Machine Learning Market in India (2018-2023) Overview, Share, Scope, Revenue, Trends, Drivers, Challenges, Growth Forecast and Data on City-Wise Job Split and Implementation in Business Functions (Finance, Accounting, IT, Operations, Admin, General Management)

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  • Machine learning (ML) is an 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 Mn to ~0.2 Mn new jobs, for professionals who have skills and expertise in machine learning applications.

    Global market insights:

    The global machine learning market is expected to reach a value of INR 543.18 Bn by the end of 2023, from INR 91.83 Bn 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.

    India market insights:

    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. In India, investments in artificial intelligence (which was INR 773.64 Bn in 2017) is expected to expand at a CAGR of 33.49% during the 2018-2023 period. 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.  

    Key growth drivers of the market:

    o 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 technicians’ 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.

    o 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.

    Key deterrents to the growth of the market:

    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. Customers’ apprehensions regarding the safety of their information hinders the implementation of machine learning applications.

    Companies covered:

    o Artivatic Data Labs Pvt. Ltd.

    o Formcept Technologies & Solutions Pvt. Ltd.

    o PixelCrayons

    o QBurst Technologies Pvt. Ltd.

    o Active Intelligence Pte. Ltd.

    o Amazon Web Services, Inc.

    o Fair Isaac Corporation

    o International Business Machines Corporation

    o Microsoft Corporation

    o Xoriant Corporation

    Customizations available

    With the given market data, we offer customizations according to specific needs.

     

  • With tables and figures helping analyze worldwide Machine Learning market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

    Chapter 1: Executive summary
    Chapter 2: Socio-economic indicators
    Chapter 3: Introduction
    3.1. Indian machine learning market - definition and structure
    3.2. Application of machine learning across industries
    Chapter 4: Global machine learning market
    4.1. Market overview
    4.2. Market size and growth forecast – value-wise (2017-2023e)
    4.3. Number of machine learning applications published by global companies (2017)
    o IBM
    o Microsoft
    o Google
    o LinkedIn
    o Facebook
    o Intel
    o Fujitsu
    Chapter 5: Artificial intelligence market in India
    5.1. Market overview
    5.2. Artificial intelligence market size and growth forecast – investment-wise (2017-2023e)
    5.3. Artificial intelligence jobs – city-wise split (2017)
    o Bengaluru
    o Delhi NCR
    o Mumbai
    o Hyderabad
    o Pune
    o Chennai
    o Others
    5.4. Artificial intelligence applications – business function-wise
    o Precision agriculture
    o Healthcare
    o Indian language project
    Chapter 6: Machine learning market segmentation in India
    6.1. Machine learning software development – sector-wise split (2018)
    o IT services
    o Electronics and heavy electrical
    o Agriculture
    o Automobiles
    6.2. Machine learning software development – focus area-wise split (2018)
    o Surveillance
    o Robotics
    o Language processing
    o Recruitment
    o Virtual assistant
    o Process management
    o Customer analytics
    o Analytics
    o Decision making
    6.3. Machine learning market – company type-wise split (2018)
    o International
    o Domestic
    6.4. Popularity of machine learning applications – business functions-wise split (2018)
    o Finance function
    o Accounting
    o General management
    o IT function
    o Operations/production
    o Administration
    Chapter 7: Key growth drivers of the market
    Chapter 8: Key deterrents to the growth of the market
    Chapter 9: Competitive landscape
    9.1. Artivatic Data Labs Pvt. Ltd.
    o Corporate information
    o Business description
    o Products and services
    o Key people
    Note: Similar information areas will be covered for the remaining competitors
    9.2. Formcept Technologies & Solutions Pvt. Ltd.
    9.3. PixelCrayons.com
    9.4. QBurst Technologies Pvt. Ltd.
    9.5. Active Intelligence Pte. Ltd.
    9.6. Amazon Web Services, Inc.
    9.7. Fair Isaac Corporation
    9.8. International Business Machines Corporation
    9.9. Microsoft Corporation
    9.10. Xoriant Corporation
    Chapter 10: Recent developments
    Appendix

    1. Research methodology

    2. About Research On Global

     

  • The Machine Learning Market has been segregated into various crucial divisions including applications, types, and regions. Each market segment is intensively studied in the report contemplating its market acceptance, worthiness, demand, and growth prospects. The segmentation analysis will help the client to customize their marketing approach to have a better command of each segment and to identify the most prospective customer base.

    Report Objectives / Segmentation Covered :
    By Companies / players:
      By Regions:
        By Type:
          By Application:
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          Research objectives

          Where will all these developments take the industry in the long

          To study and analyze the global Market consumption (value & volume) by key regions/countries, product type and application, history data from 2015 to 2019, and forecast to 2025.

          What are the future opportunities in the market?

          To understand the structure of Market by identifying its various subsegments.

          What are the major driving forces expected to impact the development of the market market across different regions?

          To analyze the market with respect to individual growth trends, future prospects, and their contribution to the total market.

          Which industry trends are likely to shape the future of the industry during the forecast period 2020-2025?

          To project the consumption of market submarkets, with respect to key regions.

          Who are the major driving forces expected to decide the fate of the industry worldwide.

          To strategically profile the key players and comprehensively analyze their growth strategies.

          What are the key barriers and threats believed to hinder the development of the industry?

          To analyze competitive developments such as expansions,agreements, new product launches, and acquisitions in the market.

          Who are the prominent market players making a mark in the market with their winning strategies?

          To share detailed information about the key factors influencing the growth of the market

          What will be the growth rate and the market size of the industry for the forecast period 2020-2025?

          Focuses on the key global market Vendors, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.

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