Machine Learning Market Demonstrates Solid Growth Posted on : Nov 23 - 2019

Machine learning technologies and techniques are giving organizations powerful new ways to utilize the vast amounts of data they’re collecting. According to several reports, ML spending is increasing at a compound annual growth rate (CAGR) of around 25%. That’s benefitting vendors providing ML solutions, which appears to be mostly cloud vendors outside of the HPC segment.

According to Zion Market Research’s July report, the global market for ML was valued at $1.6 billion in 2017 and is expected to account for $20.8 billion in spending by 2024, which translates into a rather healthy 44% compound annual growth rate (CAGR). That was the outlier in a recent roundup of ML market reports.

Market Reports World came up with a similar number in its global tally on ML spending. The company said that $2.5 billion was spent in 2017, and with a 22% CAGR, global spending on ML should reach $12.3 billion by 2026. In its 2018 report, BCC Research concluded that global spending on ML reached $1.4 billion in 2017. And with a CAGR of 44%, it would hit $8.8 billion by 2022.

Intersect360 Research sliced the figures a slightly different way, and looked at the global spending on infrastructure in support for ML and AI for its recently released report, “Worldwide AI and Machine Learning Training Market Model: 2018 Spending and Future Outlook.” The Silicon Valley firm concluded that AI and ML infrastructure spending grew 50% over the past two years and would soon surpass $10 billion in annual spending. View More