological advancement, proliferation of data and the dire need to derive maximum information from the available data have been identified as the key reasons for the growth in this market.
Although an enormous amount of money has been spent, there remains an uncertainty environing how the deep training net works. Also, professionals are not equipped with adequate machine learning skills in the market. Wrong program formulations would lead to biased results, leading to difficulty in analysis.
The inefficiency of the cloud infrastructures in the developing countries, which are needed to store and seamlessly access data, act as a hurdle to the growth in this market.
North America has the most significant share of the machine learning market, while Asia-Pacific is expected to witness the highest CAGR.
The key players are Google Inc., Microsoft, IBM Watson, Amazon, Baidu, Intel, Facebook, Apple Inc., and Uber.
The market can be classified into four primary segments based on components, service, organization size and application.
- Based on components the market can be segmented into software tools, cloud and web-based application programming interfaces (APIs) and others.
- Based on service, the sub-segments are composed of professional services and managed services.
- Based on organization size, the sub-segments include small and medium enterprises (SMEs) and large enterprises.
- Based on application, the market is divided into the sub-segments, banking, financial services and insurance (BFSI), automotive, healthcare, government and others.
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Machine Learning Market - Market Overview
Chapter 3: North America Machine Learning Market - Market Overview
Chapter 4: Europe Machine Learning Market - Market Overview
Chapter 5: Asia-Pacific Machine Learning Market - Market Overview
Chapter 6: Latin America Machine Learning Market - Market Overview
Chapter 7: The Middle East & Africa Machine Learning Market - Market Overview
Chapter 8: Competitive Landscape
Chapter 9: Conclusion
2. Google Inc.
3. IBM Watson
8. Apple Inc.
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