The Machine Learning Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Machine Learning Market:
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According to The Business Research Company’s Machine Learning Global Market Report 2024, The machine learning chip market size has grown exponentially in recent years. It will grow from $15.28 billion in 2023 to $21.12 billion in 2024 at a compound annual growth rate (CAGR) of 38.3%. The growth in the historic period can be attributed to rise in big data analytics, increasing adoption of cloud services, emergence of edge computing, growing ai applications across industries, expansion of iot devices.
The machine learning chip market size is expected to see exponential growth in the next few years. It will grow to $75.17 billion in 2028 at a compound annual growth rate (CAGR) of 37.4%. The growth in the forecast period can be attributed to integration of ai in edge devices, continued ai algorithm complexity, increased focus on energy efficiency, expanding scope of ai applications, global push for autonomous systems. Major trends in the forecast period include technological partnerships and collaborations, investments in ai research and development, advancements in ai technologies, open source hardware initiatives, customization and specialization.
Increasing adoption of cloud-based platforms is expected to propel the growth of machine learning market going forward. Cloud-based platforms refer to computing services and resources that are delivered over the internet, allowing users to access and utilize applications, storage, and processing power without the need for physical infrastructure or hardware. Cloud-based machine learning platforms facilitate collaboration, as multiple users can work on projects simultaneously and they allow seamless integration with other cloud services. For instance, in October 2023, according to Ofcom, a UK-based Government office, the market for cloud infrastructure in the UK was worth approximately £7.0 billion ($ 7.69) to £7.5 billion ($ 8.23) in 2022. Moreover, in 2023, 41.4% of the global tech and business leaders plan to increase their investment in cloud-based services and products. Therefore, increasing adoption of cloud-based platforms is driving the growth of machine learning market.
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The machine learning market covered in this report is segmented –
1) By Component Outlook : Hardware, Software
2) By Deployment: Cloud, On-Premises
3) By Type: Large Enterprises, Small and Medium Enterprise
4) By End-user: Healthcare, Retail, BFSI, Manufacturing, IT & Telecom, Energy & Utilities, Agriculture, Automotive, Marketing & Advertising
Major companies operating in the machine learning market are focusing on automated machine learning tools to automate the process. These tools aim to automate the process of model selection, training, and deployment, making machine learning more accessible to individuals and organizations with limited expertise in the field. For instance, in April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company that provides automated machine learning solution platforms, launched the NIKO AutoML platform, an innovative machine-learning tool created to streamline and expedite the creation of prediction models. This platform offers various tools and functionalities, enabling users to create and deploy top-notch machine learning models without coding or data science expertise swiftly and effortlessly. The platform’s user interface helps users through every procedure stage, providing optimal results in a fraction of the time traditional approaches would take. NIKO AutoML offers several key benefits, including fast and accurate model creation, streamlined workflow, increased productivity and cost-effectiveness.
The machine learning market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- BASF SE
- Dow Inc.
- Bayer AG
- CHS Inc.
- Mitsubishi Chemical Corporation
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