Machine Learning Global Market Report 2024

The machine learning chip market size has grown exponentially in recent years. It will grow from $15.28 billion in 2023 to $21.12 billion in 2024 at a compound annual growth rate (CAGR) of 38.3%. The growth observed in the historic period can be attributed to several factors, including the rise in big data analytics, increased adoption of cloud services, the emergence of edge computing, the growing applications of AI across various industries, and the expansion of IoT (Internet of Things) devices. These trends collectively contributed to the development and utilization of machine learning technologies during that period.

The machine learning chip market size is expected to see exponential growth in the next few years. It will grow to $75.17 billion in 2028 at a compound annual growth rate (CAGR) of 37.4%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of AI in edge devices, the ongoing complexity of AI algorithms, an increased emphasis on energy efficiency, the broadening scope of AI applications, and a global push for autonomous systems. Major trends expected in the forecast period include technological partnerships and collaborations, investments in AI research and development, advancements in AI technologies, open-source hardware initiatives, and a trend towards customization and specialization in the field of artificial intelligence.

The increasing adoption of cloud-based platforms is expected to be a driving force behind the growth of the machine learning market. Cloud-based platforms, delivering computing services and resources over the internet, provide users with access to applications, storage, and processing power without the need for physical infrastructure or hardware. These platforms not only facilitate collaboration by allowing multiple users to work on projects simultaneously but also enable seamless integration with other cloud services. According to Ofcom, a UK-based Government office, the UK's cloud infrastructure market was valued between approximately £7 billion to £7.5 billion in 2022. Moreover, in 2023, 41.4% of global tech and business leaders are planning to increase their investment in cloud-based services and products, highlighting the significant role of cloud adoption in driving the growth of the machine learning market.

Key players in the machine learning market are directing their efforts toward automated machine learning tools to streamline and automate the machine learning process. These tools aim to automate model selection, training, and deployment, making machine learning more accessible to individuals and organizations with limited expertise in the field. AND Solutions Pte Ltd., a Singapore-based fintech company, exemplifies this trend with the launch of the NIKO AutoML platform in April 2023. NIKO AutoML is an innovative machine-learning tool designed to simplify and expedite the creation of prediction models. The platform offers a user-friendly interface, guiding users through each stage of the process, and provides optimal results in a fraction of the time compared to traditional approaches. Key benefits of NIKO AutoML include fast and accurate model creation, streamlined workflows, increased productivity, and cost-effectiveness.

In May 2023, Infineon Technologies AG, a Germany-based semiconductor manufacturing company, made a strategic move by acquiring Imagimob AB for an undisclosed amount. This acquisition strengthens Infineon Technologies AG's position as a leading machine learning solution provider and significantly expands its portfolio of artificial intelligence (AI) products. Imagimob AB, based in Sweden, specializes in providing a platform for developing machine learning models for edge devices, aligning with the growing trend of edge computing in the machine learning landscape.

Major companies operating in the machine learning market report are Google Inc., Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, SAP SE, Hewlett Packard Enterprise Development LP, Baidu Inc., Intel Corporation, SAS Institute Inc., Fair Isaac Corporation, Alteryx, Dataiku, H2o.AI, KNIME.com AG, Alpine Data, Peltarion, RapidMiner Inc., BigML Inc., Luminoso Technologies Inc., Turing Analytics.

North America was the largest region in the machine learning market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the machine learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the machine learning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The machine learning market includes revenues earned by entities by predictive analytics, natural language processing, image and video recognition, speech recognition, recommendation systems and anomaly detection. The market value includes the value of related goods sold by the service provider or included within the service offering. The machine learning market consists of sales of graphics processing units (GPUs), application-specific integrated circuits,edge AI processors and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Machine learning is a subset of artificial intelligence that revolves around the creation of algorithms enabling computers to learn from data, recognize patterns, and generate predictions or decisions without explicit programming. The core objective is to develop models that enhance their performance over time through exposure to additional information, emphasizing the capacity for autonomous learning and adaptation.

The primary components of machine learning include hardware and software. Hardware tools encompass physical devices and equipment tailored for specific tasks or functions in diverse fields such as construction, manufacturing, or electronics. These tools facilitate the processing of large datasets and complex neural network architectures, thereby improving the performance and scalability of machine learning applications. Machine learning is deployed both in the cloud and on-premises, catering to the needs of large enterprises, small and medium enterprises, and is utilized across various sectors, including healthcare, retail, BFSI (Banking, Financial Services, and Insurance), manufacturing, IT & telecom, energy & utilities, agriculture, automotive, as well as marketing and advertising.

The machine learning market research report is one of a series of new reports that provides machine learning market statistics, including machine learning industry global market size, regional shares, competitors with a machine learning market share, detailed machine learning market segments, market trends and opportunities, and any further data you may need to thrive in the machine learning industry. This machine learning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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