Report: Machine Learning Industry to Grow by 30% and Hit Over $200B Value Next Year

The global AI industry continues surging with no signs of slowing down any time soon. In just three years, the entire market more than doubled, reaching $240bn value and more than a quarter-a-billion users worldwide. As the market`s largest and the highest-grossing revenue stream, machine learning had a huge role in this growth.

According to data presented by AltIndex.com, the machine learning industry more than doubled year-over-year and hit a $158bn value in 2023. This figure is expected to grow by 30% and jump over $200bn next year.

The Entire Market to Grow by a CAGR of 18.7% and Hit Over a Half-a-Trillion Value by 2030

Machine learning (ML) and its subset, generative AI, have enabled companies and consumers worldwide to use AI daily to automate tasks, write documents, do market research, or even basic coding, which was hard to imagine just a decade ago.

But with ML quickly picking out trends in big datasets and operating with little to no human interaction, companies and organizations from different sectors continue embracing the technology to optimize their business processes, improve user experience, or tackle fraudulent activities or cyberthreats.

According to a Statista survey, the global machine learning industry has grown by a massive 120% year-over-year and hit a $158.8bn value in 2023, or 65% of the total AI industry value. With businesses and users worldwide embracing the technology, this figure is expected to grow by a further 30% to over $200bn next year. Although Statista expects the annual growth rates to decrease in the following years, the entire market is still expected to grow by a CAGR of 18.7% and hit over half a trillion value by 2030, making 71% of the total AI market size.

In regional comparison, the United States is the largest machine learning market globally, generating $56bn or one-third of the total revenue in 2023. This figure is expected to triple and hit $170bn by 2030. China, the world`s second-largest machine learning market, will see just as impressive growth in this period, with its market size jumping from $19.3bn to $74.6bn. Germany and the United Kingdom follow with 216% and 183% growth rates and market sizes of $21.2bn and $19bn by 2030.

More than 700 million people will Use AI Tools by 2030

Although different companies continue adopting machine learning solutions to improve their efficiency, decision-making, user experience and gain a competitive edge, there are still considerable differences between the markets.

Statista data show manufacturing is by far the largest sector for machine learning solutions, with an 18.8% market share. Finance ranked second with a 15% share as of this year. Healthcare, transportation, and security follow with 12.2%, 10.6% and 10% shares, respectively.

The surging demand for machine learning solutions will help the AI industry reach more users than ever. According to Statista, around 254 million people have used AI tools this year, or 50 million more than a year ago. With roughly 60 million people embracing AI solutions and tools annually, the entire market is set to reach over 700 million users by 2027.

The full story and statistics can be found here:  https://altindex.com/news/machine-learning-industry-grow