MACHINE LEARNING MARKET TO REACH USD 108.7 BILLION BY 2027 | CAGR 44.4% – FORENCIS RESEARCH

Global Machine Learning Market: Key Highlights

• According to the new market research report “Machine Learning Market by Component (Solution and Services), by Deployment Mode (Cloud and On-Premises), by Enterprise Size (Small And Medium-Sized Enterprises (SMEs) and Large Enterprises ), by Application (Fraud and Risk Management, Sales and Marketing, Network Optimization, Revenue Estimation, Autonomous Defense System and Smart Grid Management), by End-User (BFSI, Retail, Government and Defense, Agriculture, Healthcare, Manufacturing, Telecommunications, Automotive & Transportation and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Machine Learning Market is estimated to reach USD 108.7 Billion by 2027 at a CAGR of around 44.4% during the review period.
• The machine learning focuses on the growth and development of computer programs to access the data as well can use it to learn from itself. Whereas, it enables the platform to train on data sets before it being deployed.
• Moreover, it help to identify pattern and to make decisions with less human intervention which will lead to enhance the demand to the machine learning in the forecast period.

Global Machine Learning Market: Key Market Dynamics

• With the rising growth on artificial intelligence is witness to boost the growth of the market in the forecast period. It helps to reduce the human error as well as improve the digital platform such as for the weather prediction using AI or using Chatbots for the customer queries.
• One of the major key concern of the machine learning market is the lack of security as well as shortage of skilled professionals which may hamper the market growth.
• Enhance the sales opportunities, will help to boost the operational processes and for making an investment decisions which is a key factor to grow the demand of the market in various platform.
• Increasing demand of automation technology will lead to reduce the human error and increase the company revenues will lead to increase the growth of the market in the projected period.
• Lack of skilled professionals in the field of artificial intelligence may create a major challenge in the growth of machine learning market in the forecast period.
• The government are investment in the field of new emerging technologies and Artificial Intelligence (AI) for the growth and development of financial as well as the government sector in the regions.

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Global Machine Learning Market: Regional Overview

• Europe:

The region is encourage private as well as the public sector to adopt the smart technologies in healthcare care industries which will lead to increase the market adoption in the forecast period. Also in 2018, the region had signed a declaration of cooperation on Artificial Intelligence (AI). According to International Air Transport Association (IATA) it being forecast the net profit in 2020 will be USD 7.9 Billion in airlines industry.  

Hence, these trend will lead to enhance the growth of the machine learning market in the projected period.

• Asia-Pacific:

According to the Artificial Intelligence and National Security, by 2020 China is projected to develop a core AI industry of USD 21.7 Billion for the economic development and growth. In 2015 the chine company Baidu has created a software based of AI model for human levels language recognition. Also the Japan self-defense force are boosting its growth with the robots and artificial intelligence to innovate and develop the military sectors.

Hence, the China is projected to reach its 2020 target by 2.5 percent of GDP spending on its R&D which is anticipate to increase the demand of the market in the period of forecast.

Global Machine Learning Market: Key Players Overview

• SAP SE:

SAP SE is a German multinational software company which help to manage the business operations as well as the customer relations. Whereas the machine learning technology helps them to make fast decision, boost efficiency, and to get better outcomes. In 2018, the company had announced an expansion of SAP Leonardo Machine Learning capabilities with the help of SAP Conversational AI service. Also the SAP Leonardo Machine Learning benefits with the solution which helps the developers to consume, design and scale machine learning as per their requirements.

• Microsoft:

Microsoft is an American multinational technology company, which supports, and sells computer software. Whereas the Microsoft Azure Machine Learning Studio is join drag-and-drop tool which help to build, test and deploy predictive analytics solutions for the data. In 2019 the company new Azure machine learning updates its entire ML lifecycle to enhance the productivity for the developers as well as for the data scientists. Also, with the help of ML implementation the Open-source provide choice and flexibility for the user.

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