Machine learning is an application of Artificial Intelligence that provides computers the ability to automatically learn and enhance their performance based on past experience without being explicitly programmed. Machine learning focusses on developing computer programmes that can learn for themselves without needing human intervention or separate algorithms to be preprogrammed into the computer to tackle unfamiliar scenarios.
According to machine learning market research conducted by Research On Global Market, the global machine learning market is expected to reach USD 19.40 Bn and expand at a compound annual growth rate of 48.3% during the 2018-2023 period.
The global machine learning market is classified into four segments- application, end-user industry, deployment mode, and region. The application segment is segmented into fraud detection and risk management, marketing, and advertisement, predictive analytics, natural language processing, augmented and virtual reality, security and surveillance, and computer vision. The end user industry segment is segmented into aerospace and defence, energy and utilities, manufacturing, retail, BFSI, public sector, healthcare industry. In 2018, the retail industry beat the BFSI segment to be the leader in machine learning expenditure. The machine learning expenditure by the BFSI segment is targeted towards automated threat intelligence, fraud analysis, and investigation and prevention systems along with recommendation systems. The deployment mode segment is segmented into on-premise deployment and cloud deployment. Due to the low-cost structure, industry professionals are working on the cloud deployment model.
Geographically, the machine learning market is analyzed across North America, Europe, Asia Pacific, Middle East, and Africa. North America is leading the global market for Machine Learning due to the emergence of Big Data, on which Machine Learning is dependent. The Asia Pacific will witness the highest growth rate during the 2018-2023 period.
According to machine learning market research conducted by Research On Global Market, the global machine learning market is expected to reach USD 19.40 Bn and expand at a compound annual growth rate of 48.3% during the 2018-2023 period.
Geographically, the machine learning market is analyzed across North America, Europe, Asia Pacific, Middle East, and Africa. North America is leading the global market for Machine Learning due to the emergence of Big Data, on which Machine Learning is dependent. The Asia Pacific will witness the highest growth rate during the 2018-2023 period.
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