However, not all corporations are flexible in their business process and do not allow experimentation which limits revenue growth of the market. For instance, on 4 November 2019, Microsoft launched Power Virtual agents, a service that supports building conversational chatbots using a no-code graphical user interface. Breast Pumps Market size worth $ 1.80 Billion, Globally, by 2030 Analytics And Automated Traffic Management. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. These Machine Learning Software Vendors are rated and listed by us on the basis of product quality, reliability, and their business strategy. Report ID: RND_002149. Automotive segment accounted for the largest revenue share in 2021. from 8 AM - 9 PM ET. For instance, for an e-commerce website such as Amazon, ML helps to analyze purchase histories and browsing behaviors of its users, which in turn, helps in catering to the right opportunities, products, and reminders relevant to users. Another important factor driving market expansion is the increase in the adoption of cloud-based technologies. Software segment was the leading segment in the machine learning market on the basis of component type in 2021. Oracle, IBM, Amazon Web Services, Inc., Microsoft, Fractal Analytics Inc., Google, Baidu, Inc., Intel Corporation, Hewlett Packard Enterprise Development LP, and Dell Inc. 10 hrs of free customization and expert consultation, Cloud and Web-based Application Programming Interface (APIs), In-depth research on specific segments/regions or companies, Additional company profiles depending on client specific needs, Report delivery in any format (PPT, PDF, Excel), 40 Wall St. 28th floor New York City, NY 10005 United States. - 147) 13.1 Discussion Guide 13.2 Knowledge Store: MarketsandMarkets Subscription Portal 13.3 Introducing RT: Real-Time Market Intelligence 13.4 Available Customizations 13.5 Related Reports 13.6 Author Details, Table 1 United States Dollar Exchange Rate, 20142016Table 2 Evaluation CriteriaTable 3 Global Market Size and Growth Rate, 20152022 (USD Million, Y-O-Y %)Table 4 Machine Learning Market Size, By Vertical, 20152022 (USD Million)Table 5 BFSI Market Size, By Application, 20152022 (USD Million)Table 6 Healthcare and Life Sciences Market Size, By Application, 20152022 (USD Million)Table 7 Retail Market Size, By Application, 20152022 (USD Million)Table 8 Telecommunications Market Size, By Application, 20152022 (USD Million)Table 9 Government and Defense Machine Learning Market Size, By Application, 20152022 (USD Million)Table 10 Manufacturing Market Size, By Application, 20152022 (USD Million)Table 11 Energy and Utilities Market Size, By Application, 20152022 (USD Million)Table 12 Machine Learning Market Size, By Deployment Mode, 20152022 (USD Million)Table 13Market Size, By Organization Size, 20152022 (USD Million)Table 14Market Size, By Service, 20152022 (USD Million)Table 15 Market Size, By Region, 20152022 (USD Million)Table 16 North America: Machine Learning Market Size, By Vertical, 20152022 (USD Million)Table 17 North America: BFSI Market Size, By Application, 20152022 (USD Million)Table 18 North America: Healthcare and Life Sciences Market Size, By Application, 20152022 (USD Million)Table 19 North America: Retail Market Size, By Application, 20152022 (USD Million)Table 20 North America: Telecommunications Market Size, By Application, 20152022 (USD Million)Table 21 North America: Government and Defense Market Size, By Application, 20152022 (USD Million)Table 22 North America: Manufacturing Market Size, By Application, 20152022 (USD Million)Table 23 North America: Energy and Utilities Market Size, By Application, 20152022 (USD Million)Table 24 North America: Market Size, By Organization Size, 20152022 (USD Million)Table 25 North America: Market Size, By Deployment Mode, 20152022 (USD Million)Table 26 North America: Market Size, By Service, 20152022 (USD Million)Table 27 Europe: Machine Learning Market Size, By Vertical, 20152022 (USD Million)Table 28 Europe: BFSI Market Size, By Application, 20152022 (USD Million)Table 29 Europe: Healthcare and Life Sciences Market Size, By Application, 20152022 (USD Million)Table 30 Europe: Retail Market Size, By Application, 20152022 (USD Million)Table 31 Europe: Telecommunications Market Size, By Application, 20152022 (USD Million)Table 32 Europe: Government and Defense Market Size, By Application, 20152022 (USD Million)Table 33 Europe: Manufacturing Market Size, By Application, 20152022 (USD Million)Table 34 Europe: Energy and Utilities Market Size, By Application, 20152022 (USD Million)Table 35 Europe: Market Size, By Organization Size, 20152022 (USD Million)Table 36 Europe: Market Size, By Deployment Mode, 