Machine Learning Market Trends

Growth Drivers

• High Demand in the Automotive Sector - The primary cause of market growth is the expanding use of machine learning in automobile manufacturing. Algorithms based on machine learning are used for analyzing and interpreting data from cameras and sensors so that self-driving cars can make decisions in real time and improve road safety. Skills and training for ML are invested in by around 78 percent of car companies.
• Increasing Adoption of IoT and Automation - IoT and automation adoption is going to grow, propelling the market. IoT operations guarantee the proper and safe operation of the hundred or more sensors linked to a corporate network, as well as the accuracy and timeliness of the data being collected. Although sophisticated back-end analytics engines handle the labor-intensive data stream processing, outmoded techniques are frequently utilized to verify the data's integrity. In order to gain control of big IoT systems, several IoT platform technology providers are developing their operations management skills utilizing machine learning technologies.
• Growing Technological Advancement - The development of new technologies results in more accurate systems that support market growth. The user interacts with a system based on machine learning, for example, recommendation systems, voice or image recognition systems. The speed of technological development in image recognition systems is leading to an increase in accuracy, which has triggered a desire for machine learning throughout the system.

Challenges

• Lack of Skilled Labour – There is a lack of skilled professionals who can understand, develop, and deploy machine learning models effectively. This is expected to pose a limitation on the market growth during the forecast timeframe.
• Data Security Concerns Associated
• Data Quality and Quantity Issues