Machine Learning Market Overview
Machine learning solutions facilitate machines to learn without being specifically programmed for it. Machine learning algorithms can be used to perform tasks such as statistical arbitrage, image recognition, medical diagnoses, speech recognition, classification, learning association, prediction and information extraction. Some of the real-life applications of machine learning are security, fraud detection, reconditions and financial trading.
Technological advancement in machine learning is one of the key drivers for machine learning market. Modern machine learning solutions are more reliable than their older counterparts. Advanced processors are able to handle a large amount of data in short period of time allowing machine learning solutions to work smoothly.
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Big players in the industry are investing heavily in machine learning research and development. Numbers of machine learning start-ups are also contributing to the growth of the global machine learning market.
The U.S hold a significant share of global machine learning market in 2016 in terms of revenue generated. Numbers of prominent machine learning players are based in the U.S. The U.S. market is expected to grow at significant CAGR over the forecast period from 2017 to 2025. Asian machine learning market is expected to overtake the North American machine learning market by the end of the forecast period.
Multiple machine learning giants are using machine learning technologies to optimize their revenue through multiple revenue sources. For example, multiple machine learning players are using machine learning to optimize online advertising or product recommendations. Companies with the large in-house database, such as search engine giants or E-commerce giants are at an advantage while investing in machine learning research and development. They can apply advanced machine learning tools to make efficient use of available in-house data to increase revenue from other sources and at the same time can focus on new machine learning based product development.
Implementation challenges are the key restrain for global machine learning market. Machine learning solutions are difficult to implement in real life and need to undergo extensive testing before implementation in the real world situations.
Machine learning are transforming business processes in multiple industries. In manufacturing industry machine learning can be used to increased production capacity or to reduce material costs by providing relevant financial, operational and supply chain data. Manufacturing industry is expected to hold significant market share of global machine learning market in terms of revenue generated in 2016. Health-care and BFSI industries also contributed to the significant amount of revenue in 2016.
Small and medium-sized enterprises are increasingly adapting to the changing market scenario by using machine learning in business processes. Machine learning revenue from SME’s is expected to grow at significant CAGR over the forecast period.
Managed services accounted for significant amount of revenue share in 2016. Professional services are expected to grow at significant CAGR over the forecast period.
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In Europe Germany holds the highest revenue share for global machine learning market and is also expected to grow at significant CAGR over the forecast period. Asia Pacific machine learning market is expected to grow at highest CAGR over the forecast period. In Asia Pacific china holds the highest market share in terms of revenue followed by Japan. In Latin America Middle East and Africa (LAMEA) segment Brazil accounted for significant amount of market share in terms of revenue for the machine learning market in 2016.
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