The machine learning market expected to grow from USD 1.03 Billion in 2016 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period. Machine learning enabled solutions are being significantly adopted by organizations worldwide to enhance customer experience, ROI, and to gain a competitive edge in business operations. Moreover, in the coming years, applications of machine learning in various industry verticals is expected to rise exponentially. Technological advancement and proliferation in data generation are some of the major driving factors for the market.

The key target audience includes: Machine learning/Artificial Intelligence (AI) solution and service providers, System integrators, Enterprise data center professionals, End-users/consumers/enterprise users, Telecommunication providers, Mobile network operators, Cloud service providers, Data center software vendors, IoT device/wearable device manufacturers, Cognitive and Artificial Intelligence (AI) technology experts/providers, Analytics service providers, Managed service providers, Consultants and Training and education service providers

Applications in BFSI: Fraud and Risk Management, Investment Prediction, Sales and Marketing Campaign Management, Customer Segmentation, Digital Assistance, Others (compliance management and credit underwriting) Applications in Healthcare and Life Sciences: Disease Identification and Diagnosis, Image Analytics, Drug Discovery/Manufacturing, Personalized Treatment, Others (clinical trial research and epidemic outbreak prediction) Applications in Retail: Inventory Planning, Upsell and Cross Channel Marketing, Segmentation and Targeting, Recommendation engines, Others (customer ROI and lifetime value, and customization management) Applications in Telecommunication: Customer Analytics, Network Optimization, Network Security, Others (digital assistance/contact centers analytics and marketing campaign analytics) Applications in Government and Defense: Threat Intelligence, Autonomous Defense system, Others (sustainability and operational analytics) Applications in Manufacturing: Predictive Maintenance, Demand Forecasting, Revenue Estimation, Supply Chain Management, Others (root cause analysis and telematics) Applications in Energy and Utilities: Power/Energy Usage Analytics, Seismic Data Processing, Smart Grid Management, Carbon Emission, Others (customer specific pricing and renewable energy management)

The major issue faced by most of the organizations while incorporating machine learning in their business process is the lack of skilled employees including analytical talent, and the demand for those who can monitor analytical content is even greater.

The global machine learning market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is estimated to be the largest revenue-generating region. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D. These regions have the most competitive and rapidly changing global market in the world. The APAC region is expected to be the fastest-growing region in the market. The increased awareness for business productivity, supplemented with competently designed machine learning solutions offered by vendors present in the APAC region, has led APAC to become a highly potential market.

Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, monitoring document version control, and data loss prevention with robust cloud storage facilities are some of the crucial benefits that have resulted in the adoption of cloud-based delivery models for machine learning software solutions and services.