Machine learning to reach $3.96 billion by 2023 in Europe

Due to the existence of numerous significant firms as well as small players, the machine learning market in Europe is quite competitive. 

Machine learning is predicted to reach US$3.96 billion in Europe by 2023, with a compound annual growth rate (CAGR) of 33.5 percent from 2018 to 2023. The expanding usage of big data in the German healthcare industry, as well as the increasing acceptance of autonomous vehicles, are propelling the machine learning market forward in the country. In addition, due to its benefits, the cloud is becoming the most popular way of deployment. Easy access, cost-effectiveness, real-time monitoring and control, automated software updates, disaster recovery, data loss prevention, and other benefits are all provided by the cloud. 

The booming automobile industry, together with the increasing use of big data in the healthcare sector, is driving up demand for machine learning in the region, boosting its market growth. 

Due to the existence of numerous significant firms as well as small competitors, the European machine learning market is extremely competitive. Dell Inc., Fair Isaac Corporation (FICO), Baidu Inc., Fractal Analytics, and Amazon Web Services Inc. are among the market’s heavyweights. 

The expansion of the machine learning market in the United Kingdom has been fueled by the increased usage of advanced analytics and data-driven decision-making. Organizations that implement data-driven decisions are expected to see a 5-6 percent increase in productivity and output. The government of the country has made significant investments in both the private and public sectors to promote the adoption of digital and data-driven technology. 

The market is segmented by region into the European Union Five (EU5) and the rest of Europe by component, the market can be segmented into software tools, cloud and web-based application programming interfaces (APIs), and others by service, the market can be segmented into professional services and managed services and by company size, the market can be segmented into small and medium enterprises (SMEs) and large enterprises. 

Photo Credit : https://www.flickr.com/photos/mikemacmarketing/42271822770