"Machine Learning Market to 2025 by Solution (Software and Services);
Deployment Type (Cloud/ MLaaS and On-premise) and End-User (BFSI, Retail,
Healthcare, Manufacturing, Government and Others) - Global Analysis and
Machine Learning Market to 2025 - Global Analysis and Forecast by Solution, Deployment Type, and End-User. Machine Learning market is expected to grow to US$ 39.99 billion by 2025 from US$ 1.29 billion in 2016. The machine learning market has gained a huge traction in last two years in terms of both R&D and implementation. The technology has been embraced by many business leaders for various use cases of business that requires real time analytics with self-learning technology that too without being explicitly programmed. Machine learning has enormous potential in industries such as Retail, BFSI, manufacturing, and retail. For instance, BFSI vertical can use Machine Learning solutions to better identify insights in transaction data that help them manage risk and prevent fraud. Similarly, in retail, retailers can use machine learning solutions to designing tools that would provide recommendations to customers based on their purchase history.
The machine learning solution providers are highly benefitted with their proficiency in problem solving of a specific classes of business, and leveraging complex analytical algorithms coupled with huge amount of historical data. Furthermost, the cloud enables these service providers to scale the applications in most cost effective way. Internet infrastructure forms the basis of development of any region. A strong internet provides good connectivity and better operations of various industry verticals. Predictive analytics is possible with a good internet infrastructure generating huge amount of data.
The BFSI vertical is the largest adopter of Machine Learning services across all part of the geography. The major factors driving this growth led due to high granularity and depth of predictive analysis that can advance analytical proficiencies across risk management and compliance areas. Other factors such as credit risk modeling, detection of credit card fraud and money laundering, and surveillance of conduct breaches are fueling the demand for machine learning solution in BFSI vertical. In addition to the pay-per-consumption, factors such as lessening the operational cost, adapting to changing compliances and regulations, focusing on core business, and integrating automation in business processes are other major factors that are fuelling the growth of this market.
Ease of deployment and pay per usage are the major drivers towards the high growth of cloud/MLaaS across all regions. Large enterprises has to process a large amount of data using cloud computing and hence cloud/MLaaS are considered as the most preferred mode of deployment of machine learning services. Cloud/MLaaS offers the enterprise with a wide range of machine learning services with cost effective and easy deployment manner. It provides the enterprise an easy access to various specialized tools such as customer analytics, chatbots, and public safety & security are among others. Cloud based MSS provides the businesses with the shifting of IT expenses to operating expenditure rather than capital expenditure and provides an opportunity to leverage advanced machine learning capabilities. The global Machine Learning market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. The key players profiled in the report are Google, Inc., SAS Institute Inc., Microsoft Corporation, IBM Corporation and Amazon Web Services, Inc. Also, Fair Isaac Corporation, Hewlett Packard Enterprise, BigML, Inc. and H2O.ai are other key companies in the Machine Learning market.
The report segments the global Machine Learning market as follows:
Global Machine Learning Market - By Solution
Global Machine Learning Market - By Deployment Type
Global Machine Learning Market - By End-User
Fraud & Risk Management
Predictive Customer Analytics
Customer Experience & Insight
Supply & Demand Planning
Diagnosis and Treatment Systems
Image Analytics & Diagnosis
Supply Chain Management
Fraud & Improper Payments
Public Safety & Security
Global Machine Learning Market - By Geography
Rest of Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)