Roundup Of Machine Learning Forecasts And Market Estimates, 2020
IDC predicts spending on AI systems will reach $97.9B in 2023, more than two and one-half times the $37.5B that will be spent in 2019.
- 75% of Netflix users select films recommended to them by the company’s machine learning algorithms.
- The global machine learning market was valued at $1.58B in 2017 and is expected to reach $20.83B in 2024, growing at a CAGR of 44.06% between 2017 and 2024.
- Projected to grow at a Compound Annual Growth Rate (CAGR) of 42.8% from 2018 to 2024, the global Machine Learning (ML) market will worth $30.6B in four years.
- Tractica predicts annual global AI software revenue will grow from $10.1B in 2018 to $126.0B by 2025, achieving a CAGR of 43.41%.
Machine learning growing adoption in business across industries reflects how effective its algorithms, frameworks and techniques are at solving complex problems quickly. Open jobs requiring TensorFlow experience is a useful way to quantify how prevalent machine learning is becoming in business today. There are 4,134 open positions in the U.S. on LinkedIn that require TensorFlow expertise and 12,172 open positions worldwide as of today. Open jobs on LinkedIn requesting machine learning expertise in the U.S. further reflect its growing dominance in all businesses. There are 44,864 jobs in the U.S. today according to LinkedIn that list machine learning as a required skill, and 98,371 worldwide.
Senior management teams at enterprises who are Gartner clients initiated over 18,000 search queries last year on machine learning, with the majority from banking and financial institution clients, followed by government, services and manufacturing. One of the best reports published last year is from Stanford University’s Institute for Human-Centered Artificial Intelligence, the Artificial Intelligence Index Report 2019, (PDF, 291 PP., no opt-in)
Key takeaways from the series of machine learning market forecasts and market estimates from the last year include the following:
- The global machine learning market is projected to grow from $7.3B in 2020 to $30.6B in 2024, attaining a CAGR of 43%. AI-based processors, integrated memory and networking systems are projected to contribute a large percentage of market growth. Source: Market Research Future, Machine Learning Market Forecast Report – Global Forecast to 2024.
- One in ten enterprises now use ten or more AI applications; chatbots, process optimization and fraud analysis lead a recent survey’s top use cases. Prevalent applications include consumer/market segmentation (15%), Computer-assisted diagnostics (14%), call center virtual assistants (12%), sentiment analysis/opinion mining (12%), face detection/recognition (11%), and HR applications (e.g.resume screening) (10%). Source: MMC Ventures, The State of AI Divergence, 2019 (PDF, 151 pp., no opt-in).
- $28.5B was invested in machine learning applications in the first calendar quarter of 2019, leading all other AI investment categories. In total over $82B was invested in all AI categories shown in the chart below, with machine learning platforms and applications combining for over half of all AI investments at $42.9B. Source: Statista, Machine Learning Tops AI Dollars, May 10, 2019.
- 83% of IT leaders say AI & ML is transforming customer engagement, and 69% say it is transforming their business. 79% believe that AI will help their organization identify external and internal security threats. The following graphic summarizes key findings from a recent Salesforce Research study. Source: Enterprise Technology Trends, Salesforce Research (opt-in).
This article originally appeared on forbes.com To read the full article and see the images, click here.
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