Machine Learning Market to Register Unwavering Growth During in Global by 2026
Machine learning
is a branch of artificial intelligence that enables machines to learn directly
from data, experience, and examples. By permitting computers to execute
specific tasks smartly, machine learning allows computers to carry complex
processes by learning from examples or data, rather than following
pre-programmed rules. Increasing volume of data being generated across industry
verticals creates an exhaustive repository for machines to learn from,
something that is further backed by rapid strides made in processing power of
computers, in turn enhancing the analytical capabilities of machine learning
systems.
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Increasing
advancements in technology leading to higher accuracy of systems fueling market
growth
People interact
with various systems, which are based on machine learning such as recommender
systems, voice recognition systems, and image recognition systems. Rapid
advancement in technology in image recognition system has increased the
accuracy of the system, which has fueled the demand for machine learning in
various systems. For instance, in image labeling challenge, the accuracy of
machine learning was 72% in 2010 and it reached to 96% in 2015. The ability of
machines to process large volumes of data and to use the data for prediction
have made the machine learning a key tool in various applications such as BFSI,
healthcare etc.
Integration of
machine learning in robotics has fueled growth of the machine learning market
Rampant
advancements in robotic industry has created various innovations in robots with
the integration of sensor technologies and materials. The advancements in
machine learning have increased the capabilities of robots to contribute in
applications such as drones and autonomous vehicles. Moreover, the increasing demand
for advance robotic system in various verticals such as automotive,
electronics, food and beverages, healthcare etc has fueled the market growth.
According to International Federation of Robots, in 2016, around 294,000 units
of industrial robots were deployed across the globe. For example: In 2016,
Fanuc, a Japan-based company, announced development of a robot with deep
reinforcement learning technique, which enables the robot to train itself over
a very short time duration.
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Machine learning Market Taxonomy
On the basis of
application:
•
Banking, Financial Services,
and Insurance
•
Education
•
Energy
•
Healthcare &
Pharmaceuticals
•
Manufacturing
•
Public Services
•
Retail
•
Transport & Logistics
Machine
learning market is expected to witness rampant growth due to growing healthcare
sector in the near future.
Accuracy is one
of the major concerns in the healthcare sector. Machine learning have the
capabilities to provide more accurate diagnosis and healthcare services, which
in turn has augmented demand for machine learning in healthcare sector. For
instance, diagnosis of diabetic eye disease requires frequent examination of
pictures at the back of an eye by the specialist. The features in the image
helps to identify sensitivity of disease, which in turn, indicates fluid
leakage and bleeding. Moreover, in 2016, Google has developed a deep learning
algorithm, which analyze images and provides training to the system by using a
data set of 128,000 images. Thus, the system diagnose the disease with a level
of accuracy similar to human ophthalmologists. On similar lines, Google
researchers are developing a deep learning algorithm for early diagnosis of
skin cancer and breast cancer.
Key Companies
in the Global Machine Learning Market
Microsoft
Corporation, SAP SE, Sas Institute Inc., Amazon Web Services, Inc., Bigml,
Inc., Google Inc., Fair Isaac Corporation, Hewlett Packard Enterprise
Development Lp, and Intel Corporation are some of the major companies operating
in the global machine learning market.
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