20152022 (USD Million)Table 37 Europe: Market Size, By Service, 20152022 (USD Million)Table 38 APAC: Machine Learning Market Size, By Vertical, 20152022 (USD Million)Table 39 APAC: BFSI Market Size, By Application, 20152022 (USD Million)Table 40 APAC: Healthcare and Life Sciences Market Size, By Application, 20152022 (USD Million)Table 41 APAC: Market Size in Retail, By Application, 20152022 (USD Million)Table 42 APAC: Telecommunications Market Size, By Application, 20152022 (USD Million)Table 43 APAC: Government and Defense Market Size, By Application, 20152022 (USD Million)Table 44 APAC: Manufacturing Market Size, By Application, 20152022 (USD Million)Table 45 APAC: Energy and Utilities Market Size, By Application, 20152022 (USD Million)Table 46 APAC: Market Size, By Organization Size, 20152022 (USD Million)Table 47 APAC: Market Size, By Deployment Mode, 20152022 (USD Million)Table 48 APAC: Market Size, By Service, 20152022 (USD Million)Table 49 MEA: Machine Learning Market Size, By Vertical, 20152022 (USD Million)Table 50 MEA: BFSI Market Size, By Application, 20152022 (USD Million)Table 51 MEA: Healthcare and Life Sciences Market Size, By Application, 20152022 (USD Million)Table 52 MEA: Retail Market Size, By Application, 20152022 (USD Million)Table 53 MEA: Telecommunications Market Size, By Application, 20152022 (USD Million)Table 54 MEA: Government and Defense Market Size, By Application, 20152022 (USD Million)Table 55 MEA: Manufacturing Market Size, By Application, 20152022 (USD Million)Table 56 MEA: Energy and Utilities Market Size, By Application, 20152022 (USD Million)Table 57 MEA: Market Size, By Organization Size, 20152022 (USD Million)Table 58 MEA: Market Size, By Deployment Mode, 20152022 (USD Million)Table 59 MEA: Market Size, By Service, 20152022 (USD Million)Table 60 Latin America: Machine Learning Market Size, By Vertical, 20152022 (USD Million)Table 61 Latin America: BFSI Market Size, By Application, 20152022 (USD Million)Table 62 Latin America: Healthcare and Life Sciences Market Size, By Application, 20152022 (USD Million)Table 63 Latin America: Retail Market Size, By Application, 20152022 (USD Million)Table 64 Latin America: Telecommunications Market Size, By Application, 20152022 (USD Million)Table 65 Latin America: Government and Defense Market Size, By Application, 20152022 (USD Million)Table 66 Latin America: Manufacturing Market Size, By Application, 20152022 (USD Million)Table 67 Latin America: Energy and Utilities Market Size, By Application, 20152022 (USD Million)Table 68 Latin America: Market Size, By Organization Size, 20152022 (USD Million)Table 69 Latin America: Market Size, By Deployment Mode, 20152022 (USD Million)Table 70 Latin America: Market Size, By Service, 20152022 (USD Million)Table 71 Market Ranking for the Machine Learning Market, 2017, Figure 1 Global Machine Learning Market: Market SegmentationFigure 2 Global Market: Research DesignFigure 3 Breakdown of Primary Interviews: By Company Size, Designation, and RegionFigure 4 Data TriangulationFigure 5 Market Size Estimation Methodology: Bottom-Up ApproachFigure 6 Market Size Estimation Methodology: Top-Down ApproachFigure 7 Market, By Vertical, 2017 (USD Million)Figure 8 Market, By BFSI Application, 2017 (USD Million)Figure 9 Market Snapshot, By Healthcare and Life Sciences Application, 2017 (USD Million)Figure 10 Market, By Retail Application, 2017 (USD Million)Figure 11 Machine Learning Market, By Telecommunications Application, 2017 (USD Million)Figure 12 Market, By Government and Defense Application, 2017 (USD Million)Figure 13 Market, By Manufacturing Application, 2017 (USD Million)Figure 14 Market, By Energy and Utilities Application, 2017 (USD Million)Figure 15 Market, By Service (Market Share 2017)Figure 16 Market, By Organization Size (Market Share 2017)Figure 17 Market, By Deployment Mode (Market Share 2017)Figure 18 Market, By RegionFigure 19 Proliferation in Data Generation One of the Major Factors Driving the Market During the Forecast PeriodFigure 20 Healthcare and Life Sciences Vertical to Record Highest CAGR, 2017-2022 (USD Million)Figure 21 APAC to Exhibit the Highest Growth Potential During the Forecast PeriodFigure 22 APAC to Be the Best Market for Investment in the Next 5 YearsFigure 23Drivers, Restraints, Opportunities, and ChallengesFigure 24 Machine Learning ProcessFigure 25 Healthcare and Life Sciences Vertical to Record Highest CAGR, 2017-2022 (USD Million)Figure 26 Fraud and Risk Management Application to Hold Largest Market Size, 2017-2022 (USD Million)Figure 27 Disease Identification and Diagnosis Application to Hold Largest Market Size, 2017-2022 (USD Million)Figure 28 Inventory Planning Application to Hold Largest