SAN FRANCISCO, July 17, 2023 /PRNewswire/ -- The global machine learning market size is anticipated to reach USD 419.94 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 34.8% from 2023 to 2030. The market is experiencing continuous growth, driven by the increasing demand for AI-driven solutions across industries. It is expected to expand further as more organizations recognize the potential of machine learning and invest in its applications. The growing deployment of Edge AI is responsible for market growth. Edge AI reduces the reliance on cloud computing and provides faster response times, improved privacy, and bandwidth efficiency.
Key Industry Insights & Findings from the report:
- The emergence of connected AI is anticipated to make it possible for ML algorithms to learn based on newly available information continuously. These developments are expected to propel the market expansion in the upcoming years. As these technologies continue to advance and mature, they are expected to have a transformative impact on various industries, shaping the way businesses operate, make decisions, and deliver value to customers.
- The advertising & media segment dominated the market with a revenue share of 20.0% in 2022. The advertising and media sector accounted for the largest share in 2022 owing to capabilities such as buyer's optimization, data processing, and analysis provided by the technology.
- Factors such as advancements in computing power, increased data generation, and the need for automated decision-making drive the demand for machine learning solutions across various industries.
- The Asia Pacific region is expected to grow at the fastest CAGR of 43.5% from 2023 to 2030. The region's large population, diverse industries, and growing investment in technological infrastructure all contribute to market growth.
Read full market research report, "Machine Learning Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Enterprise Size, By End-use (Advertising & Media, Healthcare, Retail), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Machine Learning Market Growth & Trends
Numerous companies are using machine learning (ML) in various industries to boost productivity, streamline processes, and facilitate decision-making. ML is used for personalized product recommendations, demand forecasting, fraud detection, inventory management, and pricing optimization. For instance, Netflix, Inc., a U.S.-based media-streaming and video-rental company, uses machine learning to enhance the customer experience. The company has long been using machine learning algorithms to personalize its viewer recommendations. E-commerce firms like Amazon.com, Inc, a U.S.-based multinational technology company, also uses ML for recommendation to boost sales.
Developments such as fine-tuned personalization, hyper-targeting, search engine optimization (SEO), no-code environments, self-learning bots, and others are expected to impact the machine-learning landscape significantly. These developments are responsible for the continuous evolution of machine learning applications, driven by the demand for personalized experiences, improved website rankings, efficient marketing strategies, accessibility, and intelligent automation.
For instance, Google LLC has significantly advanced machine learning, specifically in computer vision. Google's research division, Google Research, has developed and deployed machine learning models such as the Inception series and the EfficientDet object detection model. These models have significantly enhanced the accuracy and performance of computer vision tasks, including image classification, object detection, and image segmentation.
Many industries in North America have adopted machine learning to gain insights from massive data and improve business operations. Machine learning is used in various sectors such as finance, healthcare, retail, manufacturing, and technology to perform tasks such as fraud detection, personalized marketing, predictive maintenance, and automated customer service. The growing adoption of cloud-based machine learning services in North America propels the market's growth. The rise of cloud computing platforms, such as Amazon Web Services, Microsoft Azure, and Google Cloud, has made it easier for businesses to access and deploy machine learning tools and infrastructure.
Machine Learning Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 52.02 billion |
Revenue forecast in 2030 | USD 419.94 billion |
Growth rate | CAGR of 34.8% from 2023 to 2030 |
Base year for estimation | 2022 |
Historical data | 2017 - 2021 |
Forecast period | 2023 - 2030 |
Machine Learning Market Segmentation
Grand View Research has segmented the global machine learning market based on component, enterprise size, end-use, and region:
Machine Learning Market - Component Outlook (Revenue, USD Billion, 2017 - 2030)
- Hardware
- Software
- Services
Machine Learning Market - Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)
- SMEs
- Large Enterprises
Machine Learning Market - End-use Outlook (Revenue, USD Billion, 2017 - 2030)
- Healthcare
- BFSI
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
Machine Learning Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Kingdom of Saudi Arabia (KSA)
- UAE
- South Africa
List of Key Players in the Machine Learning Market
- Amazon Web Services, Inc.
- Baidu Inc.
- H2O.ai.
- Hewlett Packard Enterprise Development LP
- Intel Corporation
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- SAS Institute Inc.
- SAP SE
Check out more related studies published by Grand View Research:
- Artificial Intelligence Market - The global artificial intelligence market size is expected to reach USD 1,811.75 billion by 2030, expanding at a CAGR of 37.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information.
- Deep Learning Market - The global deep learning market size is expected to reach USD 526.7 billion by 2030, expanding at a CAGR of 33.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Deep learning is expected to gain sustainable momentum in the coming years owing to its high computational ability and improved complex data-driven applications. The growing emphasis on big data analytics and the adoption of Artificial Intelligence (AI) in customer-centric services is expected to propel the growth of the deep learning industry over the forecast period.
- Natural Language Processing Market - The global natural language processing market size is estimated to reach USD 439.85 billion by 2030, expanding at a CAGR of 40.4% from 2023 to 2030, according to a new study by Grand View Research, Inc. Machine learning is predicted to play a critical role in natural language processing (NLP) techniques, mostly in text analytics, as AI advances. In the future, unsupervised and supervised learning will enable machine-learning engines to undertake more in-depth assessments. According to their ongoing evolution, social media platforms are expected to play a superior role in business decisions. A company, for instance, can rely on several NLP tools to track customer evaluations, feedback, and comments about their business on social media platforms and in the news around the time of a quarterly report.
Browse through Grand View Research's Next Generation Technologies Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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