Machine learning market to reach $96.7 billion by 2025 – ICLG.com

The global machine learning market is projected to have a compound annual growth rate of 43.8% over the n...

The global machine learning market is projected to have a compound annual growth rate of 43.8% over the next five years, reaching $96.7 billion by 2025, according to a report by Grand View Research.

The report shows that larger enterprises accounted for the leading market share in 2018, when the market was valued at $6.9 billion.

The major large enterprises employing deep learning, machine learning and optimisation of decisions to deliver greater business value, are identified as Amazon Web Services, Baidu, Google, Hewlett Packard Enterprise Development, Intel and Microsoft, among others.

Small to medium sized enterprises (SMEs) are not left behind, as they too are benefitting from deployment options which allow them to scale up easily, allowing them to avoid substantial up-front investments.

In addition, the development of customised silicon chips with AI and machine learning competences is increasing companies adoption of hardware, while at the same time, improved processing tools supplied by companies such as computing start-up SambaNova Systems, are expected to grow the market.

The advertising and media sector, which often uses buyers optimisation, data processing and connected AI analysis to predict customer behaviour and improve advertising campaigns, accounted for the largest market share in 2018 owing to AI capabilities.

However, the report explains that the healthcare sector is expected to surpass this segment to account for the largest share by the end of the forecast period.

Elsewhere, the adoption of AI extends to the United States Army, which has future plans to utilise AI for predictive maintenance in combat vehicles, while the stock market is adopting AI and machine learning technology with an accuracy level of about 60% in market predictions.

Examples of technology-based partnerships include H20.ai, an open source machine learning and AI platform, which announced a partnership with IBM Corporation in June 2018.

In the media sector, ICLG.com, a brand of legal publishing and media company Global Legal Group, launched an AI-powered search engine using LexSnap technology, in November 2019.

In addition, professional services firm Ernst & Young released its third edition blockchain technology on Ethereum public platform, announced this week.

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Machine learning market to reach $96.7 billion by 2025 - ICLG.com