Latest Industry News:
- 7th November 2017 Pienso raises $2.1M to help non-programmers interact with machine learning models. The company will utilize this cash to grow the small team and start growing its customer base.
- 5th November 2017 Microsoft and AWS have entered into a new collaboration with a focus on deep learning and artificial intelligence. Gluon is the joint effort between Microsoft Research and Amazon AI and is intended to make developing solutions using machine learning easier and quicker.
Machine Learning Market – Competitive Analysis
With the entry of industry players in the APAC region for machine learning, a trend of solid, volume-driven growth has been observed in the market with the addition of new and innovative applications in the segment. With companies aiming to expand their share of the market segment as much as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. With a positive trend observed due to increase in interest from the consumer end, the market size has also grown which allows more research and development opportunities.
The prominent players in the Machine Learning Market are –
- Google Inc. (U.S.)
- Facebook (U.S)
- IBM Watson (U.S.)
- Baidu (China)
- Apple (U.S)
- Microsoft (U.S.)
- Nuance Communications(U.S.)
- Amazon (U.S)
- Intel (U.S.)
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Machine Learning Market – Overview
Machine learning basically means to provide means for a certain machine to learn how to perform various tasks or operations without giving explicit instructions. The concept of machine learning works on artificial intelligence i.e. that the system can learn on its own and improve its output on the basis of the experience gained. Machine learning concentrates its focus on the development of computer programs that can access data, analyze it and use it to learn.
The theory of machine learning originated around the year 1959. Machine learning borrows from the concepts of pattern recognition and computational learning theory in artificial intelligence. It explores the study of algorithms that can make predictions based on data that is collected. Machine learning is used in areas where designing and programming explicit algorithms with good performance is infeasible. The actual development of machine learning began in the 1990s as it began to focus on the models of statistics and probability theory.
According to the report published by MRFR, machine learning market is a phase of exceptional growth and with its application in most of the areas it will achieve an enviable level of revenue by the year 2022.Due to the availability of data from many sources the issue is not of how to gather data but how to process it and derive information of value from it. As most of the businesses have moved online and employ a lot of data harvesting techniques the scope to implement machine learning in this scenario becomes extremely bright.
Machine learning is employed in various domains such as economics, marketing, healthcare, oil & gas, transportation and government sectors to name a few. As it continues to be applied in various other sector, its demand will keep on increasing. Machines can also be made to learn how to solve real life issue with availability of real time data available from individuals who have transitioned to an automated lifestyle. Increased demand for sophisticated algorithm platforms and tools will continue to push the growth of this market around the world.
The restraints to the growth of machine learning are data inaccessibility and security concerns, inability to test and experiment, rigid business processes which might cause some roadblocks in the development of machine learning sector.
Machine Learning Market – Segments
By Components: Software Tools, Cloud and web-based APIs
By Service: Professional services, Managed services
By Organization Size: Small and Medium Enterprises (SMEs), Large enterprises
By Application: BFSI, Healthcare, Government, Automotive, Education, Media and Entertainment, Defense, Telecom, Retail and Ecommerce
By Region: North America, Europe, Asia-Pacific (APAC), Rest of the World (RoW)
Machine Learning Market – Regional Analysis
Rapid advancements in computer programs across different industries has driven the market of Machine Learning in North America closely followed by Europe. European region is expected to dominate in the Machine Learning Market by the forecast period owing to fast emerging of startups which mainly focus on innovation and commercialization of machine intelligence technologies. London is Europe’s startup center, mixing capital, proximity to markets, and world-class research hubs. The Asia-Pacific region, though, is expected to emerge as a lucrative market.
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