According to data presented by Altindex.com, the ML market is expected to reach a record valuation of $204 billion in 2024, capturing nearly 70% of the total AI market share.

Machine Learning Market Size Quadrupled in Four Years

The exponential growth of the machine learning industry in recent years is nothing short of impressive. This AI technology, renowned for its ability to streamline operations across diverse business domains—from decision-making processes and product development to manufacturing, logistics, and customer service—has emerged as a transformative force across industries, propelling overall market expansion.

Back in 2020, the global machine learning industry was valued at roughly $60 billion, representing 54% of the total AI market size. Just a year later, this figure more than doubled and hit $134.5 billion, with machine learning’s market share rising to 59%.

After a considerable setback in 2022, the market continued surging last year. Statistics show the machine learning sector skyrocketed by 120% in 2023, twice and even three times the growth of any other segment of the AI industry. This caused machine learning market size to jump to $158.8 billion, representing 65% of the total AI market value.

Although 2024 will bring much smaller growth of 28%, the machine learning industry is still expected to hit a record valuation of over $204 billion. With more and more businesses recognizing the potential of the technology and investing in its applications, the entire market is expected to hit a $528 billion value by 2030, making 72% of the total AI market size.

US Dominates Global Machine Learning Market

Geographically, the United States emerges as the undisputed leader in the global machine learning landscape. Statista forecasts a 24% year-over-year growth, propelling the US machine learning sector to a valuation of $70 billion in 2024—constituting one-third of the total market value. By 2030, this figure is projected to surge by an additional 142%, reaching a monumental $170 billion.

While trailing behind the US, the Asian machine learning market is poised for robust growth. Fueled by its vast population, diverse industries, and escalating investments in technological infrastructure, the Asian market is poised to witness a remarkable 34% year-over-year growth, resulting in a market size of $55.1 billion in 2024. By 2030, this figure is expected to catapult by 178%, reaching $153 billion.

Similarly, Europe’s machine learning sector is slated for exponential growth in the coming years. With a projected 28% growth rate, the European market is anticipated to reach a valuation of $55.8 billion in 2024, surging by 161% to $144 billion by 2030.

For further insights and detailed statistics, please refer to the full article on Altindex.com: https://altindex.com/news/machine-learning-ai-market

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After a challenging period in 2022, marked by a significant drop, the demand for AI-driven solutions has propelled the market to new heights, making machine learning a pivotal force across various sectors.
Data from Stocklytics.com reveals that the machine learning market expanded by a staggering 120% in the previous year, reaching an impressive valuation of $158.8 billion. This remarkable growth follows a 46% decline in 2022, showcasing the industry’s resilience and adaptability.

The trajectory of the machine learning market indicates a continuous upward trend, with a projected 28% year-over-year growth, culminating in a $205 billion market value in 2024.

The versatility of machine learning, employed as a method of data analysis and automating analytical model building, has found applications in decision-making, product development, manufacturing, logistics, and more. Over the last four years, the machine learning industry has surged nearly 250%, evolving from a $60 billion market in 2020 to a projected $205 billion in 2024.

This growth has not only propelled technological advancements but has also positioned machine learning specialists as one of the fastest-growing jobs.

A Statista survey indicates that the global machine learning industry, valued at nearly $60 billion in 2020, more than doubled to $134.5 billion in 2021. Despite the challenges in 2022, the market bounced back with a 120% year-over-year growth, reaching a valuation of $158.8 billion. The anticipated growth in 2024, although at a slightly reduced pace, is expected to elevate the industry to new heights.

While the US remains a dominant force, constituting one-third of the total market value in 2024 with a projected $70 billion, the Asian market is poised for substantial growth. Fueled by a large population, diverse sectors, and increased investment in technological infrastructure, the Asian machine learning market is expected to grow by an impressive 34%, reaching a valuation of $55.1 billion in 2024. Meanwhile, Europe’s machine learning sector is projected to grow by 28% year-over-year, reaching a valuation of $55.8 billion.

As the largest segment within the AI industry, machine learning is set to make up 67% of the total AI industry value in 2024, reflecting a notable increase from 54% four years ago. With companies worldwide embracing this technology, the market share of machine learning is anticipated to reach 71% by 2030, solidifying its pivotal role in shaping the future of AI.

