Machine Learning Market Size

Machine Learning Market size was valued at USD 44.58 billion in 2024 and is likely to exceed USD 2.84 trillion by the end of 2037, registering over 37.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of machine learning is evaluated at USD 57.95 billion.

The growth of this sector can be attributed to the increasing demand for machine learning in the healthcare sector. In the healthcare domain, this technology analyses all possible data and then anticipates outcomes along with this it also offers risk scores and correct resource allocations. Another significant application of this technology in this sector is that it helps to identify diseases which is at times difficult to identify. Such as an algorithm developed by Google's DeepMind division can identify retinal images of eye disorders including diabetic retinopathy.

In addition to this, machine learning technology is highly being used in the banking and finance sector for improvement of fraud detection, risk management, and reduce cyber threats in banks. Banks and other financial institutions utilize machine learning algorithms to analyze enormous amounts of data in actual time and more accurately identify fraud and other risks. The growth of the financial services sector is anticipated to fuel the demand for machine learning technologies in the approaching years. In all, 72% of the companies that answered the study stated that they were utilizing or creating ML applications. These apps are being used in more and more different business sectors.