Federated Learning Solutions Market worth $201 million by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 7, 2021 /PRNewswire/ -- According to a research report, the "Federated Learning Solutions Market by Application (Drug Discovery, Industrial IoT), Vertical (Healthcare and Life Sciences, BFSI, Manufacturing, Retail and eCommerce, Energy and Utilities), and Region - Global Forecast to 2028", published by MarketsandMarkets™, as per as-is scenario, the global federated learning solutions market is projected to grow from USD 117 million in 2023 to USD 201 million by 2028, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.
Various factors such as the potential to enable companies to leverage a shared ML model collaboratively by keeping data on devices and the capability to enable predictive features on smart devices without impacting user experience and leaking private information are expected to offer growth opportunities for federated learning solutions during the forecast period.
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As per AS-IS scenario, among verticals, the manufacturing segment to grow at the highest CAGR during the forecast period
The Federated Learning Solutions Market is segmented on verticals into BFSI, healthcare and life sciences, retail and eCommerce, energy and utilities, and manufacturing, and other verticals (telecommunications and IT, media and entertainment, and government). As per AS-IS scenario, the healthcare and life sciences vertical is expected to account for the largest market size during the forecast period. Moreover, the manufacturing vertical is expected to grow at the highest CAGR during the forecast period. With the increasing focus on Industrial Internet of Things (IIoT) and the rise in competition, manufacturing companies are prioritizing the analysis of data collected from numerous sources, including web, mobile, stores, and social media.
Europe to hold the largest market size during the forecast period
As per AS-IS scenario, Europe, followed by North America, is estimated to account for the largest arket size in the Federated Learning Solutions Market during the forecast period respectively. Stringent data regulations and high focus on data privacy, focus on innovation through research, and rapid technology infrastructure advancements across verticals are the factors expected to drive the growth. These regions are early adopters of technologies and home to most of the existing federated learning solutions providers. The Federated Learning Solutions Market in APAC is projected to grow at the highest Compound Annual Growth Rate (CAGR) from 2023 to 2028. The increase in the adoption of emerging technologies, such as big data analytics, AI, and IoT, and ongoing developments to introduce data regulations, as well as focus on hyper-personalization and contextual recommendation in support of budding eCommerce markets in key countries such as China, India, and Japan are expected to drive the growth of federated learning solutions in the region.
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Major vendors in the global Federated Learning Solutions Market include include NVIDIA (US), Cloudera (US), IBM (US), Microsoft (US), Google (US), Owkin (US), Intellegens (UK), DataFleets (US), Edge Delta (US), Enveil (US), Lifebit (UK), Secure AI Labs (US), Sherpa.ai (Spain), Decentralized Machine Learning (Singapore), and Consilient (US).
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