Machine Learning Statistics By Market Size, Region, Models And Usage
Updated · Aug 28, 2024
Table of Contents
- Introduction
- Editor’s Choice
- Machine Learning Industry Insights
- Machine Learning Market Trends
- Worldwide Machine Learning Market Growth
- Size Of Machine Learning Market Worldwide
- Machine Learning Funding Platforms Worldwide
- Several ML Models Have Been Developed Globally
- Frequency Of Usage Of Machine Learning Models By Commercial Leaders
- Impact of AI And Machine Learning On Retail Performance
- Future Of AI And Machine Learning In The Future
- Machine Learning Industry Overview
- Conclusion
Introduction
Machine Learning Statistics: Machine learning is a branch of artificial intelligence that aims to create algorithms capable of performing tasks without explicit instructions. In recent times, artificial neural networks have been utilized to improve user performance. It would be valuable to have comprehensive information on machine learning statistics.
Editor’s Choice
- Referring to machine learning statistics, the market size of ML companies is USD 158.78 billion in 2023.
- In 2030, the project market size of ML companies will be around USD 528.1 billion.
- Newsie currently has the largest market share in the ML technology market with 88%.
- Open AI is the top-funded ML platform with an accumulated investment of USD 11,300.01 million as of June 2024.
- As of 2023, 61 machine-learning models have been developed in the US alone.
- In 2023, ML startups received a total investment of USD 5 billion.
- 60% of enterprises believe machine learning techniques benefit their market growth.
Machine Learning Industry Insights
- As per machine learning statistics, 57% of companies use machine learning systems to enhance customer experience.
- Around 49% of companies use machine learning and AI tools to enhance their marketing and sales.
- As of 2024, 97% of mobile phones are powered by AI-enabled voice assistants.
- 80% of businesses plan to adopt AI models for customer service solutions.
Machine Learning Market Trends
(Reference: Statista.com)
- Based on Machine learning statistics, Newsie has the largest share of machine learning technology, with an 88.71% share.
- Tensorflow and Torch have the 2nd and 3rd highest market share with 3.38% and 2.75%.
Worldwide Machine Learning Market Growth
(Reference: Statista.com)
- Based on machine learning statistics, it is safe to conclude that the market size of machine learning software has increased significantly.
- In 2023, the market size of machine learning was $158.78 billion.
- By 2030, the machine-learning market is predicted to reach $528.1 billion.
Size Of Machine Learning Market Worldwide
(Reference: Statista.com)
- As per machine learning statistics, the US has the largest market size among countries, with $21.14 billion
- The market size is expected to grow at CAGR (2024 -2030) by 36.08%, resulting in an accumulated market volume of $503.4 billion by the end of 2030.
Machine Learning Market In the Americas
(Reference: Statista.com)
- Referring to machine learning statistics, the market volume in the Americas is expected to reach $153.2 billion by the end of 2030.
- In 2023, the market size of the machine learning market was $15.48 billion in the Americas.
Machine Learning Market In Asia
(Reference: Statista.com)
- As per machine learning statistics in 2023, the market share of the machine learning market in Asia was $18.65 billion.
- By 2030, the machine-learning market is expected to reach $184.6 billion.
- CAGR is expected to show an annual growth rate of 36.08% between 2024-2030.
Machine Learning In Europe
(Reference: Statista.com)
- As per Machine learning statistics, the market size in Europe is expected to be $144.62 billion by the end of 2030.
- As of 2023, the market size in Europe is $43.4 billion.
Machine Learning Funding Platforms Worldwide
(Reference: Statista.com)
- The graph shows that Open AI had the highest funding as of June 2024, at $11,300.01 million.
- Based on machine learning statistics, Scale AI and Adept are distant second and third with revenues of $602.6 million and $415 million, respectively.
- The accumulated funding of the top 10 MLOps startups has crossed over $100 million.
Several ML Models Have Been Developed Globally
(Reference: Statista.com)
- According to machine learning statistics, the United States is a dominant leader, with 61 machine learning models developed as of 2023.
- China and France occupied the 2nd and 3rd positions, with 15 and 8 models being developed.