Market Size, 2017-2022 (USD Million)Figure 29 Customer Analytics Application to Hold Largest Market Size, 2017-2022 (USD Million)Figure 30 Threat Intelligence Application to Hold Largest Market Size, 2017-2022 (USD Million)Figure 31 Predictive Maintenance Application to Hold Largest Market Size, 2017-2022 (USD Million)Figure 32 Power/Energy Usage Analytics Application to Hold Largest Market Size, 2017-2022 (USD Million)Figure 33 Cloud Deployment Mode to Exhibit Higher CAGR, 2017-2022 (USD Million)Figure 34 SMEs Segment to Exhibit Higher CAGR, 2017-2022 (USD Million)Figure 35 Managed Services Segment to Exhibit Higher CAGR, 2017-2022 (USD Million)Figure 36 North America is Expected to Hold the Largest Market Size During the Forecast PeriodFigure 37 APAC to Record Highest Growth Rate in the Market, 2017-2022Figure 38 North America: Market SnapshotFigure 39 North America: Healthcare and Life Sciences Vertical to Record Highest CAGR, 2017-2022 (USD Million)Figure 40 Major FinTech Companies in North America Using Machine LearningFigure 41 Europe: Healthcare and Life Sciences Vertical to Record Highest CAGR, 2017-2022 (USD Million)Figure 42 APAC: Machine Learning Market SnapshotFigure 43 APAC: Healthcare and Life Sciences Vertical to Record Highest CAGR, 2017-2022 (USD Million)Figure 44 MEA: Healthcare and Life Sciences Vertical to Record Highest CAGR, 2017-2022 (USD Million)Figure 45 Latin America: Healthcare and Life Sciences Vertical to Record Highest CAGR, 2017-2022 (USD Million)Figure 46 International Business Machines Corporation: Company SnapshotFigure 47 Microsoft Corporation: Company SnapshotFigure 48 SAP SE: Company SnapshotFigure 49 Amazon Web Services, Inc.: Company SnapshotFigure 50 Google Inc.: Company SnapshotFigure 51 Fair Isaac Corporation: Company SnapshotFigure 52 Baidu, Inc.: Company SnapshotFigure 53 HPE Development LP: Company SnapshotFigure 54 Intel Corporation: Company Snapshot. The global machine learning market size was USD 6.91 Billion in 2021. Virtual agents are used by companies such as Google and Amazon to provide 24/7 customer care. According to Verified Market Research, the Global Machine Learning As A Service Market size was valued at USD 2.48 Billion in 2020 and is projected to reach USD 38.81 Billion by 2028, growing at a CAGR of 41.2% from 2021 to 2028. Such errors can lie undiscovered for a long time and correcting them can take much longer. MLOps is a set of practices for data scientists and operations professionals that aim to improve quality of machine learning models, streamline management process,and automate deployment and data security. Some companies use machine learning as a major tool in their business models. - 111)(Overview, Strength of Product Portfolio, Business Strategy Excellence, and Recent Developments)* 12.1 International Business Machines Corporation 12.2 Microsoft Corporation 12.3 SAP SE 12.4 SAS Institute Inc. 12.5 Amazon Web Services, Inc. 12.6 BigML, Inc. 12.7 Google Inc. 12.8 Fair Isaac Corporation 12.9 Baidu, Inc. 12.10 Hewlett Packard Enterprise Development LP 12.11 Intel Corporation 12.12 H2o.AI. This results in biased predictions and leads to irrelevant advertising being displayed to customers. Virtual agents are another key technology that is contributing to revenue growth of the machine learning market. Rising innovation and research by key companies in development of virtual agents is expected to drive revenue growth of the market. Machine learning provides systems ability to learn, make predictions, and improve their algorithms. The research report categorizes the Machine Learning Market to forecast the revenues and analyze trends in each of the following subsegments: With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. Rising demand for automated machine learning and increasing use of machine learning to improve cybersecurity are key factors expected to drive adoption of machine learning. The bottom-up procedure was employed to arrive at the overall market size from the revenues of the key market players. The global Machine Learning (ML) market size was USD 6.91 Billion in 2021, and is expected to register a revenue CAGR of 44.1% during the forecast period. Machine learning is being used in self-driving cars. Verified Market Research has segmented the Global Machine Learning As A Service Market On the basis of Component, Application, and Geography. The technology is expected to assist sponsors and Contract Research Organizations (CROs) in achieving up to a 30% increased efficiency in site monitoring. It is a collection of MLOps implementation frameworks and best practicesfrom the industry. What are some restraints for revenue growth of the global machine learning