Machine Learning Market Size [2022-2029] Worth USD 209.91 Billion | Exhibiting a CAGR of 38.8%

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Pune, India, April 04, 2022 (GLOBE NEWSWIRE) -- The global Machine Learning Market is expected to rise during the forecast period owing to the increasing adoption of technological advancements in various industries such as healthcare, automotive, retail, and manufacturing. Fortune Business Insights™ publishes this information in a report titled, "Machine Learning (ML) Market, 2022-2029". As per the report, the machine learning (ML) market size was USD 15.44 billion in 2021. The market size is expected to rise from USD 21.17 billion in 2022 to USD 209.91 billion by 2029 at a CAGR of 38.8% during the forecast period.

Machine learning is an automated method of data analysis that automates analytical model building. Increasing adoption of artificial intelligence and ML technologies is expected to drive the market during the projected period. Deep learning is the subset of artificial intelligence anticipated to drive the market in coming years due to increasing learning capabilities to implement innovation. 

Industry Developments:

December 2020: Amazon Web Services, Inc. launched Amazon Monitron, AWS Panorama Appliance, AWS Panorama SDK, Amazon Lookout for Equipment and Amazon Lookout for Vision, new machine learning services. These services work together to help manufacturing and industrial customers increase operating performance, quality control, security, and workplace protection by embedding intelligence in their manufacturing processes.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022-2029
Forecast Period 2022 to 2029 CAGR 38.8%
2029 Value Projection USD 209.91 billion
Base Year 2021
Market Size in 2021 USD 15.44 billion
Historical Data for 2018-2020
No. of Pages 160
Segments covered By Component, By Enterprise Size,  By Deployment, By End-user
Growth Drivers Increasing Demand in Healthcare Sector to Boost Market
Rising Demand for Data Analysis to Propel Market Growth
North America Dominates Global Market Due to Presence of Key Players

Drivers & Restraints:

Increasing Demand in Healthcare Sector to Boost Market

The global machine learning market is expected to witness significant growth during the forecast period due to increasing demand for automated data analysis solutions. Furthermore, these applications are highly in demand in the healthcare sector which is anticipated to drive the market and propel growth. Also, developing technologies and increasing investments in technological advancements in developing countries are expected to increase the revenue generation rate of the market. These factors are likely to ensure machine learning (ML) market growth during the projected period.

However, technical limitations and lack of accuracy may hinder the market growth     

COVID-19 Impact:

Rising Demand for Data Analysis to Propel Market Growth  

The market has witnessed the positive impact of the COVID-19 pandemic due to the increasing demand for data analysis applications in various sectors such as healthcare, retail, and automotive. Also, increasing demand for these applications in the healthcare sector is expected to drive the market further due to rising operations in the medical industry. The data analysis technology is highly used to track the information and keep an eye on the number of cases of the COVID-19 virus in different countries. These factors have ensured market growth during the pandemic.

Click here to get the short-term and long-term impact of COVID-19 on this Market: https://www.fortunebusinessinsights.com/machine-learning-market-102226

Report Coverage:

The machine learning market report provides factual information and data based on statistics regarding market development and potential expansion scope. Further, drivers and restraints affecting market growth are highlighted in the report. Also, the global impact of COVID-19 pandemic on the development of the market is elaborated further. This report discusses key players leading the market and segments in the industry. The latest trends and key market developments are given additionally. 

Regional Insights:

North America Dominates Global Market Due to Presence of Key Players

North America holds the highest global machine learning (ML) market share during the forecast period, where the region stood at USD 5.56 billion in 2021. The presence of major research & development sector in this region is expected to expand the market.

Europe is expected to exhibit high growth in the coming years owing to the increasing skilled workforce. Increasing demand for artificial intelligence in the services and goods sector will propel growth.

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Competitive Landscape:

Innovation Allow Key Players to Hold Highest Market Position 

The key market players focus on implementing innovative product development strategies. This allows the key players to adopt advanced technologies, improve their existing products, and develop new product ranges. Forming strategic alliances and partnering with supporting companies allow the key players to increase revenue generation by expanding their business globally. 

List of Key Players Profiled in Machine Learning (ML) Market Report:  

  • IBM Corporation (U.S.)
  • SAP SE (Germany)
  • Oracle Corporation (U.S.)
  • Hewlett Packard Enterprise Company (U.S.)
  • Microsoft Corporation (U.S.)
  • Amazon, Inc. (U.S.)
  • Intel Corporation (U.S.)
  • Fair Isaac Corporation (U.S.)
  • SAS Institute Inc. (U.S.)
  • BigML, Inc. (U.S.)

Quick Buy: - Machine Learning (ML) Market Report
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Major Table of Contents:

  • Global Machine Learning (ML) Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Solution
      • Services
    • By Enterprise Size (USD)
      • SME's
      • Large Enterprises
    • By Deployment (USD)
      • Cloud
      • On-premise
    • By End-user (USD)
      • Healthcare
      • Retail
      • IT and Telecommunication
      • BFSI
      • Automotive & Transportation
      • Advertising & Media
      • Manufacturing
      • Other (Energy & Utilities)
    • By Region (USD)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America
  • North America Machine Learning (ML) Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Solution
      • Services
    • By Enterprise Size (USD)
      • SME's
      • Large Enterprises
    • By Deployment (USD)
      • Cloud
      • On-premise
    • By End-user (USD)
      • Healthcare
      • Retail
      • IT and Telecommunication
      • BFSI
      • Automotive & Transportation
      • Advertising & Media
      • Manufacturing
      • Other (Energy & Utilities)
    • By Country (USD)
      • United States
        • By End-user
      • Canada
        • By End-user
  • Europe Machine Learning (ML) Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Solution
      • Services
    • By Enterprise Size (USD)
      • SME's
      • Large Enterprises
    • By Deployment (USD)
      • Cloud
      • On-premise
    • By End-user (USD)
      • Healthcare
      • Retail
      • IT and Telecommunication
      • BFSI
      • Automotive & Transportation
      • Advertising & Media
      • Manufacturing
      • Other (Energy & Utilities)
    • By Country (USD)
      • United Kingdom
        • By End-user
      • Germany
        • By End-user
      • France
        • By End-user
      • Scandinavia
        • By End-user
      • Rest of Europe

TOC Continued…!

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