Machine Learning In Europe Is Predeicted To Reach US$3.96 Billion By 2023
The market of machine learning in Europe is highly competitive owing to the presence of many key players along with small players
The market of machine learning in Europe is expected to reach US$3.96 billion by 2023, expanding at a compound annual growth rate (CAGR) of 33.5% during 2018-2023. The growing use of big data in the German healthcare industry and escalating adoption of autonomous vehicles are fuelling the development and growth of the machine learning market in the country. Also, the cloud is gaining popularity as the most preferred mode of deployment owing to its advantages. Various benefits offered by the cloud are ease of access, cost-effectiveness, real-time monitoring and control, automated software updates, disaster recovery, data loss prevention, etc. Thus, the thriving automobile industry coupled with the growing utilization of big data in the healthcare sector is surging the demand for machine learning, in turn augmenting its market growth in the region.
The European machine learning market is highly competitive owing to the presence of many key players along with small players. Some of the giants operating in the market are Dell Inc., Fair Isaac Corporation (FICO), Baidu Inc., Fractal Analytics, and Amazon Web Services Inc.
The rise in the adoption of advanced analytics and data-driven decision-making has driven the growth of the machine learning market in the United Kingdom. As per a report published by the Government of the UK on the economic value of data, in August 2018, organizations that adopt data-driven decisions are likely to have a 5-6% rise in their productivity and output. Substantial investments have been made by the country’s government, in both private as well as public sectors, to promote the adoption of digital and data-driven technologies.
Based on region, the market is segmented into the European Union Five (EU5), rest of Europe, based on components the market can be segmented into software tools, cloud and web-based application programming interfaces (APIs), and others, based on service, the sub-segments are composed of professional services and managed services and based on organization size, the sub-segments include small and medium enterprises (SMEs) and large enterprises.