Global ML growth at 42.99% CAGR
India’s investments in artificial intelligence is expected to expand at a CAGR of 33.49% during the 2018-2023 period. In 2017, the investment was Rs.773.64 billion, according to a ResearchAndMarkets report.
Machine learning (ML) is emerging artificial intelligence (AI) technology which is being adopted aggressively by retail, transportation (especially airlines), and financial services companies operating in India.
In 2018, this resulted in the creation of ~0.18 million to ~0.2 million new jobs, for professionals who have skills and expertise in machine learning applications, said the report, “Machine Learning Market in India (2018-2023)”, released on 25 July 2019.
The global machine learning market is expected to reach a value of Rs.543.18 billion by the end of 2023, up from Rs.91.83 billion in 2017, expanding at a compound annual growth rate (CAGR) of nearly 42.99%.
This growth is attributed to technological advancements, and its proliferation in the field of data generation, said the report.
In India, though the adoption of AI applications is still at a nascent stage, it is anticipated that the market will grow at a high rate in the coming years.
Among the various AI technologies being implemented in India, the highest investments are in the field of machine learning applications.
The reason behind such high anticipated investments is the growing popularity of AI technologies, especially ML applications, across business functions like finance, accounting, general management, IT, operations, and administration.
The implementation of machine learning reduces the chances of human error. Also, it makes machines smarter, thereby reducing their reliance on operators.
In a way, machine learning enhances technician’s accuracy and efficiency, owing to which many companies are switching from traditional data interpretation methods, to machine learning. This, in turn, is providing growth opportunities for the market in India.
Cloud-based analytics, when used in conjunction with machine learning, helps analysts identify anomalies in real time, so that they can be rectified swiftly.
The introduction of the concept of stream-based analytic platforms has opened up new avenues for the extensive use of machine learning applications in various sectors of the Indian market, said the report.
Most machine learning applications are interlinked with cloud-based analytics.
In order to update customer information on cloud-based platforms, front line employees ask customers to provide their personal details (such as social security numbers, financial information, etc.).
However, customers are often reluctant to share such information, owing to concerns regarding privacy. Customer’s apprehensions regarding the safety of their information hinders the implementation of machine learning applications.
Leading of machine learning application companies as of 2017 are: IBM, Microsoft, Google, LinkedIn, Facebook, Intel and Fujitsu. fiinews.com