The full story and statistics can be found here: https://stocklytics.com/content/machine-learning-industry-quadrupled-since-2020-entire-market-to-hit-205b-value-in-2024/

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California-headquartered ZineOne, a provider of new-age customer engagement solutions for enterprises, has raised $2.5 million in a Series A round led by Omidyar Network, the Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay.

Other investors include Harvard Business School Alumni Angels, Touchstone Equities, as well as existing investors Hyderabad Angels and Golden Seeds.

This round brings ZineOne’s total venture capital received to date to $5 million.

The company intends to use the newly-raised funds to aggressively accelerate sales, marketing, and execution of a product roadmap that is focused on building the most intelligent system within this category, with significant investments toward securing top talent in machine learning and artificial intelligence.

ZineOne is a next generation customer engagement hub that uses machine learning algorithms to provide banks and retailers with the ability to engage with their customers real-time, in a contextual and personalised manner. The platform helps enterprises connect the dots between their different customer data streams and also create actionable insights that can be used while customers are interacting with their brand in real time—such as in a branch or store, at their e-commerce website or mobile app.

“More and more enterprises around the world are recognising the need to move their customer engagement efforts beyond e-mails and call centres into an immediate, contextual, and real-time world,” said Debjani Deb, ZineOne CEO. “2018 presents an inflection point in the industry, and with this new funding, ZineOne is well positioned to lead the market in this emerging segment.“

The emerging category of customer engagement hubs is expected to disrupt an estimated $10 billion currently spent on marketing automation and customer experience software worldwide, by moving the industry away from batch emails, push messaging, and call centres, to “in the moment” interactions.

ZineOne is a player in the emerging segment of next generation customer engagement hubs, which bring together event-driven, streaming technologies to power real-time personalisation.

ZineOne claims it currently enables more than 100 million users, processing over five billion events a year, and generating 100 gigabyte of data every hour worldwide. In the US, the company works with one of the top five retailers in the country, connecting all its digital and physical channels and delivering three to five times more sales conversions through highly personalised, contextual messaging with customers through various touch points.

In India, ZineOne is enabling financial institutions to provide a better digital experience to their customers by using personalised context to nudge consumers to better financial behaviours, such as increasing savings. On average, it has helped client-banks increase transaction completion rates up to 20 per cent.

HDFC Bank, India’s largest private bank, is leveraging ZineOne’s value proposition across all its digital channels and experiencing significant gains in customer engagement, including three times the click through rate than with traditional methods.

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CustomerSuccessBox, an online platform which applies Artificial Intelligence (AI) and Machine Learning (ML) to automate customer on-boarding, product usage analysis and user communication in B2B SaaS companies, has raised $1 million in pre-Series A funding, led by pi Ventures with participation from Axilor Ventures.

The funding will be used to drive growth and product innovation.

CustomerSuccessBox is a customer success platform, which applies Artificial Intelligence (AI) and Machine Learning (ML) to automate customer onboarding, product usage analysis and user communication. Thus, enabling success managers to deliver a superior customer onboarding experience, retain customers, drive, upsell and improve Monthly Recurring Revenue (MRR) and Life-time Value (LTV) for SaaS businesses.

CustomerSuccessBox was founded in 2016 by Puneet Kataria (Founder & CEO) and Amritpal Singh (Co-founder & CTO). The platform is being used by success managers at global B2B software companies including XebiaLabs, WizIQ, Synup and WoowUp. Its patent pending technology has processed over 30 million data points from over 100,000 end users to calculate Account Health Scores.

Kataria said: “B2B SaaS businesses bleed, churn and struggle with customer retention. Customer churn is the biggest blocker of growth, it’s like trying fill up a leaky bucket. B2B SaaS and subscription businesses cannot continue to operate with the old ‘reactive’ support model. CustomerSuccessBox was built from a clear need for a solution which could deliver ‘proactive’ customer success.”

Abishek Surendran, Partner, pi Ventures, added: “The focus of SaaS companies has shifted from customer acquisition to reducing churn. The founding team’s extensive understanding of the customer success space has helped build a world class product which we have no doubt can help SaaS companies retain customers. The product is a natural fit for AI and ML to automatically calculate customer health.”

pi Ventures is India’s first Applied Artificial Intelligence, Machine Learning & IoT focused early stage venture fund, founded by Manish Singhal (Ex Co-founder & CEO, LetsVenture and prominent angel investor) and UmakantSoni (Ex Director India, Science Inc & Co-founder AI BOT company). pi Ventures focuses on healthcare, logistics, retail, fintech and enterprise sectors and has so far invested in Zenatix (data-driven energy efficiency), SigTuple (revolutionising global healthcare space through data driven intelligence), NIRAMAI (non-invasive, non-touch, non-radiation approach to detect breast cancer) and ten3T (medical grade wearable device).