market? For instance, on 3 May 2022, Elemeno AI, which is a cloud-based machine learning firm, launched a Machine Learning Operations (ML-Ops) platform to assist businesses in leveraging AI's benefits. North America is estimated to be the largest revenue-generating region. For example, anti-virus software learns to filter new threats as they are recognized. Machine learning is a subcategory of artificial intelligence that refers to a process through which computers gain pattern recognition, or the capacity to continually learn from and make predictions based on data and make improvements without being explicitly programmed to do so with the help of data analytics. The algorithms can handle the data that are multi-dimensional and multi-variety, even in dynamic or uncertain environments. The service is part of the Microsoft Power Platform, which also includes Power Apps, Power BI, and Power Automate (previously known as Microsoft Flow), and intends to democratize bot development. ML techniques are being used by large corporations to deliver effective market services. The data is then used as part of an advanced analytics solution that gives businesses insight into cybersecurity concerns such as malware/ransomware attacks, malicious insider programs, and compromised and weak devices. For instance, on 18 April 2022, Tata Consultancy Services (TCS) launched an intelligent risk-based monitoring solution for clinical trials as part of its own TCS ADD Suite, which would facilitate intelligent decision making, enhanced compliance, and improved study efficacy. Majority of enterprises in the region rely on Big Data to construct defenses against cyber-attacks. - 46) 6.1 Introduction 6.1.1 Applications in BFSI 6.1.1.1 Fraud and Risk Management 6.1.1.2 Customer Segmentation 6.1.1.3 Sales and Marketing Campaign Management 6.1.1.4 Investment Prediction 6.1.1.5 Digital Assistance 6.1.1.6 Others 6.1.2 Applications in Healthcare and Life Sciences 6.1.2.1 Disease Identification and Diagnosis 6.1.2.2 Image Analytics 6.1.2.3 Personalized Treatment 6.1.2.4 Drug Discovery/Manufacturing 6.1.2.5 Others 6.1.3 Application in Retail 6.1.3.1 Inventory Planning 6.1.3.2 Recommendation Engines 6.1.3.3 Upsells and Cross Channel Marketing 6.1.3.4 Segmentation and Targeting 6.1.3.5 Others 6.1.4 Applications in Telecommunications 6.1.4.1 Customer Analytics 6.1.4.2 Network Security 6.1.4.3 Network Optimization 6.1.4.4 Others 6.1.5 Applications in Government and Defense 6.1.5.1 Autonomous Defense System 6.1.5.2 Threat Intelligence 6.1.5.3 Others 6.1.6 Applications in Manufacturing 6.1.6.1 Predictive Maintenance 6.1.6.2 Revenue Estimation 6.1.6.3 Demand Forecasting 6.1.6.4 Supply Chain Management 6.1.6.5 Others 6.1.7 Applications in Energy and Utilities 6.1.7.1 Power/Energy Usage Analytics 6.1.7.2 Seismic Data Processing 6.1.7.3 Carbon Emission 6.1.7.4 Smart Grid Management 6.1.7.5 Others 6.1.8 Other Applications, 7 Machine Learning Market Analysis, By Deployment Mode (Page No. For instance, Uber uses algorithms to match drivers with riders. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market. - 69) 8.1 Introduction 8.2 Large Enterprises 8.3 SMEs, 9 Machine Learning Market Analysis, By Service (Page No. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research. Increasing application of cloud-based solutions, technological development in artificial intelligence and cognitive computing market, and increase in market for prediction solutions are some of the factors to fuel the MLaaS market growth. Small and mid-size banks have several obstacles, including lack of established digital infrastructure, the capacity to deliver in-house revolutionary solutions owing to IT resource/project management challenges, and the accompanying expensive expenditure. Mr. Edwyne FernandesVerified Market ResearchUS: +1 (650)-781-4080UK: +44 (753)-715-0008APAC: +61 (488)-85-9400US Toll Free: +1 (800)-782-1768Email: [emailprotected]Web: https://www.verifiedmarketresearch.com/Follow Us: LinkedIn | Twitter, Cision Distribution 888-776-0942 Initiatives taken by market players are driving revenue growth of the market, for instance: On 5 January 2022, Amazon and Stellantis collaborated to introduce customer-centric connected experiences across millions of vehicles to help accelerate Stellantis software transformation. Natural Language Processing Market By Type (NLP, Rule Based NLP, and Hybrid NLP), By Deployment Mode (Private Cloud, Public Cloud, and Hybrid Cloud), By Application (Information Extraction, Machine Translation, Question Answering, Report Generation), By Vertical (Healthcare, Banking, Financial Services, and Insurance (BFSI)), By Geography, Forecast, 2021-2028, Artificial Intelligence