Machine Learning Industry Data Book - Machine Learning, Deep Learning, Natural Language Processing Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030
The global Machine Learning Industry is anticipated to increase at a significant CAGR from 2023 to 2030.
Grand View Research’s Machine Learning industry databook is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Machine Learning Market Insights
The global machine learning market size was valued at USD 25.58 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 35.6% from 2022 to 2030. Artificial Intelligence (AI) is an emerging technology transforming how businesses and people operate. Through the development of several digital services and products, as well as supply chain optimization, these technologies have revolutionized the consumer experience. While some startups concentrate on solutions for specialized domains, numerous technology firms invest in this area to create AI platforms. Machine Learning (ML), one of the AI approaches, is getting a lot of momentum in the industry due to its quick progress.
Automation is a key trend in machine learning, intending to reduce manual labor to construct and deploy models. Platforms for automated machine learning (AutoML) are becoming increasingly common, allowing non-experts to take advantage of machine learning capabilities and quicken model building. Moreover, Deep learning, a machine learning that uses multiple-layer neural networks, is also improving. This tendency, the availability of enormous datasets, and the creation of more effective algorithms are all driven by advancements in processing capacity. Deep learning provides innovations in speech recognition, natural language processing, and computer vision.
Deep Learning Market Insights
The global deep learning market was valued at USD 34.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) exceeding 34.3% from 2022 to 2030. The technology is gaining prominence because of advancements in data center capabilities, high computing power, and its ability to perform tasks without relying on human input. Moreover, the rapid adoption of cloud-based technology across several industries is fueling the growth of the deep learning industry.
Deep learning algorithms can perform several repetitive and routine tasks more efficiently than human beings. Additionally, it can also guarantee the quality of the work and provides additional features like key insights. Thus, implementing deep learning use within organizations can save time and money, which eventually frees up the employees to perform creative tasks that require human participation. Therefore, deep learning is considered a disruptive technology across several end-use industries, uplifting the demand for technology during the forecast period.
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Natural Language Processing Market Insights
The global natural language processing market size was valued at USD 18.51 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 41.3% from 2022 to 2030. Natural language processing (NLP) is a prominent component of artificial intelligence, it has applications in consumer chatbots and digital assistants and commercial applications like sentiment analysis, text analysis, voice sense (speech analysis), and change effect analysis. The NLP market is witnessing rapid growth owing to the rapid acceptance of novel technology advancements. Additionally, the growing requirement for data management and increased complexity in major businesses is also fostering the growth of the industry.
Increased customer demands for cloud-based technology and advancements in communication infrastructure are accelerating market growth. NLP is the interface between humans and machines, and it comprises executing computer programs and analyzing data. Low cost, high scalability, and high usage of smart devices across industries are expected to contribute to the industry’s expansion over the forecast period. Moreover, the expansion of the e-commerce industry and perception of online sales channels is projected to ascend the demand for NLP for enhancing consumer experience through personal attention and query handling.
Go through the table of content of Machine Learning Industry Data Book to get a better understanding of the Coverage and scope of the study
Machine Learning Industry Data Book Competitive Landscape
The market participants are implementing several organic and inorganic growth strategies, including new product launches, product modernizations, collaborations, corporate expansions, and acquisitions and mergers. Further, the companies are also focusing on developing new products and services with enhanced capabilities.
Key players operating in the Machine Learning Industry are:
- Advanced Micro Devices, Inc.
- Amazon Web Services, Inc.
- Apple Inc.
- ARM Ltd
- Atomwise Inc.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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