The global machine learning market is forecast to reach USD 35.67 Billion by 2026, according to a new report by Reports and Data. The extensive adoption of smartphones, big data, e-commerce, and social media, owing to the increasing awareness of the internet, will boost the market growth.
New York, NY -- (SBWIRE) -- 02/24/2021 -- The increasing trend towards cloud computing, coupled with the growing technological advancements such as BYOD services, the internet, and others, will contribute to the growth of the market.
Market Size – USD 2.15 Billion in 2018, Market Growth - CAGR of 41.9%, Market Trends – Extensive adoption of smartphones.
The global Machine Learning Market is forecast to reach USD 35.67 Billion by 2026, according to a new report by Reports and Data. The increasing trend towards cloud computing, coupled with the growing technological advancements such as BYOD services, the internet, and others, will contribute to the growth of the market. Machine learning helps in analyzing large volumes of data and identify specific trends
The Global Machine Learning Market Report 2026 published by Reports and Data to its ever expanding database covers critical data about the technological evolution, market share, market size, current and emerging trends, growth opportunities, current market situation, government regulations, limitations, threats, and challenges of the market. The report is an all-inclusive document covering the impacts of COVID-19 on the economy as well as demand of the market. The report provides a study of the present as well as future impact of the COVID-19 crisis on the overall market. The study also benefits the players by providing a concise and effective strategy to strengthen their footing in the market.
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The major companies explored in the report are IBM Corporation, Microsoft Corporation, SAP SE, Dell Inc., SAS Institute Inc., Google, Inc., Amazon Web Services Inc., Baidu, Inc., BigML, Inc., Intel Corporation, RapidMiner, Inc., Hewlett Packard Enterprise (HPE), Angoss Software Corporation, Alpine Data, Dataiku, Luminoso Technologies, Inc., TrademarkVision, Fractal Analytics Inc., TIBCO Software Inc., Teradata, and Oracle Corporation, among others..
Further key findings from the report suggest
- Among the applications, fraud detection & risk analytics accounted for the largest market share of ~18% in the year 2018. Fraud detection & risk analytics has been a significant concern in the banking and commerce industry. The increased number of transactions owing to a plethora of payment channels – smartphones, credit/debit cards, and others. As a result, it is becoming difficult for businesses to authenticate their transactions.
- Machines are much better at processing large datasets than humans. They can detect and recognize thousands of patterns on a user's purchasing course. The fraud detection process using machine learning starts with gathering and classifying the data. Then the model is fed with training sets to predict the probability of fraud.
- The predictive maintenance application is forecasted to witness the highest growth rate of 44.4% during the forecast period. Manufacturing firms need corrective as well as preventive maintenance practices in place. However, these practices are often inefficient and expensive. Machine learning helps in the creation of highly efficient predictive maintenance programs. These can minimize the chances of unexpected failures, thereby reducing unnecessary preventive maintenance projects.
- North America held the largest market share of ~29% in the year 2018. The region has successfully adapted machine learning and is investing highly in newer technologies like cloud computing, artificial intelligence, and more. The massive amount of data generated is driving the need for fraud detection & risk analysis technologies, and security & surveillance. All these factors together will boost the market in the region, allowing it to lead the market throughout the forecast period.
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The report offers a comprehensive study of the regional bifurcation of the market and provides insightful data about the regulatory framework, current and emerging market trends, opportunities, supply-demand ratio, production and consumption volume, and the import/export ratio in each region. It also evaluates the presence of each market player in the region and strategic initiatives taken by the companies to gain a robust presence in the region. The regional segmentation covers country-wise analysis of the market and includes:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The research report on the global Machine Learning market offers extensive analysis of the product spectrum and application scope of the business landscape. Based on the product type, the Machine Learning market is split into:
Component Outlook (Revenue, USD Billion; 2016-2026)
Software
Services
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
Small and Medium-Sized Enterprises
Large Enterprises
Application Outlook (Revenue, USD Billion; 2016-2026)
Fraud Detection & Risk Analytics
Augmented & Virtual reality
Natural Language processing
Computer vision
Security & surveillance
Marketing & Advertisement
Automated Network Management
Predictive Maintenance
Others
Industry Vertical Outlook (Revenue, USD Billion; 2016-2026)
Automotive
Aerospace & Defense
Retail & E-commerce
Government
Healthcare And Life Sciences
Media And Entertainment
IT And Telecommunications
Banking, Financial Services, And Insurance
Others
To know more about the report, visit @ https://www.reportsanddata.com/report-detail/machine-learning-market
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Machine Learning Market Segmentation & Impact Analysis
4.1. Machine Learning Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing trend towards cloud computing
4.2.2.2. Popularity of BYOD services
4.2.2.3. Extensive adoption of smartphones, e-commerce, and social media
4.2.2.4. Emergence of internet and big data
4.2.3. Market restraints analysis
4.2.3.1. Lack of availability of expert professionals
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Continue….
To summarize, the report provides insightful data regarding every aspect of the market to enable the players to gain a competitive edge. The report comprises of data and information gathered from extensive primary and secondary research and is validated and verified by industry experts and professionals. The data provides reliable statistics for the period of 2020-2027 organized in the form of tables, charts, graphs, diagrams, and other graphical representations.
Thank you for reading our report. The report can be customized as per requirement. Please get in touch with us for further inquiry and we will ensure you get the report best suited for your needs.
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