Machine learning is an Artificial Intelligence (AI) application that provides computers the ability to mechanically learn and develop without being programmed. Face or image and speech recognition, antivirus, anti spam, signal diagnosing, genetics, weather forecast, search engines, and robotics are some of the key applications of machine learning.
Diverse applications and the capability to learn and solve real-life issues from data along with growing automated lifestyle are likely to fuel market for machine learning. The proliferation of multidimensional and large data sets is also expected to augment the global market over the next few years. In addition, escalating demand for sophisticated algorithm platforms and tools is also projected to boost the adoption of machine learning all over the world. Furthermore, increased implementation of modern applications and escalating demand for intelligent business processes are also likely to provide tremendous development opportunities for the overall market.
The global machine learning market is categorized as per type, application, and region. Based on type, the market is categorized into on-premise and cloud. Based on application, the market is segmented into healthcare and life sciences, Banking, Financial Services and Insurance (BFSI), manufacturing, telecommunications, and others. Fraud and risk management application in BFSI is estimated to be the major contributor toward market growth.
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Based on region, the market is divided into Southeast Asia (India, Japan, and China), North America (United States), and European Union (EU). North America has the highest adoption of machine learning-based solutions owing to its early implementation in various verticals. The region is projected to account for the maximum market share over the next five years. Advancements in computer programming across a wide range of industries may drive the region closely followed by Europe. Canada and the US are expected to widely implement various machine learning solutions driving the regional growth.
The European region is anticipated to lead the global market over the next few years. This growth can be attributed to the rapidly emerging start-ups that majorly focus on commercialization and innovation in machine intelligence technologies. Moreover, a large amount of complex data, a rise in the adoption of Internet of Things (IoT), and booming portable electronics market are also projected to drive the regional market.
Southeast Asia is estimated to emerge as a lucrative regional market for machine learning. Factors such as increasing complexity of business, escalated demand for intelligent business processes, substantial growth in data generation across industry verticals, and constant growth in mobile networks are expected to spur the regional growth.
Major companies operating in the global machine learning market include Microsoft Corp.; Hewlett Packard Enterprise Development LP; Fair Isaac Corp.; Amazon Web Services, Inc.; SAS Institute Inc.; and Google Inc.
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