Machine Learning Market Poised for Unprecedented Growth, Estimated to Reach $407.72 billion by 2030

According to Next Move Strategy Consulting, the global machine learning market size is anticipated to surpass $407.22 billion by 2030 reflecting a CAGR of 45.29% during the forecast period till 2030. This effervescent surge is driven by a confluence of factors that reflect the evolving preferences and dynamic trends within the beverage industry.

Market Overview:

Machine Learning, a transformative force in the technological landscape, is experiencing robust expansion as organizations seek innovative solutions to harness the power of data for enhanced decision-making and operational efficiency. The market's growth is underpinned by the ongoing digital transformation across sectors, creating a surge in demand for advanced Machine Learning technologies. As businesses prioritize data-driven strategies, Machine Learning stands as a pivotal enabler of intelligent, adaptive, and efficient systems.

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Key Market Drivers:

1. Enterprise Intelligence: The increasing recognition of data as a strategic asset is driving the adoption of Machine Learning across industries. Businesses are leveraging Machine Learning to gain actionable insights from vast datasets, enabling informed decision-making and fostering a culture of data-driven innovation.

2. Automation Revolution: The automation wave sweeping through industries is a major catalyst for the Machine Learning market. Organizations are deploying machine learning algorithms to automate routine tasks, optimize processes, and unlock new levels of operational efficiency.

3. Personalized Customer Experiences: Machine Learning is at the forefront of delivering personalized and immersive customer experiences. From recommendation engines to predictive analytics, businesses are leveraging Machine Learning to understand customer behavior and preferences, thereby enhancing customer satisfaction and loyalty.

4. Healthcare Transformation: The healthcare sector is witnessing a profound transformation through the integration of Machine Learning. From diagnostics to personalized medicine, Machine Learning is revolutionizing healthcare delivery, improving patient outcomes, and driving efficiencies in the medical field.

Market Segmentation:

The machine learning market includes various segments, including:

Component: Based on components, the market is segmented into software, services, and machine learning as a service (MLaaS).

Deployment: Based on deployment, the market is divided into cloud and on-premise.

Enterprise Size: Based on enterprise size, the market is classified into large enterprises and small & medium enterprises.

End User: Based on end user, the market is bifurcated into BFSI, healthcare & life sciences, retail, telecommunication, government & defense, education, media & entertainment, manufacturing, energy & utilities, automotive, and others.

Geographical Regions: Based on region, the market is analyzed into North America, Europe, Asia-Pacific, and Rest of World (RoW).

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Outlook and Future Prospects:

The introduction of no-code machine learning & low-code machine learning development are expected to create ample opportunities in the coming years. No-code platforms offer intuitive drag-and-drop interfaces, enabling users to create ML models without writing complex code. On the other hand, low-code platforms provide a mix of visual development and code customization options. These advancements open up machine learning to a broader audience, accelerating the adoption of AI-driven solutions across various industries and empowering businesses to leverage data-driven insights without the need for extensive programming expertise.

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While the potential of machine learning is vast, its growth is hindered by cost and expertise. The price tag of building, training, and deploying these complex systems can easily spiral, deterring potential adopters. Even if budgets allow, finding personnel skilled enough to navigate the intricacies of machine learning deployment proves equally challenging. This talent gap creates a bottleneck, leaving innovative algorithms waiting on the sidelines, unable to translate their potential into market impact. Until these hurdles are overcome, the machine learning revolution may be forced to slow its pace.

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Regional Dominance:

North America holds the dominant share of the machine learning market at present and is expected to continue its dominance during the forecast period. This is attributed to factors such as the availability of developed IT infrastructure along with rising investment in cutting-edge technology like artificial intelligence, cloud computing, and others.

Also, the presence of major key players such as Microsoft Corporation, Facebook Inc., Amazon.com Inc., and IBM Corporation that are launching new products boosts the machine learning industry growth in this region. For instance, in November 2021, Facebook Inc. launched its new machine-learning process called Anticipative Video Transformer (AVT) to predict future actions by using visual interpretation. AVT works as an end-to-end attention-based model for action anticipation in videos. It also analyzes the activity to show results, especially for augmented reality (AR) and the metaverse.

On the other hand, Asia-Pacific is expected to show a steady rise in the machine learning market due to rising digital business and growing awareness of advanced technologies among individuals in this region. Moreover, rising research and development activities in machine learning and artificial intelligence (AI) are expected to drive machine learning market growth in this region.

Competitive Landscape:

The machine learning market trends comprise of various market players such as Google, Microsoft Corporation, Amazon.com Inc., IBM Corporation, Apple Inc., Intel Corporation, Facebook Inc., SAP SE, SAS Institute Inc., and Wipro Limited. These market players are adopting various partnerships and acquisitions of businesses across various regions to maintain their dominance in the machine-learning industry.

For instance, in June 2022, Wipro partnered with Eros Investments to evolve and scale the artificial intelligence (AI) and machine learning (ML) powered content localization solution for global media and entertainment industry. This solution automated the time-consuming manual content localization process of subtitling and dubbing with near human-level accuracy, driving significant cost and time savings.

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.

Over a decade, we have served over 1,000 global customers, including 90% of Fortune 500 companies. Our analysts constantly monitor high-growth markets and uncover hidden opportunities in various sectors. We offer top-quality syndicated and custom research reports across ten different industry verticals, catering to your unique business needs. Our industry-standard delivery solutions, from pre-consultation to after-sales services, ensure an exceptional client experience and support informed strategic decision-making.

This release was published on openPR.