Authored By: Sarah
11 Jul 2024

 Machine Learning (Ml) Market to grow by USD 162937.4 million between 2024-2028

According to a research report “ Machine Learning (Ml) Market” by End-user (BFSI, Retail, Telecommunications, Healthcare, Others) Deployment (Cloud-based, On-premises) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 162937.4 million at a CAGR of  67.63% during the forecast period. In the business landscape, the surge in cloud computing adoption is fueling the proliferation of cloud-based applications across various industries. The allure of cloud computing's advantages, including cost savings on infrastructure, scalability, reliability, and high resource accessibility, is compelling enterprises to integrate cloud solutions into their business models. Furthermore, the elimination of the need for in-house IT support teams reduces operational expenses. To optimally leverage these benefits, businesses are increasingly subscribing to pay-per-use cloud services. This trend is anticipated to boost the expansion of the global machine learning market, as the availability of advanced and cost-effective infrastructure becomes a key growth driver..

Browse market data tables, figures, and in-depth TOC on “Machine Learning (Ml) Market” by End-user (BFSI, Retail, Telecommunications, Healthcare, Others) Deployment (Cloud-based, On-premises) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028.

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By End-user, the BFSI segment is projected to dominate the market size in 2024.

In the machine learning market, cloud-based deployment is a significant sector. Businesses leverage cloud computing infrastructure and services to construct, educate, and implement machine learning models. This approach allows organizations to avoid the capital investment and upkeep of their own infrastructure. Cloud-based machine learning boasts advantages such as scalability, adaptability, and cost savings. Major cloud providers, including Amazon Web Services (AWS), Microsoft Azure, Google Cloud, and IBM Watson, offer machine learning services that seamlessly integrate into existing business processes, making machine learning implementation an accessible and efficient endeavor for organizations.

By Deployment, Cloud-based  segment is expected to hold the largest market size for the year 2024.

In the BFSI sector, machine learning (ML) is a strategic investment to enhance operational efficiency, strengthen customer relationships, and bolster risk management. Digital transformation initiatives spearhead the development of customized ML solutions, enabling automated processing, data-driven customer insights, and personalized engagement. Isolated systems in regional banks hinder scalability and agility, prompting a shift towards digital banking and ML adoption for integrated data management and customer-centric services.

North America is forecasted to hold the largest market size by region in 2024.

In the business realm, Machine Learning (ML) market growth is driven by advanced analytics and artificial intelligence applications. Companies are investing heavily to optimize operations, enhance customer experiences, and uncover valuable insights. ML algorithms, such as neural networks and deep learning, are revolutionizing industries, from finance to healthcare, by automating complex processes and improving decision-making. This technology trend is expected to continue, with the global ML market projected to reach significant growth in the coming years.

The Machine Learning (Ml) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alibaba Group Holding Ltd.
  • Alphabet Inc.
  • Altair Engineering Inc.
  • Alteryx Inc.
  • Inc.
  • BigML Inc.
  • Cisco Systems Inc.
  • Fair Isaac Corp.
  • Inc.
  • Hewlett Packard Enterprise Co.
  • Iflowsoft Solutions Inc.
  • Intel Corp.
  • International Business Machines Corp.
  • Microsoft Corp.
  • Netguru S.A
  • Salesforce Inc.
  • SAP SE
  • SAS Institute Inc.
  • TIBCO Software Inc.
  • Yottamine Analytics LLC

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Research Analysis Overview

In the dynamic landscape of technology, Machine Learning (ML), a subset of Artificial Intelligence (AI), continues to be a game-changer for various sectors, including Financial Services and Large Enterprises in the Public sector. ML algorithms, rooted in Computer Science, are revolutionizing industries by enabling predictive analytics and automation. ML is increasingly being adopted in diverse areas such as Healthcare, Supply Chain, and E-commerce. SMEs and Big Data are leveraging ML to gain insights and make informed decisions. ML is also powering advanced technologies like Face Recognition, Self-driving cars, and Chatbots. However, with the widespread adoption of ML comes the heightened risk of cyber threats. Cyber specialists are employing ML for Security Analytics to counteract supply chain attacks and other cybersecurity challenges. ML is also being used to enhance the capabilities of 5G wireless networking and Hybrid Cloud, including Edge Computing. ML is transforming the way organizations manage and secure their Computer Systems and Software Programs. As ML continues to evolve, it will undoubtedly bring about significant advancements in various industries, making them more efficient, secure, and productive.

Market Research Overview

In the dynamic and ever-evolving tech landscape, Machine Learning (ML), a subset of Artificial Intelligence (AI), continues to be a pivotal driver of innovation and growth. ML solutions, fueled by advanced algorithms and data-centric learnings, are transforming various sectors such as Healthcare, Banking, Retail, and IT and telecommunications. Organizations, including large enterprises and SMEs, are increasingly adopting ML to enhance their capabilities, improve operational efficiency, and stay competitive. ML technologies, including AI, chatbots, and face recognition, are being integrated into various applications, from self-driving cars to social media platforms and e-commerce industries. The ML market is witnessing significant expansion, with collaborations, mergers, and acquisitions shaping the competitive landscape. Moreover, ML is playing a crucial role in addressing cyber threats, such as supply chain attacks and cyber attacks on critical infrastructure, including OCI Dedicated Regions and data centers. Responsible Computing and sustainable development goals are also becoming essential considerations in the ML market. Innovations in ML, including hybrid cloud, edge computing, and 5G wireless networking, are set to revolutionize the way we process and analyze data. As ML continues to evolve, it will undoubtedly bring about groundbreaking advancements in various industries, from healthcare and finance to advertising and media, and beyond.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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