The machine learning software deployed in cloud or on-premises empowers organizations to reduce the cost, increase the operational efficiency, and fetch critical business insights from a huge pile of data generated throughout the business processes. MarketsandMarkets expects the machine learning market size to grow from USD 1.41 Billion in 2017 to USD 8.81 Billion in 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%. The proliferation in data generation and technological advancements are some of the major driving factors for the growth of the machine learning market.
The major machine learning vendors are Microsoft Corporation (Washington, US), IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc. (North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc. (Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc. (Massachusetts, US), Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc. (Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US), TIBCO Software Inc. (California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US). New product launches and partnerships are the key strategies adopted by these market players to offer feature-rich products and services to their customers and penetrate deeper into unserved regions.
IBM Corporation is one of the leading vendors of machine learning solutions. The company’s strategy is to provide highly competitive products and solutions in the machine learning market. Its efforts toward strengthening machine learning solutions are evident from the fact that, in February 2017, the company launched IBM Machine Learning Platform for continuously creating, training, and deploying a high volume of analytic models in the private cloud at the source of vast corporate data stores. In 2016, the company invested 7.2% of its total revenue in Research and Development (R&D) to enhance its product portfolio. In March 2017, IBM formed a partnership with Salesforce in order to seamlessly connect IBM Watson and Salesforce Einstein to enable an entirely new level of intelligent customer engagement across sales, service, marketing, commerce, and more.
Another market-leading company, SAS Institute Inc., adopted the strategy of new product development and upgradation to gain a dominant position against its competitors in the machine learning market. The company is striving to bring updated and innovative solutions for expanding its reach in the market. This strategy is supported by its latest release of updates for SAS Viya platform, which is a cloud-ready, scalable, open platform for modern machine learning for all analytics skill levels. With new and updated applications, SAS Viya extends and complements SAS 9. Moreover, in February 2017, SAS launched SAS Graphics Accelerator, which provides unparalleled access to data visualization and data science for people with visual impairments.
Machine Learning Market by Vertical (BFSI, Healthcare and Life Sciences, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities), Deployment Mode, Service, Organization Size, and Region - Global Forecast to 2022
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