Frequency Of Usage Of Machine Learning Models By Commercial Leaders
(Reference: Statista.com)
- Businesses have realized the significance of machine learning and AI models.
- As per machine learning statistics, 50% of companies often use machine learning tools to enhance their business operations.
- Along with this, 40% feel they almost always seek assistance from machine learning models.
Impact of AI And Machine Learning On Retail Performance
(Reference: Statista.com)
- As expected, machine learning implementation by companies has led to the exponential business growth of organizations.
- Based on machine learning statistics, retail performance sales and profit growth increased by 14.2% and 8.1% between 2023 and 2024.
- In contrast, companies that did not use machine learning computational features witnessed significantly lower sales growth and profit, with 6.9% and 3.1% during the same period of 2023 and 2024.
Future Of AI And Machine Learning In The Future
(Reference: Statista.com)
- When one refers to Machine learning statistics, they will find a prosperous future.
- Between 2023 and 2025, the Asia Pacific region will witness the highest growth rate with 48%.
- In comparison, western Europe will witness significantly less growth at 35%.
- Overall, the global growth in the field of machine learning will be expected to reach 44% between the same period of 2023 and 2025.
Machine Learning Industry Overview
Machine Learning (ML) continues to increase, driving innovation across various industries. In 2023, the global machine learning market was valued at approximately $25 billion US dollars. This marked a significant increase from previous years, reflecting the widespread adoption of machine learning technologies in sectors like healthcare, finance, and retail. The keyword “Machine Learning Statistics” becomes crucial in understanding the scope and impact of this growth.
The machine learning market is expected to maintain a solid upward trajectory in 2024, with projections indicating a market value of $30 billion US dollars. This growth is driven by increased investment in AI technologies, a growing need for automation, and the expansion of data-driven decision-making processes across industries. The market is anticipated to achieve a compound annual growth rate (CAGR) of 20% from 2023 to 2024, highlighting the rapid evolution and integration of machine learning.
One key trend in 2023 was the significant increase in deploying machine learning models in the cloud. Approximately 60% of enterprises reported using cloud-based machine learning solutions, up from 45% in 2022. This shift towards cloud-based ML solutions is expected to continue in 2024, driven by the need for scalability and cost efficiency. The keyword “Machine Learning Statistics” helps to track and analyze these trends.
Moreover, the demand for skilled machine learning professionals has surged. In 2023, the number of job postings for machine learning engineers grew by 35%, indicating a high demand for expertise in this field. This trend is expected to persist in 2024, with the number of machine learning job openings anticipated to rise by an additional 25%.
Investments in machine learning startups also saw significant growth in 2023, with venture capital funding reaching $5 billion US dollars, a 15% increase from 2022. In 2024, investments are expected to exceed $6 billion US dollars, further fuelling innovation and developing new ML applications.
Conclusion
The machine-learning industry has witnessed significant growth in the past few years. The market has showcased considerable expansion, which led to its valuation of $158.78 billion. In fact, as per future projections, revenue is projected to reach $528.1 billion by 2030. This growth could be attributed to the increased investment and rising significance of data-based decision-making. Machine learning statistics show that the USA leads in ML-based funding, market size, and service-providing organizations. Furthermore, this trend is expected to continue till the end of 2030.
FAQ.
Based on machine learning statistics, it is expected to reach $528.1 billion by 2030.
As of 2023, Newsie has the largest market share, with 88.71%.
Machine learning startups received a whopping $5 billion investment in 2023.
Saisuman is a skilled content writer with a passion for mobile technology, law, and science. She creates featured articles for websites and newsletters and conducts thorough research for medical professionals and researchers. Fluent in five languages, Saisuman's love for reading and languages sparked her writing career. She holds a Master's degree in Business Administration with a focus on Human Resources and has experience working in a Human Resources firm. Saisuman has also worked with a French international company. In her spare time, she enjoys traveling and singing classical songs. Now at Smartphone Thoughts, Saisuman specializes in reviewing smartphones and analyzing app statistics, making complex information easy to understand for readers.
