Machine Learning Market Estimated to Achieve USD 505.42 Billion by 2031, Attributed to Rise in Proliferation of Machine Learning Technology

Machine learning market size was valued at USD 35.80 billion in 2022 and is poised to grow from USD 48.04 billion in 2023 to USD 505.42 billion by 2031, growing at a CAGR of 34.20% in the forecast period (2024-2031).

Machine learning (ML), a kind of artificial intelligence (AI), enables software programs to make more accurate predictions without being explicitly instructed to do so. Machine learning algorithms use previously acquired data to predict future output values. The global machine-learning market is expected to expand as businesses implement more complex security frameworks. This technology is used in the healthcare industry to analyze millions of data points, forecast results, do rapid risk assessments, and precisely allocate resources, among other things. For instance, today IBM Watson Health and Healthcare IT Leaders announced the merger of IBM Digital Health Pass and Healthcare IT Leaders Healthy Returns, resulting in a comprehensive set of corporate COVID-19 services.

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Top Players in the Machine Learning Market

• IBM Corporation (US)
• SAP SE (Germany)
• Oracle Corporation (US)
• Hewlett Packard Enterprise Company (US)
• Microsoft Corporation (US)
• Amazon, Inc. (US)
• Intel Corporation (US)
• Fair Isaac Corporation (US)
• SAS Institute Inc. (US)
• BigML, Inc. (US)
• Google LLC (US)
• Alphabet Inc. (US)
• General Electric (US)
• H2O.ai (US)

Revolutionizing Cyber Defense: Role of Machine Learning in Analytics

Machine learning will become a prominent trend in security analytics as companies use more advanced security frameworks. As there is so much data generated and exchanged over several networks, cyber experts face tremendous hurdles in recognizing and analyzing potential cyber threats and attacks. As cyber threats become more pervasive and complex, machine learning algorithms help enterprises and security teams predict, identify, and recognize cyber-attacks more swiftly. As a result, incorporating advanced learning capabilities into analytics-driven solutions is becoming more critical.

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Segments covered in Machine Learning Marketare as follows:

• Component
  • Solutions, Services (Professional Services, Managed Services)
• Deployment
  • Cloud, On-Premise
• Enterprise Size
  • SMEs, Large Enterprise
• End User
  • BFSI (Fraud and Risk Management, Customer Segmentation, Sales and Marketing Campaign Management, Investment Prediction, Digital Assistance, Others), Healthcare and Life Sciences (Disease Identification and Diagnosis, Image Analytics, Personalized Treatment, Drug Discovery/Manufacturing, Others), Retail (Inventory Planning, Recommendation Engines, Upsells and Cross Channel Marketing, Segmentation and Targeting, Others), Telecommunications (Customer Analytics, Network Security, Network Optimization, Others), Government and Defense (Autonomous Defense System, Threat Intelligence, Others), Manufacturing (Predictive Maintenance, Revenue Estimation, Demand Forecasting, Supply Chain Management, Others), Energy and Utilities (Power/Energy Usage Analytics, Seismic Data Processing, Carbon Emission, Smart Grid Management, Others), Automotive & Transportation, Advertising & Media, Others

Innovative Approaches: Key Moves by Leading Players in Machine Learning

The global machine learning market is fragmented and extremely competitive. To remain competitive, the market’s key players are always introducing new growth strategies. To succeed in the competitive market, major competitors employ a variety of growth strategies such as product launches, inventions, mergers and acquisitions, collaborations and partnerships, and considerable R&D. The major market players are also always conducting R&D to supply industries with the most efficient and cost-effective solutions.

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How Key Players are Evolving in the Machine Learning Arena

• May 2024: A new energy management platform known as energy command center is introduced by Schneider Electric and Capgemini. This platform aims to aid companies in monitoring and managing the performance of energy assets in their operations.
• February 2024: CodeSignal introduced ColdSignal Learn. It will teach technical courses to interested learners. Moreover, it will incorporate Cosmo, an AI-powered bot, to help pupils learn.
• January 2022: Customer data platform by Acquia includes strong retail machine learning algorithms. It boosts client value. Through this innovation, the company aims to offer a comprehensive perspective of operations to retailers. This innovation helps retailers in identifying drivers behind their marketing and sales operations.

Pioneering Competitiveness Within Machine Learning Market

The global machine-learning market is dynamic and highly competitive. Additionally, the industry is bolstered by leading companies that are driving innovation and strategic initiatives. These firms are continually advancing technology to provide cost-effective solutions. They engage in product launches, form strategic partnerships, and invest heavily in research and development. To stay competitive, ongoing adaptability and strategic acumen are essential for navigating complexities and seizing new opportunities.

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