Machine Learning Market to Grow by USD 11.16 Billion During 2020-2024, Alibaba Group Holding Ltd. and Alphabet Inc. Emerge as Key Contributors to Market Growth | Technavio
Technavio has been monitoring the machine learning market and it is poised to grow by USD 11.16 billion during 2020-2024, progressing at a CAGR of almost 39% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Machine Learning Market 2020-2024 (Graphic: Business Wire)
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries. However, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the machine learning market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corp., Microsoft Corp., Salesforce.com (News - Alert) Inc., SAP SE, and SAS Institute Inc. are some of the major market participants. The increasing adoption of cloud-based offerings will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this machine learning market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Machine Learning Market 2020-2024: Segmentation
Machine Learning Market is segmented as below:
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Machine Learning Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The machine learning market report covers the following areas:
This study identifies increasing use of machine learning in customer experience management as one of the prime reasons driving the machine learning market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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Machine Learning Market 2020-2024: Key Highlights
Table of Contents:
Five Forces Analysis
Market Segmentation by End-user
Drivers, Challenges, and Trends
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