Artificial intelligence Machine learning: global market analysis
Machine learning is rapidly being adopted by companies around the world. Industry reports reveal that the APAC region is expected to witness the highest growth in the coming years as the governments in the region are undertaking active measures for the development of artificial intelligence. The EMO trade fair will also be highlighting ‘machine learning’ as one of its focus topics along with many other new-age concepts for the benefit of the global industry.
Machine learning basically means giving machines access to data and letting them learn for themselves. In other words, it’s all about algorithms and identifying specific patterns in order to perform a task effectively by the machine. A subset of artificial intelligence (AI), machine learning has recently gained popularity across many industry verticals. For instance, Google maps, Tesla’s autonomous cars, and Amazon’s Alexa are some of the most common examples of machine learning.
The machine learning market is expected to grow to 39.98 billion dollars by 2025, according to a report by market analyst firm, Research and Markets. In terms of geography, the report further states that North America holds the largest share of the total market whereas, regions such as Europe, South America and Middle East & Africa are expected to be moderate by 2025. Interestingly, it is the APAC region that is expected to witness the highest growth. This is owing to significant initiatives and investments being made by the government in these regions in order to promote the development of AI.
The growth of artificial intelligence
Confirming this fact, two reports titled ‘Asia's AI agenda: The ecosystem’ and ‘Asia's AI agenda: AI for business’ by MIT Technology Review Insights have revealed that business leaders in Asia are positive about the region's AI resources, particularly data availability and the quality of external talent. China is one country that stands out in this field due to the strong support by its government. Also, the report highlights that more than 50 % of the Asia-Pacific companies that were surveyed had already launched AI in their businesses. Japan and South Korea in North Asia witnessed the highest penetration of AI.
Tech companies using machine learning
Technology giants such as Microsoft, Google, Facebook, IBM, Amazon, and Apple are all exploring the dynamics of machine learning. Microsoft makes use of machine learning for the speech recognition system Cortana, Google for image services and search engine ranking, Facebook for image recognition, and Apple for Siri. With time, there is a possibility that many other uses of machine learning will come to the fore and surprise industry players with its advantages.
With machine learning making its presence felt throughout the globe, the EMO trade fair will also be focusing on this key topic. Numerous innovations showcasing the benefits of machine learning will also be exhibited at the six day show which begins from September 16, 2019 in Hannover, Germany.