North America Machine Learning Market Size & Outlook
North America machine learning market, 2018-2030 (US$M)
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North America machine learning market highlights
- The North America machine learning market generated a revenue of USD 14,617.3 million in 2023.
- The market is expected to grow at a CAGR of 27.5% from 2024 to 2030.
- In terms of segment, services was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 14,617.3 million |
| Market revenue in 2030 | USD 80,026.9 million |
| Growth rate | 27.5% (CAGR from 2023 to 2030) |
| Largest segment | Services |
| Fastest growing segment | Services |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Solution, Services |
| Key market players worldwide | Amazon.com Inc, Baidu Inc ADR, Alphabet Inc Class A, Hewlett Packard Enterprise Co, Intel Corp, International Business Machines Corp, Microsoft Corp, SAS, SAP SE |
Other key industry trends
- In terms of revenue, North America region accounted for 28.1% of the global machine learning market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 191,866.5 million by 2030.
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Machine Learning Market Scope
Machine Learning Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
North America machine learning market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to machine learning market will help companies and investors design strategic landscapes.
Services was the largest segment with a revenue share of 53.09% in 2023. Horizon Databook has segmented the North America machine learning market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
Due to several significant businesses and strong IT infrastructure, North America is one of the largest cognitive computing markets. The expansion of the North American ML market is anticipated to be fueled by increasing investments in the healthcare, defense, and BFSI sectors, technical advancements in the telecom sector, and consumer adoption of services like security information & cloud applications.
Prominent mergers and acquisitions by key industry competitors are fueling the market's expansion. For instance, Hewlett-Packard Enterprise (HPE) declared in January 2023 that it would buy Pachyderm, a company in artificial intelligence, to create a brand-new integrated AI platform to go along with its "Al-at-scale" product line.
The business aims to combine Pachyderm's reproducible Al capabilities into a single platform using HPE's supercomputing technologies and the HPE Machine Learning Development Environment.
Similarly, Oracle announced Oracle MySQL Heatwave in March 2022, adding in-database Machine Learning to its analytics and transaction processing. The model and the data don't need to be moved to a machine learning service or tool because MySQL Heat Wave ML fully automates the ML lifecycle and saves all trained models inside the database.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America machine learning market , including forecasts for subscribers. This continent databook contains high-level insights into North America machine learning market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America machine learning market size, by country, 2018-2030 (US$M)
North America Machine Learning Market Outlook Share, 2023 & 2030 (US$M)
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