The global machine learning market size accounted for USD 69.58 billion in 2024 and is expected to exceed around USD 1,500.64 billion by 2034, growing at a CAGR of 35.95% from 2024 to 2034.
The machine learning market refers to the production, distribution, and use of machine learning, which is a subfield of artificial intelligence that is broadly defined as the capability of a machine to imitate intelligent human behavior. It provides automated customer service through chatbots, transcription and translation, and data analysis. Machine learning algorithms are also used to make predictions or classifications. This technology helps businesses with important functions like identifying security threats, fraud detection, recommendation, and personalization. Advancements in computing power, demand for personalization, improved productivity, and the explosion of data are driving the growth of the machine-learning market.
However, the factors challenging growth in the market include interoperability and bias issues, lack of skilled data scientists, and data privacy and security concerns, which can be barriers to the growth of the market. The future scope of the market includes artificial intelligence-powered automation, the convergence of human expertise with machine learning algorithms, increasing focus on sustainability, investment in industrial expansion, increasing investment in research and development, and vertical integration, which will help the growth of the machine learning market.
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| Stats ID: | 7740 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Stats ID: | 7740 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
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