Global Machine Learning & Automation market is around USD 1.2 Billion in 2015 and expected to grow at CAGR of 45% from 2016 to 2024.
The fundamental concept of Machine Learning is that analytical solutions could be built by carefully studying the data models from the past and eventually by studying the data models, trends, patterns, builds automated algorithmic systems. Machine learning has the capability of handling large data volumes; therefore, accelerating end-user access to the insights. With the new levels of cognitive computing, businesses will be in a position to see improved productivity and streamlined operations. Mundane tasks can be easily automated so that resources allocation can be to the innovative part of the businesses. Cognitive computing is another term that can be used to describe machine learning, which has the potential to recognize patterns and learn new material — without being explicitly programmed by a human.
Machine learning as a market is yet to be fully understood and its potential is yet to be proven. Nevertheless, there is a continued awareness about the power of machine learning which would drive the market and eventually business ROI.
End User Highlights
The different end users for the market are Media & Advertising agencies, BFSI (Banking, Finance and Insurance Sector), Telecom& IT Sector, Retail, Healthcare Sector, Automotive Sector and Others. Forecasting demand has been increasingly growing need among modern businesses, and businesses find it increasingly difficult to build a model that could be simple and easily adoptable within a business environment. Challenges are evident; however, Machine Learning is a technology that has the potential solution for demand forecasting. With the inherent potential to learn from current data, Machine Learning could be of great help in overcoming challenges of demand variations. Machine learning has been successfully implemented into the financial world well before the advent of mobile banking apps, proficient chat bots, or search engines.
Due to the inherent nature of the financial markets, where high volume, accurate historical records, and quantitative nature are abundantly available, it makes a perfect candidate for artificial intelligence. Machine learning has been increasingly playing a crucial role in the financial ecosystem, right from approving loans, managing assets, assessing risks, etc. Yet, not everyone is able to take the full advantage of the system and exploit its potential.
Growing adoption of Machine Learning systems would gradually erode human potential to fight odds and overcome obstacles. Human race will be highly vulnerable to threats and sudden turn of fortunes. The demand-supply gap in Data Science and Machine Learning skills would prevail until that time till academic programs and industry workshops would being to produce a ready workforce to manage machine learning efficiently.
Estimated Average solution cost – $ xx globally. However, with growing Machine Learning and Automation Market, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Key Market Players Analysis
The report covers major industry participants with their Technology Evolution, Key R&D trends, Emerging Technology Analysis and overview. Some of the prominent players of the industry include Augury Systems, Building Robotics, Focusmotion, Neura, IBM Corporation, Honeywell, IBM, and Google among others.