DUBLIN–(BUSINESS WIRE)–The “Machine Learning Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029” report has been added to ResearchAndMarkets.com’s offering.
The global machine learning market is estimated to grow at a CAGR of 43.3% during the forecast period (2021-2029).
The major drivers for machine learning market are proliferation in data generation, technological advancements in machine learning, increasing adoption of connected devices and increased adoption in data driven application. Enterprises are awash in data related to their customers, prospects, internal business processes, suppliers, partners and competitors. Often, they can’t control this flood of data and convert it to actionable information for growing revenue, increasing profitability and efficiently operating the business. Organizations of all disciplines across the globe suffer a serious problem of managing data in the form of data retention, understanding dark data, data integration for proper analytics, data access and others.
Volume of Data Collected Now and in Future to Raise Exponentially
Machine learning offers a promising solution to gain economic benefits from the increasing data with the help of predictive analysis and reducing fraud. The volume of data collected by business worldwide is estimated to double every year and lack of understanding of data is cited as a primary reason that overruns project cost, and that may cost business approximately 20% to 35% of their operating revenue. Big data capabilities assist in providing constant changing customers preferences that help companies by assisting them by improving customer’s satisfaction, faster decision making, developing strategies for launching new products and exploring new market.
ML in BFSI Remains Indispensable:
Global machine learning market has been segmented on the basis of verticals, deployment modes, organization size and service. The vertical segment is further sub segmented into banking, financial services, and insurance, retail, telecommunication, healthcare and life sciences, manufacturing, government and defense, energy and utilities and other verticals. BFSI segment leads the vertical segment in terms of revenue in the global machine learning market with around 21.9% market share in 2020. The BSFI segment is primarily driven by growing demand of ML in the BFSI sector to automate the process of loan approval, for fraud prevention, risk management, investment predictions, marketing and others. Prominent banks across the globe including JPMorgan Chase, Wells Fargo, Bank of America, Citibank, U.S. Bank and others have adopted the machine learning to realize the potential benefits of data driven decision.
ML in Healthcare Application Promising Significant Opportunities
The healthcare and life science vertical is anticipated to grow at the highest rate over the forecast period growing at a CAGR of 44.3% over the forecast period. The high growth rate is attributed to the fact that ML solution has wide potentials across healthcare industry. These include patient data & risk analysis, in patient care & hospital management, medical imaging & diagnosis, drug discovery, life style monitoring & management, medical diagnosis & imaging, precision medicine and others. Furthermore, key companies are providing various machine learning systems across healthcare that includes Google Deep Mind Health, IBM Watson and others. Moreover, increasing healthcare expenditure also leverages huge adoption opportunities for the machine learning. According to the Institute of Health Metrics and Evaluations, global healthcare expenditure is expected to reach $18.28 trillion globally by 2040.
Key questions answered in this report
What are the key market segments in current scenario and in the future by product categories? What are the key market segments in current scenario and in the future by regions? What is the key impact of Covid-19 over market revenues and market determinants in the global machine learning market? What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period? What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period? How to overcome the current market challenges and leverage the opportunities in each of the market segment? Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies? What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth? Market Dynamics
Drivers
Proliferation in Data Generation Technological Advancements in Machine Learning Increasing Adoption of Connected Devices Increased Adoption in Data Driven Application Restraints
Sensitive Data Security Computation Limitations Opportunities
Increasing Demand for intelligent Business Processes High Demand From Different End Users Challenges
Ethical Implications of Algorithms Deployed Prone To Hardware and Software Malfunction Companies Mentioned
IBM Corporation SAP SE SAS Institute Inc. Google Inc. Amazon Web Services Inc. Baidu Inc. BigML Inc. Fair Isaac Corporation Hewlett Packard Enterprise Development LP Intel Corporation KNIME.com AG RapidMiner Inc. Angoss Software Corporation H2O.ai Alpine Data Domino Data Lab Inc. Dataiku Luminoso Technologies Inc. TrademarkVision Fractal Analytics Inc. TIBCO Software Inc. Teradata Dell Inc. Oracle Corporation For more information about this report visit https://www.researchandmarkets.com/r/t7xkg0