Machine Learning Market to 2025 – Global Analysis and Forecasts by Solution (Software and Services); Deployment Type (Cloud/ MLaaS and On-premise) and End-User (BFSI, Retail, Healthcare, Manufacturing, Government and Others)
Machine Learning market is expected to grow to US$ 39.98 billion by 2025 from US$ 1.29 billion in 2016. The sales of Machine Learnings is largely influenced by numerous economic and environmental factors and the global economy plays a key role in the development of machine learning market. In today’s competitive environment, machine learning technology has become an important part in many applications of the BFSI ecosystem, from approving loans, to managing assets, to assessing risks. BFSI Institutions face a dynamic & challenging environment with superior competition from specialized Fin-Tech enterprises, increasing regulatory supplies and pressure on interest margins in a low interest rate market. All of this at a time when consumer behavior is transforming and traditional banking practices and models are no longer adequate to achieve the increasing consumer demands. Machine learning enables them to pioneer in the dynamic business landscape and attain profitable and sustained growth.
The machine learning market has gained a huge traction in last two years in terms of both R&D and implementation. The technology has been embraced by many business leaders for various use cases of business that requires real time analytics with self-learning technology that too without being explicitly programmed. Machine learning has enormous potential in industries such as Retail, BFSI, manufacturing, and retail. For instance, BFSI vertical can use Machine Learning solutions to better identify insights in transaction data that help them manage risk and prevent fraud. Similarly, in retail, retailers can use machine learning solutions to designing tools that would provide recommendations to customers based on their purchase history.
The machine learning solution providers are highly benefitted with their proficiency in problem solving of a specific classes of business, and leveraging complex analytical algorithms coupled with huge amount of historical data. Furthermost, the cloud enables these service providers to scale the applications in most cost effective way.
North America hold the largest share of the total market. While APAC is expected to exhibit highest growth. Asia Pacific in coming years is projected to be the most promising market for machine learning, as the region comprises of some dramatically growing countries, which are highly supported by the government investments initiated towards the development of artificial intelligence technology, and also, subsequently promoting the adoption of cloud based services. Rest of the regions like Europe, South America and Middle East & Africa are expected to grow moderately throughout the forecast period.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Machine Learning industry.