The Machine Learning Market in Europe is Forecast to Grow at a CAGR of 33.5% to Reach $3.96 Billion by 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2018--The “Europe Machine Learning Market (2018-2023)” report has been added to ResearchAndMarkets.com’s offering.The value of the machine learning market in Europe is expected to reach USD 3.96 billion by 2023, expanding at a compound annual growth rate (CAGR) of 33.5% during 2018-2023. Europe stands in the second position after North America in the machine learning market.
The trend of supporting, educating, enforcing and steering the economy towards a machine learning-friendly environment is seen to be followed throughout Europe.
European countries are successfully bridging the gap between additional renewable energy and excess power into the grid by making ultra-accurate forecasts of the demand and supply in real time by making use of the machine learning technologies, thereby saving energy and cost.
Key Growth FactorsThe world-class research facilities, the emerging start-up culture, the innovation and commercialisation of machine intelligence technologies is giving thrust to the machine intelligence market in Europe.
Amongst all regions, Europe has the largest share of intraregional data flow. This, together with the machine learning technologies, is boosting the market in Europe.
The excessive usage of the machine learning technology across economy in all facets of businesses is proving to be a big thrust to the machine learning market. Profound usage has been found in sectors such as agriculture, healthcare and media for optimisation of prices and carrying out predictive maintenance in manufacturing.
ThreatsInvestors in Europe are more concerned about the ROI from investing in the machine learning market. The adoption of machine learning by the start-ups is a farce in Europe since research suggests that only 5% of the start-ups investing in machine learning end up with a revenue of more than $50 Mn in revenue. Also, opportunities for external investments are bleak.
The machine learning market is in a stage of infancy; there is a lacuna between the skills required and that which is inherent in the workers. It requires a considerable amount of time to pick up the skills. Also, the Europeans are concerned about the penetration of machine learning into their lives, and how it is going to impact employment in the country. Concerns environing these factors are hindering the further developments in the machine learning market.Given that machine intelligence depends on the easy availability of data, the practice of data minimisation and data privacy standards act as a barrier to the further development of the machine learning market in Europe.
Key Players ProfiledMicrosoftGoogle Inc.IBM WatsonAmazonIntelFacebookApple Inc.
For more information about this report visit https://www.researchandmarkets.com/research/8tf8z3/the_machine?w=4
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Related Topics:Machine Learning and Data Mining
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT
SOURCE: Research and Markets
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PUB: 11/20/2018 07:43 AM/DISC: 11/20/2018 07:42 AM