NEW YORK, March 20, 2019
NEW YORK, March 20, 2019 /PRNewswire/ -- A new report published by Research On Global Markets titled 'Global Machine Learning Market (2018 – 2023)' studies the performance of the global machine learning market over a five year assessment period from 2018 to 2023. The report presents the forecasted value of the global machine learning market and provides key insights into the factors driving market growth, as well as those restricting it. According to the Research On Global Markets' analysts, the global machine learning market will expand at a compound annual growth rate (CAGR) of 48.3% during the 2018-2023 period, to reach approximately USD 19.40 Bn by 2023.
Global machine learning market: Growing need to process data for meaningful insights
The expansion of the global machine learning market can be attributed to the increased generation of data, and the need to process these huge volumes of data to obtain meaningful insights. As an application of artificial intelligence, machine learning features separate algorithms, as a result of which human intervention is not required.
According to Research On Global Markets, "The world is moving towards a connected business ecosystem that makes data-powered decisions. 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."
Global machine learning market: Segment analysis
The global machine learning market research report provides market segmentation based on application, deployment (cloud deployment, and on-premise deployment), and regions (North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa). The report offers an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
In 2018, retail surpassed the banking, financial services and insurance (BFSI) sub-segment to emerge as the leader in terms of machine learning expenditure. Retail firms are expected to invest in a number of applications, including expert shopping advisors and product recommendations, and automated customer service agents.
In terms of deployment mode, the cloud segment is expected to capture a higher market share during the forecasted period, owing to increased adoption by various industries across the world.
North America is spearheading the innovation in the machine learning market, and held the largest share of the global market in 2018. However, during the forecasted period, Asia-Pacific is expected to exhibit higher adoption of machine learning techniques. In Latin America, the unskilled workforce is struggling to pick up the expertise needed for machine learning processes. This will act as a hindrance to the further development of the market.
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