The surging demand for AI-driven solutions across industries continues fuelling machine learning market growth, helping it reach a new record valuation and further increase its market share in the artificial intelligence landscape.
According to data presented by Altindex.com, the machine learning industry is expected to hit a $204 billion value in 2024, making up nearly 70% of the total AI market size.
Machine Learning Market Size Quadrupled in Four Years
The machine learning industry’s growth in recent years has been nothing less than impressive. This AI technology, which reduces friction at every stage of a business, from decision-making and developing new product ideas to manufacturing, logistics, and delivering the goods to clients, has found its use across industries, helping the entire market to grow tremendously.
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 Machine Learning Industry to Make One-Third of Market Value in 2024
Analyzed by geography, the United States is, without a doubt, the world’s largest machine learning industry. According to Statista, the US machine learning sector will grow 24% year-over-year and hit a $70 billion valuation in 2024, making up one-third of the total market value. This figure is forecasted to jump by a further 142% and hit $170 billion by 2030.
Although still behind the United States, the Asian machine learning market is set to grow even more. Thanks to its large population, diverse sectors, and increasing investment in technological infrastructure, the Asian market is expected to see an impressive 34% growth year-over-year, resulting in a market size of $55.1 billion in 2024. By 2030, this figure will skyrocket by 178% and hit $153 billion.
Statistics show Europe’s machine learning sector will also snowball in the following years. After growing by 28% and reaching a $55.8 billion valuation in 2024, the European market will surge by 161% and hit a $144 billion value in the next six years.