Growing demand for cloud-based services, growing concerns in safety and security, and growing advancements in technologies is expected to drive the growth of the machine learning market. The global machine learning market was valued at USD 1.7 billion in 2018 and is expected to reach USD 33.4 billion in 2026, growing at a CAGR of 44.3% during the forecast period.
Machine learning is nothing but new computing technologies and allows computers can learn without being programmed to perform specific tasks. The machine learning is used in various safety and security applications which include face recognition, speech recognition, antispam, signal diagnosing, weather forecast, and face detection.
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Machine learning has a huge application in the Banking, Financial Services, and Insurance (BFSI), manufacturing, telecommunication, energy and utilities, and retail industry. The growing demand for huge data management and increased concerns for managing the complex business processes with improved efficiency and lowering the overall costs grows the demand for machine learning in these industries.
Rising demand for mapping consumer behaviour in the advertising and marketing sector and increase in demand for IoT based and cloud computing platforms and growing advancements in technologies are the key factors attributed to the market growth. Furthermore, the increasing development in complex business processes with improved efficiency and lowering the overall costs also expected to fuel the market growth during the forecast period. On the other hand, lack of technical expertise and government and compliance issues is acting as a restraint to this market. However, continuous development in IoT platforms and growing connectivity and communication technologies is expected to create major growth opportunities during the forecast period.