The global Machine Learning (ML) market is estimated to grow by a CAGR of 43% by 2029, according to a new report from ResearchAndMarkets.
The major drivers for the ML market are identified as the proliferation in data generation, technological advancements in ML and the increased adoption of connected devices and their data driven application. Enterprises are now awash in data related to their customers, prospects, internal business processes, suppliers, partners and competitors.
The ResearchAndMarkets report found that, often, businesses can’t control this flood of data and convert it to actionable information for growing revenue, increasing profitability and efficient business operation. Organisations of all disciplines across the globe suffer a serious problem of managing data in the form of data retention, understanding dark data, data integration for proper analytics, data access and others.
Data volumes set to rise exponentially
Machine learning offers a promising solution to gain economic benefits from the increase in data with the help of predictive analysis and reducing fraud. The volume of data collected by businesses worldwide is estimated to double every year with a lack of understanding of data now cited as a primary reason that overruns project costs to the tune of 20-35% of operating revenues.
Big data capabilities can assist in providing constant changing customers preferences helping companies to improve customer satisfaction, enjoy faster decision making and develop strategies for launching new products while exploring new markets.
Machine Learning in BFSI remains indispensable
The global Machine Learning market has been segmented on the basis of verticals, deployment modes, organisation size and service. The vertical segment is further sub-segmented into banking, financial services, and insurance (BFSI), retail, telecommunication, healthcare and life sciences, manufacturing, government and defence, energy and utilities and other verticals. The BFSI segment leads the verticals in terms of revenue in the global ML market with around 21.9% market share in 2020.
BSFI is primarily driven by a growing demand for ML to automate the process of loan approval, for fraud prevention, risk management, investment predictions, marketing and other strategies. Prominent banks across the globe including JPMorgan Chase, Wells Fargo, Bank of America, Citibank, U.S. Bank and others have adopted ML to realise the potential benefits of data driven decision making.
Machine Learning in healthcare promises significant opportunities
The healthcare and life science vertical is anticipated to grow at the highest rate over the forecast period (2021-2029) growing at a CAGR of 44.3% over the forecast period. This high growth rate is attributed to the fact that ML solutions offer wide potential across the healthcare industry. This include patient data & risk analysis, in-patient care and hospital management, medical imaging and diagnosis, drug discovery, life style monitoring and management, medical diagnosis and imaging, precision medicine and more.
Additionally, key companies are providing various ML systems across healthcare; these include Google Deep Mind Health, IBM Watson and others. Moreover, increasing healthcare expenditure also leverages huge adoption opportunities for ML. According to the Institute of Health Metrics and Evaluations, global healthcare expenditure is expected to reach $18.28 trillion globally by 2040.
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