WELLESLEY, Mass., April 19, 2018 (GLOBE NEWSWIRE) -- The ability of computers to learn without having to be programmed—a function known as machine learning—will impact a broad variety of global markets in coming years, according to a report by BCC Research. Growth is being driven by increased computing power, the expanding need for learning and prediction applications, and rising usage of the cloud for data storage.
The industry is expected to see a compound annual growth rate (CAGR) of 43.6% through 2022, when it could be worth $8.8 billion, according to the report Machine Learning: Global Market to 2022.
Machine learning is a branch of artificial intelligence where computer systems learn directly from examples, data and experience. The concepts are inspired by systems which mirror how the human brain processes.
Major players mentioned in this report include Amazon, Alphabet, Fair Isaac, Hewlett Packard, Intel, IBM, Microsoft and Oracle.
Research Highlights
- The banking, financial and insurance sector are estimated to grow at a CAGR of 42.5% and reach a value of $1.8 billion by 2022.
- Machine learning by cloud deployment is expected to grow at a CAGR of 47.3% and reach $5.9 billion by 2022.
- Large enterprises currently dominate the machine learning market due to their massive volumes of data and business requirements.
“The market for machine learning is growing at a significant rate and driven largely by factors such as increasing computing power, increasing availability of big data for learning and prediction, improvements in machine learning algorithms and increasing usage of the cloud for data storage,” said Michael Sullivan, BCC Research senior editor, information technology. “However, factors such as shortage of skilled labor and usage of machine learning by hackers we expect to restrain the market growth for machine learning.”
Hackers and a Lack of Skilled Labor Could Restrain Market Growth
While the global outlook for machine learning is strong, there are several factors which could restrain growth, the report notes. Cybercriminals are developing and offering machine learning solutions at a pace that is hard for cybersecurity companies to keep up. The first known use of machine learning in malware was detected in 2017 and hackers are also using the technology to create botnets and send advanced spear phishing emails. Meanwhile, the lack of skilled labor is a serious challenge to the industry. Many companies report great difficulty finding workers who are equipped with machine learning skills.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.