Machine Learning Market Size Expected to Hit USD 209.91 Billion by 2029, exhibiting 38.8% CAGR
According to Fortune Business Insights, the global Machine Learning Market size is projected to reach USD 209.91 Billion by 2029, at a CAGR of 38.8% during the forecast period, 2022-2029
Pune,India, March 09, 2023 (GLOBE NEWSWIRE) — The machine learning market size was USD 15.44 Billion in 2021. The market is projected to grow from USD 21.17 Billion in 2022 to USD 209.91 Billion by 2029, exhibiting a CAGR of 38.8% during the 2022-2029 period. North America accounted for the maximum share, with over 5.56 Billion of total market in the year. Fortune Business Insights, provide this information in its report titled, “Machine Learning Market Forecast, 2023-2029.”
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Industry Developments:
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.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 38.8% |
| 2029 Value Projection | USD 209.91 Billion |
| Base Year | 2021 |
| Machine Learning Market Size in 2021 | USD 15.44 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Enterprise Size, Deployment, Industry and Geography |
| Machine Learning Market Growth Drivers | Increasing Demand in Healthcare Sector to Boost Market |
Key Takeaways
- The machine learning market has also expanded due to the integration of machine learning in robots.
- Growing technological improvements that improve system accuracy are driving market expansion.
- Component Analysis: Machine Learning Solutions to Account for the Majority Market Share
- Small and mid-sized enterprises are estimated to exhibit a significant growth rate during the forecast period.
- Machine Learning Market Size in North America was USD 5.56 Billion in 2021
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Drivers & Restraints:
- Increasing Demand in Healthcare Sector to Boost Market
- The global market for machine learning is predicted to experience substantial growth in the upcoming years, primarily due to the rising need for automated data analysis solutions.
- The healthcare sector is among the industries that are highly interested in these applications, which is expected to fuel market growth.
- Moreover, the market revenue generation rate is likely to increase due to the development of new technologies and higher investments in technological advancements in developing nations.
- Despite these opportunities, technical constraints and a shortage of precision may impede market expansion.
Regional Insights:
During the forecast period, North America is anticipated to dominate the global machine learning (ML) market with the region’s share being the highest at USD 5.56 billion in 2021. This is attributed to the significant presence of key players in the region, particularly in the research and development sector, which is expected to further drive market expansion.
Meanwhile, Europe is predicted to experience substantial growth in the near future due to the increasing number of skilled professionals in the industry. Furthermore, the rising demand for artificial intelligence in the services and goods sector is expected to boost growth in the region.
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.
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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.)
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
- 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
- By Country (USD)
- United States
- Canada
- 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
- Global Machine Learning (ML) Market Size Estimates and Forecasts, By Segments, 2018-2029
TOC Continued…
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FAQ’s
What is the size of the machine learning market?
The Global machine learning market size was valued at USD 15.44 billion in 2021 and is expected to grow from USD 21.17 billion in 2022 to USD 209.91 billion by 2029.
What is the market growth for machine learning market?
The size of the global machine learning market is anticipated to increase throughout the forecast period at a CAGR of 38.8%.
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