Artificial intelligence is gaining prominence as organizations work to deepen their use of automation. Within the segment, many companies are becoming excited about the way machine learning can take AI to another level by empowering software-based systems to understand what is happening around them and react in human-like ways.
The state of the machine learning market
By 2022, MarketsandMarkets expects the machine learning sector to be valued at approximately $8.81 billion. To achieve this end, the industry will expand at a compound annual growth rate of approximately 44.1 percent from 2017 to 2022. As of now, the professional services segment represents the most dominant market for machine learning, but large enterprises are poised to take over market share over the course of the period analyzed by the study.
Where do businesses stand on machine learning
When exploring the factors having an impact on the machine learning industry, Allied Market Research found that a lack of skilled workforce was one of the most disruptive forces as of 2016. Developing economies, growth alongside AI and a larger number of application areas were influential at the time, but not especially so. By 2023, this situation will have reversed, with the workforce gaining machine learning skills while the other major factors drive adoption.
Preparing for machine learning's future
"Machine learning technology is only as good as the data that feeds it."
The potential applications for machine learning are expanding, but the technology is only as good as the data that feeds it. As such, any organization hoping to take advantage of what machine learning has to offer must also embrace big data. This can be a lot for executives to tackle if they lack knowledge and experience not only working with such technologies, but understanding how they fit into larger business models.
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