The Machine Learning Market Expected to Grow USD 8.81 Billion by 2022

The global artificial intelligence market size will grow at a CAGR of 44.1% between 2016 and 2022

Machine learning is a field inquiry devoted to leveraging data to improve performance on some set of tasks. The machine learning market is anticipated to increase from US$1.03 billion in 2016 to US$8.81 billion by 2022 at a CAGR of 44.1% throughout the projected period. Organizations all over the world are embracing machine learning-enabled solutions heavily to improve customer experience, and ROI, and to acquire a competitive edge in company operations. Furthermore, it is anticipated that applications of machine learning in numerous industrial sectors would increase dramatically in the years to come. Some of the key market-driving factors include the increase in data collection and technological innovation.

The secondary research, annual reports, Institute of Electrical and Electronic Engineers (IEEE), Factiva, Bloomberg, and press announcements used in the research methodology to estimate and predict the worldwide market size were used to collect data on the key vendor revenues. To define the market segmentations, vendor offerings were also taken into account. The income of the major market participants was used as the starting point for the bottom-up process to determine the overall market size.

During the anticipated time, North America will hold the largest worldwide market share for machine learning (ML). The market is anticipated to grow as a result of the region's significant R&D industry. In the upcoming years, Europe is anticipated to have rapid expansion due to the growing skilled labor force. Growth will be fueled by rising demand for artificial intelligence in the services and commodities industries.

The machine learning market was divided into several segments and sub-segments after the overall market size was determined.