The global Machine Learning Report is driven by increasing automation of processes and machines and prevalence of rapid industrialization. Efforts by corporations to reduce workload of humans and reduce errors can bode well for the market. Labor charges imposed by countries can also facilitate market growth.
The global Machine Learning Report can expand at 48.02% CAGR from 2021 to 2027, as per the latest research conducted by Market Research Future (MRFR) in its report. The report contains factual information coupled with news, events, and trends used in estimating projections for revenue and growth for the forecast period (2021-2027). The COVID-19 pandemic and its effects on the industry are expounded in greater detail.
Adoption of cloud services, generation of unstructured data, and demand for machine learning solutions are major drivers of the market. Open-source nature of certain machine learning programs and establishment of certain standards for closing the gap between IT programmers and scientists in order to encourage innovation can bolster market growth. Autonomous cars developed by companies have increased their awareness owing to machine learning and real-time monitoring of the environment.
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Development of chatbots powered with the help of machine learning to respond to customer queries can drive the market growth. Emergence of various companies in the ecommerce space and use of cognitive coding techniques is likely to influence the Machine Learning Report. Recently, Intel Corporation has invested close to USD 132 million in Anodot for enhancing autonomous monitoring and assist companies in leveraging on large data volumes.
The COVID-19 pandemic has accelerated the use of machine learning models as force majeure factors have increased and economies witness a downfall. Machine learning has been paired with predictive analytics to treat the virus and conduct analysis on populations across countries, according to a recent JAMA study. The National COVID Cohort Collaboration (N3C) has been formed for accumulation of COVID related data and accurately predicting severity of the disease as per the symptoms.
The machine learning infrastructure comprises various components including hardware, software, and services. The hardware segment is deemed to attain higher revenues as compared to its counterparts owing to procurement of associated hardware and development of customized chips for machine learning. Huge demand for higher performance processors can drive the segment demand significantly.
Based on the organization size, the market has been sub-segmented into small- and medium-sized enterprises and large enterprises. Large enterprises are likely to capture a large market share as huge volumes of unstructured data are generated by devices and node points. Machine learning can leverage the data and glean important insights on tackling any drawbacks.
North America is expected to continue its dominance in the market owing to investments in machine learning by companies and adoption of the nascent technology. Integration of AI in smart devices and automobiles is likely to drive the market demand significantly.
Microsoft Corporation, IBM Corporation, Amazon.com, Inc., Cisco Systems, Inc., Wipro Limited, Google, Intel Corporation, Facebook, Inc., Nuance Communications, Apple Inc, and Baidu Inc are key players in the global Machine Learning Report.
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