According to a new report, published by KBV research, The Global Machine Learning Market size is expected to reach $408.4 billion by 2030, rising at a market growth of 36.7% CAGR during the forecast period.
The SMEs segment is showcasing a CAGR of 38.4% during (2023 - 2030). Small and medium-sized businesses are using machine learning at a fast rate. In order to examine substantial data, SMEs may need extra skills due to their sometimes-restrictive resources. By automating data analysis processes, machine learning platforms and technologies may allow SMEs to get valuable insights from their data without putting in much manual labor.
The Services segment is leading the Global Machine Learning Market by Component in 2022; thereby, achieving a market value of $212.3 billion by 2030. The need for machine learning services has grown over the last several years. Customers may utilize managed services to manage their machine learning (ML) tools and deal with various dependency stacks. The corporate sector's quick adoption of machine learning and AI is the cause of the segment's rise.
The BFSI segment is exhibiting a CAGR of 35.3% during (2023 - 2030). With the use of machine learning, the banking industry can transform data samples into new user interfaces. ML is now a requirement feature for any intelligent system in the banking industry. Data-driven predictions made possible by machine learning are helping to open up new commercial options for specific organizations. As the branch of AI that may be utilized to enhance the banking industry's goods and client services, machine learning (ML) is growing in popularity.
The North America region dominated the Global Machine Learning Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $141.9 billion by 2030. The Europe region is anticipated to grow at a CAGR of 36.1% during (2023 - 2030). Additionally, The Asia Pacific region would showcase a CAGR of 37.6% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/machine-learning-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Amazon Web Services, Inc. (Amazon.com, Inc.), Baidu, Inc., Google LLC (Alphabet Inc.), H2O.ai, Inc., Hewlett-Packard enterprise Company (HP Development Company L.P.), Intel Corporation, IBM Corporation, Microsoft Corporation, SAS Institute, Inc., SAP SE.
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