Global Machine Learning Market to Grow at a Robust Pace by 2028

Strategic Insights -

The global machine learning market is driven by technological innovation, particularly the integration of artificial intelligence into machine learning processes. This has enabled computer systems to make more accurate predictions without explicit programming. The market is expanding due to the rapid adoption of cloud-based technologies across various sectors, including virtual services like software as a service (SaaS), platforms as a service (PaaS), and infrastructure as a service (IaaS).

Key Takeaways:

  • The global machine learning market is anticipated to grow at a robust pace to 2028, driven by technological innovation and the integration of artificial intelligence into machine learning processes.
  • The market is expanding due to the rapid adoption of cloud-based technologies across various sectors, including virtual services like software as a service (SaaS), platforms as a service (PaaS), and infrastructure as a service (IaaS).
  • Machine learning plays a vital role in preventing errors and failures, with predictive algorithms capable of forecasting potential issues and enabling preventive measures.
  • Key players in the global machine learning market include Amazon Web Services, Inc., Baidu, Inc., Domino Data Lab, Inc., Microsoft Corporation, Google, Inc., Alpine Data, IBM Corporation, SAP SE, Intel Corporation, and SAS Institute Inc.
  • The market is also expanding due to the integration of machine learning in robots and the adoption of machine learning in the automotive sector, including self-driving cars.
  • However, the main difficulty organizations face when integrating machine learning into their business processes is a lack of qualified workers with analytical talent, and there is an even greater need for those who can keep an eye on analytical material.

Statistics:

  • The global machine learning market is expected to grow at a compound annual growth rate (CAGR) of 34.8% during the forecast period from 2023 to 2028 (Source: ResearchAndMarkets.com).
  • Machine learning is expected to account for 70% of the total AI industry revenue by 2028 (Source: ResearchAndMarkets.com).
  • The global machine learning market size is expected to reach USD 75.6 billion by 2028, up from USD 16.8 billion in 2020 (Source: ResearchAndMarkets.com).
  • The machine learning market has expanded due to the rapid adoption of cloud-based technologies, with the global cloud market expected to reach USD 1.3 trillion by 2028 (Source: ResearchAndMarkets.com).
  • The lack of qualified workers with analytical talent is a significant challenge for organizations integrating machine learning into their business processes (Source: ResearchAndMarkets.com).

Sources:

  • ResearchAndMarkets.com. "Machine Learning Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Component (Services & Solutions), By Enterprises Size (SMEs and Large Enterprises), By Deployment (Cloud and On-premises), By End-User, By Region"
  • BusinessWire. "ResearchAndMarkets.com Added "Machine Learning Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Component (Services & Solutions), By Enterprises Size (SMEs and Large Enterprises), By Deployment (Cloud and On-premises), By End-User, By Region" Report to Its Offering" (November 20, 2023)