Asian machine learning market projected to grow by 34% to $55.1bn in 2024

The machine learning industry has experienced an extraordinary surge, quadrupling in size since 2020, with a projected market value of $205 billion in 2024.

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/