With the presence of a large pool of participants, the global machine learning market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Microsoft Corporation, International Business Machines Corporation, Sas Institute Inc., SAP SE, Bigml Inc., Google Inc., Intel Corporation, Fair Isaac Corporation, Baidu Inc., and Amazon Web Services, Inc., are some of the key vendors of machine learning across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the machine learning market study.
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Citing an instance, recently, AirAsia – a low-cost airliner headquartered in Malaysia – entered into partnership with Google Cloud for integrating machine learning and AI in the airline’s business operations.
As estimated in this report, the global machine learning market stood at US$ 1.58 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this machine learning market is expected to reach US$ 20.83 billion by the end of the forecast period. The main services available in this machine learning market are professional services and managed services.
Wide Spectrum Of Applications Across Myriad Sectors To Soar Market Earnings
“Technological advancements and proliferation in data generation are few of the key growth drivers of machine learning market,” says the author of this study. Apart from this, massive applications of machine learning systems in BFSI, manufacturing, healthcare & life sciences, energy & utilities, telecommunications, and government & defense will further spur business trends in the near future.
Sensitive data security and ethical implications of the algorithms deployed, however, is anticipated to hinder the growth of machine learning market in the years ahead. In addition, low availability of skilled employees is likely to further inhibit the business growth over the years to come. Nevertheless, extensive demand for intelligent business processes and increasing acceptance of machine learning in modern applications are predicted to create new growth horizons for machine learning market in the years to come. This, in turn, will nullify the impact of hindrances on the machine learning market in the foreseeable future, reports the study.
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Extensive Application Of New Technologies To Help North American Dominance
Regionally, North America has been leading the worldwide machine learning market and is anticipated to continue on the dominant position in the years to come, states the machine learning market study. Massive focus on the use of innovative technologies obtained through the extensive research & development activities is the main factor behind the dominance of the North America machine learning market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional machine learning market. Reportedly, nearly 80% of firms across the globe are investing in AI and 50% of them are located in North America. In addition, the humungous presence of reputed firms such as IBM, Intel, Microsoft, and Qualcomm in the region is expected to contribute substantially towards the regional growth.
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