The Europe Machine Learning Market would witness market growth of 36.1% CAGR during the forecast period (2023-2030).
Technology has opened doors for many uses. To better target audiences and foresee consumer behavior, advertising uses this technology. In AI-driven marketing, several models are utilized to automate, augment, and improve the data into actions. In banking and finance, machine learning is used to carry out activities like asset management and loan approval. The market is growing because of the usage of this technology in other fields, including document management, security, and publication.
By facilitating medical diagnosis, machine learning is revolutionizing healthcare. For instance, one algorithm developed by Google's DeepMind division can identify retinal images of eye disorders like diabetic retinopathy. This technology enables early identification, quick treatment, and decreased burden for medical professionals. Additionally, machine learning is used in creating medications, customized therapy, and forecasting disease outbreaks.
In the financial sector, automatic reply to forecasts for emails and virtual assistants have become standard. To take advantage of banking industry income prospects, machine learning market companies are developing novel face recognition systems. Before a customer asks a banker at an establishment for assistance, these tools aid in prioritizing individual data.
The development and expansion of the market in Germany are fueled by the expanding acceptance of autonomous cars and the growing usage of big data in the country's healthcare sector. Due to its benefits, the cloud is also becoming increasingly popular as the preferred deployment method. Easy access, affordability, real-time monitoring and management, automatic software upgrades, disaster recovery, data loss prevention, etc. are just a few advantages of the cloud. As a result, the region's booming automotive industry and the expanding use of big data in the healthcare business are driving up demand for machine learning and boosting the industry's development. Due to several major companies alongside little competitors, the European industry is quite competitive.
The Germany market dominated the Europe Machine Learning Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $26.5 billion by 2030. The UK market is anticipated to grow at a CAGR of 34.9% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 37.1% during (2023 - 2030).
Based on Enterprise Size, the market is segmented into Large Enterprises, and SMEs. Based on Component, the market is segmented into Services, Software, and Hardware. Based on End-use, the market is segmented into Advertising & Media, BFSI, Automotive & Transportation, Manufacturing, Agriculture, Retail, Healthcare, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Machine Learning Market is Projected to reach USD 408.4 Billion by 2030, at a CAGR of 36.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc. (Amazon.com, Inc.), Baidu, Inc., Google LLC (Alphabet Inc.), H2O.ai, Inc., Hewlett-Packard enterprise Company (HP Development Company L.P.), Intel Corporation, IBM Corporation, Microsoft Corporation, SAS Institute, Inc., SAP SE
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