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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
[January 04, 2021]

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)

Technavio has announced its latest market research report titled Global Machine Learning Market 2020-2024 (Graphic: Business Wire)

Click & Get Free sample report in minutes

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.

Frequently Asked Questions-

  • Based on segmentation by end-user, which is the leading segment in the market?
  • The BFSI companies are expected to be the leading segment based on end-user in the global market during the forecast period.
  • What are the major trends in the market?
  • Increasing use of machine learning in customer experience management is one of the major trends in the market.
  • At what rate is the market projected to grow?
  • Growing at a CAGR of almost 39%, the incremental growth of the market is anticipated to be USD 11.16 billion.
  • Who are the top players in the market?
  • Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com (News - Alert) Inc., Cisco Systems Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corp., Microsoft Corp., Salesforce.com Inc., SAP (News - Alert) SE, and SAS Institute Inc. are some of the major market participants.
  • What are the key market drivers and challenges?
  • Increasing adoption of cloud-based offerings is one of the major factors driving the market. However, the shortage of skilled personnel restraints the market growth.
  • How big is the North America market?
  • The North America region will contribute to 38% of market growth.

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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:

  • End-user
    • BFSI
    • Retail
    • Telecommunications
    • Healthcare
    • Others

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40918

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:

  • Machine Learning Market Size
  • Machine Learning Market Trends
  • Machine Learning Market Analysis

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

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist machine learning market growth during the next five years
  • Estimation of the machine learning market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the machine learning market
  • Analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of machine learning market vendors

Table of Contents:

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by End-user

  • Market segments
  • Comparison by End user placement
  • BFSI - Market size and forecast 2019-2024
  • Retail - Market size and forecast 2019-2024
  • Telecommunications - Market size and forecast 2019-2024
  • Healthcare - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by End user

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Alibaba Group Holding Ltd.
  • Alphabet Inc.
  • Amazon.com Inc.
  • Cisco (News - Alert) Systems, Inc.
  • Hewlett Packard Enterprise Development LP
  • International Business Machines Corp.
  • Microsoft Corp.
  • Salesforce.com Inc.
  • SAP SE
  • SAS Institute Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


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