WESTFORD, MASSACHUSETTS, USA, August 29, 2024 /EINPresswire.com/ — The Machine Learning Market size is expected to be valued at USD 35.80 Billion in 2022, expanding from USD 48.04 Billion in 2023 to USD 505.42 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 34.20% during the forecast period (2024-2031).
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Artificial Intelligence (AI) is an emerging technology that is changing the way businesses and people work. While some startups are primarily focused on domain solutions, more and more technology companies are investing in this field to develop AI platforms.
Machine learning is transforming healthcare by aiding in medical diagnosis. For example, Google's DeepMind division has developed an algorithm that can identify retinal images that indicate eye diseases such as diabetic retinopathy. Machine learning (ML), an AI technique, is gaining momentum in the field due to its rapid growth. This technology helps in earlier diagnosis, faster treatment, and reducing the workload of doctors. Additionally, machine learning also impacts general healthcare, disease occurrence prediction, and drug development.
Top players in the machine learning market
• IBM Corporation (USA)
• SAP SE (Germany)
• Oracle Corporation (USA)
• Hewlett Packard Enterprise (USA)
• Microsoft Corporation (USA)
• Amazon, Inc. (USA)
• Intel Corporation (USA)
• Fair Isaac Corporation (USA)
• SAS Institute Inc. (USA)
• BigML, Inc. (USA)
• Google LLC (USA)
In May 2024, Schneider Electric and Capgemini announced a new energy systems collaboration called Energy Command Center, a platform designed to help organizations support and manage the performance of their energy assets for applications, with a specific focus on energy efficiency.
In January 2024, EDITED, a leading science platform, announced the release of its newest product, EDITED Mail, which allows retailers to gain price and assortment flexibility to stay ahead of the competition. The product includes features such as exclusive user-defined catalogs, configurable AI match search, auto-approval of edited AI-generated matches, and enterprise integration and automation.
In February 2024, technology research company CodeSignal announced the launch of a learning platform, providing technical topics to its audience of learners, complete with an AI-powered bot called Cosmo to assist with learning.
Future impact in the next 4-5 years: Revolutionizing industries and personal experiences
Below are the key machine learning trends that will shape the market growth over the next five years:
Accelerating Adoption Across the Industry
Over the next four to five years, we are likely to see rapid adoption of machine learning (ML) across a wide range of industries, including healthcare, finance, retail, manufacturing, etc. This rapid integration will be driven by the increasing availability of ML tools and platforms, making it easier for businesses to implement and use ML technologies.
Improving personal and customer experience
ML plays a key role in understanding customer behavior and preferences in areas such as retail and entertainment, and providing highly customized product recommendations and offers. Machine learning algorithms are evolving to enable more accurate and personalized customer experiences.
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The segments included in the machine learning market are:
• Ingredients
o Solutions, services (professional services, managed services)
• Deployment
o Cloud, on-premise
• Company size
o Small and medium-sized enterprises, large enterprises
• End users
o BFSI (Fraud and Risk Management, Customer Segmentation, Sales and Marketing Campaign Management, Investment Forecasting, Digital Assistance, etc.), Healthcare and Life Sciences (Disease Identification and Diagnosis, Image Analytics, Personalized Treatment, Drug Discovery/Manufacturing, etc.), Retail (Inventory Planning, Recommendation Engines, Up-Sell and Cross-Channel Marketing, Segmentation and Targeting, etc.), Telecom (Customer Analytics, Network Security, Network Optimization, etc.), Government and Defense (Autonomous Defense Systems, Threat Intelligence, etc.), Manufacturing (Predictive Maintenance, Revenue Estimation, Demand Forecasting, Supply Chain Management, etc.), Energy and Utilities (Power/Energy Usage Analysis, Seismic Data Processing, Carbon Emissions, Smart Grid Management, etc.), Automotive and Transportation, Advertising and Media, etc.
Long-term implications for the next decade: creating a new era of innovation and ethical considerations
Leading innovation and new business models
These developments will transform industries such as transportation, logistics and manufacturing, facilitating automation and increased productivity. Autonomous systems, such as self-driving cars and intelligent robots, will become more sophisticated and integrated into everyday life.
Transforming the Workforce
The long-term impact of ML will include major changes to the workforce, where continuous learning and upskilling of employees will be essential to remain relevant in an evolving marketplace.
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Riding the Wave of Innovation in the Machine Learning Market
Machine learning is transforming healthcare by aiding clinical diagnosis. For example, Google's DeepMind division has developed algorithms that can select retinal images that indicate eye diseases such as diabetic retinopathy. This technology contributes to earlier diagnosis, faster treatment, and reduced physician workload. Additionally, machine learning has implications for general medical care, disease prediction, and drug development.
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