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Bangalore-based startups Neewee and EFLIGHT have signed contracts with global aircraft company Airbus and its subsidiary NAVBLUE to bring to life their innovative ideas in aerospace that are in line with the Indian government’s ‘Make in India’ and ‘Startup India’ initiatives.

The two startups were part of five startups chosen a year back from the second season of the Airbus Bizlab technology acceleration programme that attracted 137 applications from nine countries.

Neewee’s solution, called procuSense, will enhance certainty to manufacturing supply chain and procurement operations at Airbus, using advanced analytics, machine learning and artificial intelligence.

EFLIGHT’s trip support solution will offer a suite of services that allows business jet pilots to optimise plans for fuel, time, route and weather. The startup has also signed an exclusive partnership with an Airbus subsidiary to jointly address some opportunities in India.

Siddharth Balachandran, Airbus BizLab Leader – India, said, “Both Neewee and EFLIGHT are unique solutions that have the potential to provide significant and long-term benefits to not only Airbus but other big and small businesses on a global scale. The roadmap for the future includes implementing Neewee’s analytics solution in other Airbus functions globally.”

Bizlab is a part of Airbus’ innovative strategy to bring together startups and Airbus “intrapreneurs” to work and speed up the transformation of their innovative ideas into valuable businesses. Through its six-month “acceleration programme”, Airbus Bizlab gives access to a large number of coaches, experts and mentors in various domains that help start-ups and internal projects speed-up the transformation of their ideas into valuable businesses.

EFLIGHT is a trip support company that has been created to simplify and automate the entire flight planning process. Founded in 2015, EFLIGHT serves more than 40 business aviation clients in India and handles on an average of 150 flights a day.

Neewee is an analytics services company focused on manufacturing industry, specifically in the supply chain area. Its supply chain solution, procuSense, helps bring certainty to Manufacturing Supply Chains and Procurement operations using Advanced Analytics, Machine Learning and Artificial Intelligence.

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Applied Artificial Intelligence (AI), Machine Learning (ML) & IoT-focused early-stage venture fund pi Ventures announced the first close of their maiden fund at $13 million.

pi Ventures, a $30 million fund, is expected to make the final close within this year. Its Limited Partners (LPs) include SIDBI, India’s top lender for small businesses; prominent family offices from the US, Canada, Singapore and India; and leading entrepreneurs like Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikchandani and Bhupen Shah, among others.

Co-founded by Manish Singhal and Umakant Soni, pi Ventures invests in early-stage startups that focus on solving problems in healthcare, logistics, retail, fintech and enterprise sectors using AI, ML and IoT. The VC fund plans to invest in 18-20 startups from this fund over the next three to four years.

Manish Singhal, Founding Partner, pi Ventures, said: “India is the dark horse in the AI race given it has lot of data, brilliant data science talent and early adoption environment due to broken processes and we are happy to play a part in helping India leapfrog with AI. We are thankful to our early backers, investors and founders who have chosen to work with us. We are very excited to play a role in building a strong AI based product ecosystem in India.”

pi Ventures has made three investments so far in the healthcare and energy-efficiency space, namely SigTuple, Zenatix and ten3T.

SigTuple is in the medical diagnostic space and is creating a deep learning-driven, cloud-based solution for detection of abnormalities and trends in medical data, for blood diagnosis.

Zenatix is a data-driven energy efficiency company that uses advanced machine learning based models and delivers 10-30% energy efficiency to large commercial consumers of electricity along with predictive insights to prevent downtown.

ten3T is in continuous monitoring of medical data like ECG in real time through its own smart patches to enable mobile ICU for smaller hospitals.

The VC firm was started in mid2016 by Singhal and Umakant Soni, both come with rich experience in setting up, building and scaling companies. Manish was co-founder & CEO at LetsVenture and a prominent angel investor. He has rich product experience having worked with Sling Media, Ittiam Systems, and Motorola.

Soni was Director India, Science Inc & Co-founder of one of the first AI BOT company out of India, called Vimagino

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