Machine learning market size growing with a CAGR of 12 per cent
Growth outlook from 2022 to 2030, projecting market trends analysis by application, regional outlook, and revenue.
December 19, 2023 | By Monica Ferguson
The machine learning (ML) market size is a sector witnessing significant growth, and market research reports offer insights into current conditions. The global machine learning market is expected to grow from USD 30.00 Billion in 2022 to USD 74.30 Billion by 2030, at a CAGR of 12 per cent during the forecast period according to PRIMEIQ RESEARCH
The report underscores key findings, highlighting the prevalence of Cloud-based and On-Premises solutions and their application across Large Enterprises and SMEs.
Regulatory and legal factors play a pivotal role in the ML market, emphasizing compliance with data protection laws, ethical AI use, and industry standards. Recommendations in the report stress the importance of companies staying abreast of evolving regulations to ensure responsible and lawful deployment of ML technologies.
Market segmentation based on deployment types includes Cloud-based and On-Premises solutions. Cloud-based ML systems offer scalability and accessibility, catering to diverse business needs. On the other hand, On-Premises solutions provide greater control and security, addressing concerns about data privacy and regulatory compliance. The application segmentation focuses on Large Enterprises and SMEs, with ML solutions tailored to meet the distinct requirements of these business sizes.
Geographically, the ML market exhibits a global presence. North America and the USA lead the market, driven by technological innovation and early adoption of ML solutions. The Asia-Pacific (APAC) region, notably China, emerges as a significant player, reflecting the region’s rapid technological advancements and growing digital transformation initiatives. Europe also contributes substantially to the ML market, with widespread adoption across industries.