SAN FRANCISCO, July 17, 2023 /PRNewswire/ — The global machine learning market expected to reach size 419.94 billion dollars by 2030, according to a new report from Grand View Research, Inc. The market is expected to expand at a CAGR of 34.8% from 2023 to 2030. The market is experiencing continuous growth, driven by the growing demand for AI-driven solutions across the board. industries It is expected to expand further as more organizations recognize the potential of machine learning and invest in its applications. The increasing deployment of Edge AI is responsible for the growth of the market. Edge AI reduces reliance on cloud computing and provides faster response times, improved privacy and bandwidth efficiency.
Key industry insights and takeaways from the report:
The emergence of connected artificial intelligence is expected to make it possible for ML algorithms to continuously learn from newly available information. These developments are expected to drive market expansion in the coming years. As these technologies continue to advance and mature, they are expected to have a transformative impact on various industries, shaping the way businesses operate, make decisions and deliver value to customers. The advertising and media segment dominated the market with a revenue share of 20.0% in 2022. The advertising and media sector accounted for the largest share in 2022 due to capabilities such as buyer optimization , the data processing and analysis provided by the technology. Factors such as advances in computing power, increased data generation, and the need for automated decision-making are driving the demand for machine learning solutions across various industries. The Asia Pacific The region is expected to grow at the fastest CAGR of 43.5% from 2023 to 2030. The region’s large population, diverse industries, and growing investment in technology infrastructure contribute to the growth of the market.
Read the full market research report »Machine Learning Market Size, Share and Trends Analysis Report by Component (Hardware, Software, Services), By Company Size, By End-Use (Advertising & Media, Healthcare, Retail) , by region and segment forecasts, 2023-2030“, published by Grand View Research.
Machine Learning Market Growth and Trends
Numerous companies are using machine learning (ML) in various industries to increase productivity, streamline processes and facilitate decision making. ML is used for personalized product recommendations, demand forecasting, fraud detection, inventory management and price optimization. For example, Netflix, Inc., a video rental and media streaming company based in the United States, uses machine learning to improve the customer experience. The company has long used machine learning algorithms to personalize viewer recommendations. E-commerce companies such as Amazon.com, Inc, a US-based multinational technology company, also use ML as a recommendation to increase sales.
Developments such as fine-tuned personalization, hyper-targeting, search engine optimization (SEO), no-code environments, self-learning bots, and others are expected to significantly impact the machine learning landscape. These developments are responsible for the continuous evolution of machine learning applications, driven by the demand for personalized experiences, improved website rankings, efficient marketing strategies, accessibility and intelligent automation.
For example, Google LLC has very advanced machine learning, specifically in computer vision. Google’s research division, Google Research, has developed and deployed machine learning models such as the Inception series and the EfficientDet object detection model. These models have significantly improved the accuracy and performance of computer vision tasks, including image classification, object detection, and image segmentation.
Many industries a North America have embraced machine learning to gain insights from big data and improve business operations. Machine learning is used in various industries such as finance, healthcare, retail, manufacturing and technology to perform tasks such as fraud detection, personalized marketing, predictive maintenance and automated customer service. The growing adoption of cloud-based machine learning services a North America drives market growth. The rise of cloud computing platforms such as Amazon Web Services, Microsoft Azure, and Google Cloud has made it easier for companies to access and deploy machine learning tools and infrastructure.
Scope of the Machine Learning Market Report
Machine Learning Market Segmentation
Grand View Research has segmented the global machine learning market by component, company size, end-use and region:
Machine Learning Market: Component Outlook (Revenue, Billion USD, 2017-2030)
Hardware Software Services
Machine Learning Market: Company Size Outlook (Revenue, Billion USD, 2017-2030)
Machine Learning Market: End-Use Outlook (Revenue, Billion USD, 2017-2030)
Healthcare BFSI Law Retail Advertising & Media Automotive & Transportation Agriculture Manufacturing Others
Machine Learning Market: Regional Outlook (Revenue, USD Billion, 2017-2030)
North America
europe
Asia Pacific
china
Japan
India
South Korea
Australia
Latin America
Middle East i Africa
Kingdom of Saudi Arabia (KSA) United Arab Emirates
South Africa
List of key players in the machine learning market
Amazon Web Services, Inc. Baidu Inc. H2O.ai. Hewlett Packard Enterprise Development LP Intel Corporation Google LLC International Business Machines Corporation Microsoft Corporation SAS Institute Inc. YOU KNOW
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Deep Learning Market – The global deep learning market size is expected to reach 526.7 billion dollars by 2030, will expand at a CAGR of 33.5% from 2023 to 2030, according to a new report from Grand View Research, Inc. Deep learning is expected to gain sustainable momentum in the coming years due to its high computational capacity and improvement of complex data. powered applications. Growing emphasis on big data analytics and adoption of artificial intelligence (AI) in customer-centric services is expected to drive the growth of the deep learning industry during the forecast period .
Natural language processing market – The global natural language processing market size is estimated to reach 439.85 billion dollars by 2030, will expand at a CAGR of 40.4% from 2023 to 2030, according to a new study by Grand View Research, Inc. Machine learning is expected to play a critical role in natural language processing (NLP) techniques, primarily in text analysis. as AI advances. In the future, unsupervised and supervised learning will allow machine learning engines to perform more in-depth evaluations. Based on its continuous evolution, social media platforms are expected to play a higher role in business decisions. A company, for example, may rely on various NLP tools to track customer reviews, comments and feedback about their business on social media platforms and in the news around the time of a quarterly report.
Browse through Grand View’s investigations New generation technologies Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides individualized and customized research reports and consulting services. Registered in California and based in San Francisco, the company has more than 425 analysts and consultants, adding more than 1200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and measure the opportunities ahead .
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