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£ 5.640 Million

Global Machine Learning market to reach $19.40b by 2023

The global machine learning market is predicted to expand at a compound annual growth rate of 48.3% during the 2018-2023 period, according to a report by Research On Global Markets.

The report presents forecasts value of the global machine learning market and provides key insights onto the factors driving and restricting market growth.

The exponential growth of this market would be mainly attributed to the increased generation of data, and the need to process these such data to obtain meaningful insights.

“The world is moving towards a connected business ecosystem that makes data-powered decisions”, the report reads, “the growth of mobile computing systems in the last decade has paved the way for easy collection and transmission of data across platforms, and has led to the emergence of ‘Big Data‘, which machine learning is hugely dependent on now.”

The report also analyses the global machine learning market based on application, deployment and regions, taking into consideration different trends and challenges for each of those factors.

For example, in 2018 retail machine learning applications surpassed the banking ones in terms of expenditure. Because of this, the report suggests retail firms are going to invest in a number of applications, including expert shopping advisors, product recommendations, and automated customer service agents.

North America, in particular, is at the forefront of machine-learning applications, with the largest share of the global market in 2018. At the same time, the report predicts Asia-Pacific is expected to showcase an higher rate of  adoption of machine learning techniques in the near future.

“Despite the enormous amounts of money already spent [on machine learning] however,” the reports adds, “there are still some uncertainties regarding how machine learning translates to tangible results.”

You can request a free sample of the report or buy it in its entirety on the Research On Global Markets website here.

Image via TradingAcademy.com.

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