The machine learning market is expected to grow by USD 11.16 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has published e latest market research report titled Global Machine Learning Market 2020-2024 (Graphic: Business Wire)
The rising adoption of cloud computing services globally is increasing the adoption of cloud-based applications aimed at multiple end-user industries. The inherent benefits of cloud computing, such as minimal cost for computing, network and storage infrastructure, scalability, reliability, and high resource availability, encourage enterprises to adopt cloud-based solutions in their business models. Machine learning adopted via the cloud enables enterprises to experiment with machine learning technologies and capabilities at a fraction of the cost of setting up an in-house machine learning team and infrastructure. Machine learning also helps enterprises to scale up the production workload of their projects with the increase in data. The above-mentioned advantages of cloud-based offerings are expected to drive the growth of the global machine learning market.
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As per Technavio, the increasing technology investments in retail industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Machine Learning Market: Increasing Technology Investments in Retail Industry
The digital revolution in the retail sector with the growing number of e-commerce websites is enabling retail companies to shift their focus on identifying customer buying patterns to drive growth. Retailers need to manage and track the inventory movement of a large number of items across various categories, as well as track consumers’ purchase options and purchase behaviors. The need for retail companies to monitor and manage customer requirements, enhance their decision-making, save cost, and automate processes is driving the adoption of machine learning. Retail companies are using machine learning for purposes such as inventory optimization, fraud detection, demand forecasting by price optimization, marketing, and product placement with behavioral tracking, customer servicing, and customer churn prediction. Thus, the growing adoption of advanced technologies in retail industry will be one of key trends in the market during the forecast period.
“Factors such as the growing number of acquisitions and partnerships, and the application of machine learning to IoT data will have a significant impact on the growth of the machine learning market value during the forecast period,” says a senior analyst at Technavio.
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Machine Learning Market: Segmentation Analysis
This market research report segments the machine learning market by end-user (BFSI , Retail, Telecommunications, Healthcare, and Others), and geography (North America, Europe, APAC, South America, and MEA)
The North American region led the machine learning market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the high adoption of cloud and machine learning as well as big data analysis to gain business insights.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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