The Machine Learning Market size was valued at USD 1.7Billion in 2018 and is expected to grow to USD 33.4 Billion by 2026. The segment of advertising and media dominated the global market in 2018 because of the prediction of consumer behavior. The healthcare segment is now projected to account for the largest share in the upcoming years due to the rising adoption of ML-based technologies across healthcare service areas to predict and forecast health status among the masses.
The report includes studying the market scope of leading tech giants like Google, Facebook, Microsoft, and others like IBM and Amazon with market segments and subsegments. This report covers Leading Countries, analyzes the potential of the overall Machine Learning industry, and provides statistical information about growth factors, market dynamics, and challenges. The biggest of which is the global impact of COVID-19.
Based on components, the Artificial Intelligence Market is segmented into three categories hardware, software, and services. The software segment of the report is further segmented into application programming interface (API) and ML framework. The hardware sector is bifurcated into a processor, memory, and network. In contrast, the services segment is segmented into deployment, maintenance, integration, and support. The services segment is expected to account for the highest during the forecast due to AI and analytics for real-time decision-making, policy-making, and environmental analysis.
Impact of Pandemic:
The Covid19 pandemic has primarily affected the ML market landscape. The market has taken a shift in the supply-side of the market. The report covers the aftermath of the Covid19 catastrophe. The information also contained a detailed analysis of the ongoing worldwide pandemic on the ML Market. The epidemic has drastically interrupted the requirement and supply series. The report assesses the economic effect on firms and monetary markets.
Critical Factors of the Market
An increase in data generation along with analysis and predicting future outcomes propelled the demand for ML technology. Large enterprises dominated the global market based on the usage of data science and AI technologies. The SME segment is expected to show a growth rate due to ML platforms due to cost-effective and easy deployment.
America dominated the global market in 2018 owing to the adoption of ML technologies in the majority of IT service providers residing across this region. The Asia Pacific regional market is anticipated to register the fastest growth over the forecasted years on account of the increasing usage of ML technologies across emerging markets in countries like India and China.
Final Take:
The main aim of the market report is to present complete information about how the market will perform from 2020 to 2026. The correlation of demand and supply in the market and the factors affecting them have been analyzed. The internal and external factors affect the market in terms of growth. The pricing policies and their effect on consumer behavior have been studied for various regions of the Machine Learning market.
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