Market By Component Analysis (Hardware, Software and Services), By Technology (Deep Learning, Machine Learning, Natural Language Processing), By End-User Industry (Healthcare, Manufacturing, Agriculture), By Geography, Forecast, 2021-2028, Cognitive Computing Market By Component (Natural Language Processing, Machine Learning, Automated Reasoning), By Deployment Model (On-Premise, Cloud), By Geography, Forecast, 2021-2028, Machine Learning Artificial intelligence Market By Type (Deep Learning, Natural Language Processing), By Application (Automotive & Transportation, Agriculture), By Geography, Forecast, 2021-2028, Top 5 Crowd Analytics accountable for meteoric rise of AI-driven enterprises. Verified Market Research is a leading Global Research and Consulting firm servicing over 5000+ customers. The model is then fed training data to predict the risk of fraud. Predictive maintenance segment is expected to register a steady revenue growth rate during the forecast period. Previously, massive volumes of data had to be sorted and labeled by humans. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D. - 72) 9.1 Introduction 9.2 Professional Services 9.3 Managed Services, 10 Geographic Analysis (Page No. Global top 2000 strategist rely on us for their growth strategies. Furthermore, rise in deployment of the Internet of Things (IoT) and increased adoption of Generative Adversarial Networks (GAN) are factors projected to drive revenue CAGR from 2022 to 2030. Some of the major companies included in the global market report are Oracle, IBM, Amazon Web Services, Inc., Microsoft, Fractal Analytics Inc., Google, Baidu, Inc., Intel Corporation, Hewlett Packard Enterprise Development LP, and Dell Inc. The global machine learning market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The agreement is expected to transform in-vehicle experience for Stellantis customers and facilitate the automotive industrys transition to a software-defined sustainable future. As the market for machine learning and AI services is growing fast which is followed by rapid technological advancements, there is an increase in demand for qualified staff. 2022 MarketsandMarkets Research Private Ltd. All rights reserved, Published Date: Sep2017 | Report Code: TC 5578. In the organization size segment, the large enterprises segment is expected to have the largest market share, whereas the SMEs segment is expected to grow at the highest CAGR during the forecast period in machine learning market. Powered by data science, machine learning applications are trained accurately to complete tasks more quickly and accurately than humans. However, these methods are frequently ineffective and costly. These regions have the most competitive and rapidly changing global market in the world. Banking, Financial Services & Insurance (BFSI), Revenue forecast, company ranking, competitive landscape, growth factors, and trends, By Component Type Outlook, Organization Size Outlook, Application Outlook, End-use Outlook, Regional Outlook, North America; Europe; Asia Pacific; Latin America ; Middle East & Africa, U.S.; Canada; U.K.; Germany; France; BENELUX; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE; Turkey. All rights reserved. Furthermore, ML alsooffers immense potential, from wearable data-driven gadgets that track health and fitness objectives to self-driving cars and smart cities with infrastructure that can automatically minimize time wastageand energy. The technology also supports continuous data assessment, which aids in enhancing correctness of financial models and regulations by recognizing and assessing abnormalities and subtleties. Algorithmic trading, portfolio management, loan underwriting, and, most critically, fraud detection are all popular uses of machine learning in the BFSI business. The objective of the study has been carried out to define, describe, and forecast the global market on the basis of vertical (BFSI, energy and utilities, healthcare and life sciences, retail, telecommunication, manufacturing, government and defense, others (transportation, agriculture, media and entertainment, and education), services (professional services and managed services), deployment modes (cloud and on-premises), organization sizes (SMEs and large enterprises), and regions (North America, Europe, APAC, MEA, and Latin America). It is an approach for detecting and cataloging an object. The rapidly emerging and highly active SMEs have increased the adoption of machine learning solutions and services globally, as a result of the growing digitization and increased cyber risks to critical business information and data. ML aids in development of extremely effective maintenance programs.