According to the report analysis, ‘Europe Machine Learning Market (2018-2023)’ states that there are several key players which are presently functioning in this market more actively for attaining the huge market share by providing the better consumer experience with the significant developments in the specifications of the computer systems includes Microsoft, Google Inc., IBM Watson, Amazon, Intel, Facebook, Apple Inc. and several others. Moreover, with the effective working of the key player the nature of the market is become more profitable for the new comers and international investors. Whereas, by 2023, the value of the machine learning market in Europe is expected to reach USD 3.96 Billion, expanding at a compound annual growth rate (CAGR) of 33.5% during the period of 2018-2023. The market of Europe stands in the second position after the North America with the category of machine learning market.
The market of machine learning in Europe has grown more positively with the effective developments in the technology of computer systems. As the machine learning is the study of algorithms with the statistical models which is used by the computer systems progressively in order to develop their performance for doing a specific task. Moreover, the technology of machine learning is diligently associated to the computational statistics, which concentrates on producing the opportunities developing computers. The key players of machine learning in Europe region are dominating the market by doing effective developments in the technology and adopting the effective market strategies and policies for acquiring the huge market share. Not only has this, the machine learning is having wide applications and classifications, owing to the fastest growth in the reviewed period.
Moreover, the market of machine learning in Europe region is segmented differently which includes four primary sectors based on the service, components, organization’s size and applications. However, the market of machine learning based on the service is sub-divided into professional services and managed services while, based on the organization’s size it is further divided into small and medium enterprises and large enterprises. Not only has this, the segment of applications, the market is divided into sub segment which includes banking, financial services and insurance, automotive, healthcare, government and others. Through the effective working of the key players the market of machine learning is spread across the Europe which involves the European Union five (EU5), rest of Europe. The trend of associating, educating, administering and navigating the economy towards a machine learning-friendly atmosphere is seen to be followed throughout Europe.
The machine learning market is in a stage of beginning, there is an omission between the skills compulsory and that which is characteristic in the workers. It needs a significant amount of period to pick up the skills. Also, the Europeans are worried about the dissemination of machine learning into their lives, and how it is profitable to impact employment in the country. Anxieties environing these factors are hampering the further expansions in the market of machine learning. However, between all regions, Europe has the prevalent share of intraregional data flow. This, together with the machine learning technologies, is booming the market in Europe. Therefore, in the near future, it is expected that the market of machine learning in Europe will grow more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications