According to an article by market research future, the market size is approximately 92.36 Billion dollars.
Market Opportunities
- Automotive
- Financial services
- Industrial
- IT
- Healthcare
- Research and development
Key Market Drivers
- The main driver is an increase in unstructured data.
Unstructured data
Data may be structured or unstructured. When data is stored in a relational database it is called structured data because they follow a format and rules. However unstructured is more common. These may include data from social media, and email. Usually, this data is stored as a JSON file which stands for javascript object notation. This big amount of data created at an unprecedented speed is the key driver of machine learning.
Market Forces
It is reasonable to consider the economy. The federal reserve is currently increasing interest rates in order to lower demand and therefore lower inflation. The effects of this decision might put the economy into a recession. Raising the interest rates means it is more expansive to borrow money from the bank as an individual or as a company. This reduces the number of people interested to invest in projects and technologies.
Potential Customer Base
The reality is that everyone needs this technology because it can improve our lives in many ways. People, small businesses/companies, and large organizations need machine learning algorithms to gain a competitive advantage.
