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Machine Learning Market report categorizes the global market by Application and Deployment Model
Machine Learning Market - Global Industry Insights, Trends,
Opportunity Analysis, 2017-2025
Machine learning is a branch of artificial intelligence that enables machines to learn directly
from data, experience, and examples. By permitting computers to execute specific tasks
smartly, machine learning allows computers to carry complex processes by learning from
examples or data, rather than following pre-programmed rules. Increasing volume of data
being generated across industry verticals creates an exhaustive repository for machines to
learn from, something that is further backed by rapid strides made in processing power of
computers, in turn enhancing the analytical capabilities of machine learning systems.
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Increasing advancements in technology leading to higher accuracy of systems fueling
market growth
People interact with various systems, which are based on machine learning such as
recommender systems, voice recognition systems, and image recognition systems. Rapid
advancement in technology in image recognition system has increased the accuracy of the
system, which has fueled the demand for machine learning in various systems. For instance,
in image labeling challenge, the accuracy of machine learning was 72% in 2010 and it
reached to 96% in 2015. The ability of machines to process large volumes of data and to use
the data for prediction have made the machine learning a key tool in various applications
such as BFSI, healthcare etc.
Integration of machine learning in robotics has fueled growth of the machine learning
market
Rampant advancements in robotic industry has created various innovations in robots with the
integration of sensor technologies and materials. The advancements in machine learning have
increased the capabilities of robots to contribute in applications such as drones and
autonomous vehicles. Moreover, the increasing demand for advance robotic system in
various verticals such as automotive, electronics, food and beverages, healthcare etc has
fueled the market growth. According to International Federation of Robots, in 2016, around
294,000 units of industrial robots were deployed across the globe. For example: In 2016,
Fanuc, a Japan-based company, announced development of a robot with deep reinforcement
learning technique, which enables the robot to train itself over a very short time duration.
Machine learning Market Taxonomy
On the basis of deployment model, the global machine learning market is segmented into:
● On-premises
● Cloud-based
On the basis of application, the global machine learning market is segmented into:
● Banking, Financial Services, and Insurance
● Education
● Energy
● Healthcare & Pharmaceuticals
● Manufacturing
● Public Services
● Retail
● Transport & Logistics
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Machine learning market is expected to witness rampant growth due to growing
healthcare sector in the near future.
Accuracy is one of the major concerns in the healthcare sector. Machine learning have the
capabilities to provide more accurate diagnosis and healthcare services, which in turn has
augmented demand for machine learning in healthcare sector. For instance, diagnosis of
diabetic eye disease requires frequent examination of pictures at the back of an eye by the
specialist. The features in the image helps to identify sensitivity of disease, which in turn,
indicates fluid leakage and bleeding. Moreover, in 2016, Google has developed a deep
learning algorithm, which analyze images and provides training to the system by using a data
set of 128,000 images. Thus, the system diagnose the disease with a level of accuracy similar
to human ophthalmologists. On similar lines, Google researchers are developing a deep
learning algorithm for early diagnosis of skin cancer and breast cancer.
Key Companies in the Global Machine Learning Market
Microsoft Corporation, SAP SE, Sas Institute Inc., Amazon Web Services, Inc., Bigml, Inc.,
Google Inc., Fair Isaac Corporation, Hewlett Packard Enterprise Development Lp, and Intel
Corporation are some of the major companies operating in the global machine learning
market.
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Author
apeksha motghare
apeksha motghare265   documents Email
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