Seattle, WA -- (SBWire) -- 10/04/2019 --Machine learning is a scientific study of algorithms and statistical models that computer use to perform various task without using explicit instructions. It is a branch of artificial intelligence that enables machines to learn directly from data, experience, and examples. It allows computers to execute specific tasks smartly, to carry complex processes by learning from examples or data instead of following pre-programmed rules. Increasing volume of data that has been generated across different verticals of industry creates an exhaustive repository for machines to learn from, which is further backed by rapid strides made in processing power of computers, in turn enhancing the analytical capabilities of machine learning systems.

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Growing advancements in technology is leading to higher accuracy of systems fueling the market growth

Machine learning is a part of various systems that people interact with. Recommender systems, voice recognition systems, and image recognition systems are some of its common examples. Rampant advancement in technology in image recognition system has enhanced the accuracy of the system, which has boosted the demand for machine learning in various systems. For instance, in image labeling challenge, the accuracy of machine learning was 72% in 2010 and it reached to 96% in 2015. The ability of machines to process large volumes of data and use the data for prediction has made the machine learning a critical tool in various applications such as healthcare and banking, financial services and insurance sectors (BFSI).

Incorporation of machine learning in robotics has boosted the global machine learning market growth

Rapid advancements in robotic industry has created numerous innovations in robots with the inclusion of sensor technologies and materials. The advancements in machine learning have increased the capabilities of robots to contribute in applications such as drones and autonomous vehicles. Moreover, increasing demand for advance robotic system in various industries as automotive, electronics, food and beverages, and healthcare is expected to drive the market growth in the near future. For instance, according to International Federation of Robots, in 2016, around 294,000 units of industrial robots were deployed across the globe. In 2016, Fanuc, a Japan-based company, announced development of a robot with deep reinforcement learning technique, which enables the robot to train itself over a very short time duration.

Global Machine learning Market Taxonomy

On the basis of deployment model, the global machine learning market is segmented into:
- On-premises
- Cloud-based

On the basis of application, the global machine learning market is segmented into:
- Banking, Financial Services, and Insurance
- Education
- Energy
- Healthcare & Pharmaceuticals
- Manufacturing
- Public Services
- Retail
- Transport & Logistics

Global Machine learning market is expected to witness significant growth, owing to growing healthcare sector in the near future.

Accuracy is one of the major concerns in the healthcare sector, which is seemed to be handled by machine learning. It has the ability to offer more precise diagnosis and other healthcare services, which is expected to increase its demand. For instance, diagnosis of diabetic eye disease requires frequent examination of pictures at the back of an eye by the specialist. The features in the image help to identify sensitivity of disease, which in turn, indicates fluid leakage and bleeding. Moreover, in 2016, Google developed a deep-learning algorithm, which analyzes images and provides training to the system by using a data set of 128,000 images. As a result, the system diagnosed the disease with a level of accuracy similar to human ophthalmologists. Similarly, Google researchers are developing a deep-learning algorithm for early diagnosis of skin cancer and breast cancer.

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Key Companies in the Global Machine Learning Market

Microsoft Corporation, SAP SE, Sas Institute Inc., Amazon Web Services, Inc., Bigml, Inc., Google Inc., Fair Isaac Corporation, Hewlett Packard Enterprise Development Lp, and Intel Corporation are some of the major companies operating in the global machine learning market.

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