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(Wireless-NewsWire.Com, December 06, 2018 ) According to a new market research report "Machine Learning Market by Vertical (BFSI, Healthcare and Life Sciences, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities), Deployment Mode, Service, Organization Size, and Region - Global Forecast to 2022", published by MarketsandMarkets™, The machine learning market size is expected to grow from USD 1.41 Billion in 2017 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%.
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Technological advancement and proliferation in data generation are some of the major driving factors for global machine learning market. Furthermore, increasing demand for intelligent business processes and rise in adoption of modern applications are expected to provide opportunities for the growth of the machine learning market.
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Fraud and risk management application of machine learning in BFSI vertical is expected to be the largest contributor in the global machine learning market during the forecast period
Organizations use machine learning at every opportunity to gather intelligence to fight risk exposures. By using advanced methodological and machine learning services, companies can avoid, address, or quickly recover from major risk events. Fraud and risk management with the help of machine learning algorithm solutions help organizations to identify and analyze potential risks in a particular growth initiative to help organizations mitigate the risks. It enables organizations to mitigate fraudulent cases and make better-informed decisions and strategies.
Managed services segment is expected to grow at the highest CAGR during the forecast period
The demand for services is growing with the evolution of the machine learning market. Specifically, managed services are expected to have a fast growth rate during the forecast period. Managed service providers deliver third-party infrastructure services that help organizations to manage their machine learning solutions. Managed service providers take care of all the hardware and software functions, while organizations are only responsible for updating and installing business applications and configuring company policies
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North America is expected to have the largest market share during the forecast period
North America is the most competitive machine learning market in the world. North America, among all the regions, has shown the maximum adoption of machine learning powered solutions, due to its early implementation in the majority of verticals. The region is expected to hold the highest market share during the forecast period. The US and Canada are projected to extensively implement machine learning solutions.
The machine learning market report encompasses the competitive landscape, which shows the positioning of the 25 key machine learning vendors, based on their strength of product portfolio and business strategy excellence.
Some of the major vendors are Microsoft Corporation (Washington, US), IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc. (North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc. (Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc. (Massachusetts, US), Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc. (Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US), TIBCO Software Inc. (California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US).
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