Definition:
Machine learning is a branch of artificial intelligence that involves the use of algorithms and statistical models to enable computer systems to learn from data and improve their performance on a task. It has a wide range of applications, including image and speech recognition, natural language processing, and predictive analytics. The Machine Learning market includes software platforms, tools, and services that enable organizations to develop and deploy machine learning applications.
Additional Information:
The Machine Learning market comprises two key performance indicators: market sizes, and market sizes by industry. Market sizes are generated by the funding amount of Artificial Intelligence (AI) companies. Key players of the market include companies such as Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jul 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jul 2024
Source: Statista Market Insights
The Machine Learning market in the EMEA region is witnessing extraordinary growth due to the increasing adoption of Artificial Intelligence technologies, growing awareness about its benefits, and the convenience of online services. This rapid growth is mainly driven by the high demand for data-driven decision-making and the need for efficient automation in various industries.
Customer preferences: The growing adoption of Machine Learning in the EMEA region is driven by the need for personalized and efficient solutions in various industries such as healthcare, finance, and retail. This trend is fueled by the increasing availability of data and advancements in computing power. Additionally, there is a rising demand for more advanced and accurate predictive analytics tools, as well as a shift towards automated decision making processes. These factors are expected to drive the growth of the Machine Learning market in the region.
Trends in the market: In EMEA, the Machine Learning market within the Artificial Intelligence market is experiencing a surge in demand for predictive analytics solutions. This is driven by the growing need for data-driven decision making and the increasing adoption of cloud-based solutions. Additionally, there is a trend towards the use of machine learning in healthcare, with the potential to improve patient outcomes and reduce costs. This trajectory is significant for industry stakeholders as it presents opportunities for growth and innovation, but also poses challenges in terms of data privacy and regulatory compliance. The implications of this trend include the need for skilled data scientists and the development of ethical guidelines for machine learning applications.
Local special circumstances: In EMEA, the Machine Learning Market within the Artificial Intelligence Market is heavily influenced by the region's strong focus on innovation and technological advancement. This has led to a growing demand for cutting-edge AI solutions in various industries, such as healthcare, finance, and manufacturing. Additionally, the region's diverse regulatory landscape and cultural norms have shaped the development and adoption of AI technologies, creating unique challenges and opportunities for businesses operating in this market. For example, in Germany, strict data privacy laws have led to the emergence of privacy-focused AI solutions, while in the United Arab Emirates, the government's vision for a smart, AI-driven economy has fostered a favorable environment for AI startups and investments.
Underlying macroeconomic factors: The growth of the Machine Learning Market within the Artificial Intelligence Market is influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. Countries with strong technological capabilities and favorable regulatory environments are experiencing faster market growth compared to regions with regulatory barriers and limited investment in digital technologies. Additionally, the increasing adoption of automation and data-driven decision making across industries is driving the demand for machine learning solutions, leading to market expansion.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jul 2024
Source: Statista Market Insights
Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.
Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.
Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.
Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.
Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights