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Machine Learning Industry Expansion: How the Market Size Has Grown Over the Last 5 Years?
In recent times, there has been an exponential expansion in the size of the machine learning market. The market, which is projected to escalate from $68.88 billion in 2024 to $94.35 billion in 2025, will do so at a compound annual growth rate (CAGR) of 37.0%.
The prior period of growth was largely due to improvements in algorithmic protocols, increased accessibility to data, enhancements in computing power, widespread industry acceptance and amalgamation, as well as the integration of Internet of Things (IoT) and edge computing.
Anticipations are high for the machine learning market size to undergo substantial expansion in the coming years. The market is projected to reach a staggering $329.8 billion by 2029, boasting a compound annual growth rate (CAGR) of 36.7%.
Several factors are contributing to this projected increase in the forecast period, including rising concerns about explainability and ethical AI, an explosion of data growth, the broadening of edge computing, escalating unification of AI and ML, as well as a global demand for predictive analytics. Key emerging trends within this same period encompass continuous innovation in algorithms, the surge of big data technology, automatic machine learning (AutoML), the practice of federated learning, the marriage of ML with other technologies, and industry-specific ML solutions.
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What Growth Drivers Are Responsible for Accelerating Machine Learning Market Growth?
The continued uptake of cloud-based platforms is anticipated to amplify the expansion of the machine learning market. The term ‘cloud-based platforms’ describes computing resources and services offered via the internet, enabling users to benefit from apps, storage and processing power without requiring physical infrastructure or hardware.
Collaboration is made easy by these cloud-based machine learning platforms as several users can work simultaneously on projects, along with ensuring flawless integration with additional cloud services.
For example, Ofcom, a government office in the UK, reported in October 2023 that the UK’s cloud infrastructure market was estimated to be around £7.0 billion ($ 7.69) to £7.5 billion ($ 8.23) in 2022.
Additionally, in 2023, it is anticipated that 41.4% of global tech and business leaders would increase their expenditure on cloud-based services and products. Therefore, the continued popularity of cloud-based platforms is fueling the expansion of the machine learning market.
Performance of Leading Segments in the Machine Learning Global Market
The machine learning market covered in this report is segmented –
1) By Component Outlook: Hardware, Software
2) By Deployment: Cloud, On-Premises
3) By Type: Large Enterprises, Small And Medium Enterprise
4) By End-User: Healthcare, Retail, BFSI, Manufacturing, IT And Telecom, Energy And Utilities, Agriculture, Automotive, marketing And Advertising
Subsegments:
1) By Hardware: Graphics Processing Units (GPUs), Application-Specific Integrated Circuits (ASICs), Field Programmable Gate Arrays (FPGAs), Central Processing Units (CPUs), Memory And Storage Devices
2) By Software: Machine Learning Frameworks And Libraries, Data Processing And Analytics Tools, Model Development Platforms, Deployment And Integration Software, Pre-Built AI Solutions
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What are the upcoming Trends Poised to Transform the Future of the Machine Learning Market?
Leading participants in the machine learning sector are cornering the market with automated tools designed to streamline the otherwise complex process. These tools are crafted to simplify the steps of model selection, training, and deployment, thus making machine learning more approachable to non-experts.
For example, in April 2023, AND Solutions Pte Ltd., a fintech firm from Singapore offering automated machine learning platforms, introduced the NIKO AutoML platform. This revolutionary tool is designed to fast-track the development of predictive models.
The platform comes with an array of tools and features that allow users to swiftly and seamlessly build and implement high-quality machine learning models without needing any coding or data science skills. With an intuitive user interface guiding users at every step, the platform assures optimal results in less time compared to traditional methods.
Advantageous features of NIKO AutoML include quick and precise model creation, an efficient workflow, enhanced productivity, and cost-saving benefits.
What Are the Regional Hotspots for Machine Learning Market Growth?
North America was the largest region in the machine learning market in 2024. Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the machine learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which Companies Hold the Largest Market Share in the Machine Learning Industry?
Major companies operating in the machine learning market report are Google Inc., Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Baidu Inc., Intel Corporation, SAS Institute Inc., Fair Isaac Corporation, Alteryx, Dataiku, H2o.AI, KNIME.com AG, Alpine Data, Peltarion, RapidMiner Inc., BigML Inc., Luminoso Technologies Inc., Turing Analytics
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