UK Machine Learning Market Size & Outlook, 2023-2030
UK machine learning market, 2018-2030 (US$M)
Related Markets
UK machine learning market highlights
- The UK machine learning market generated a revenue of USD 3,905.7 million in 2023 and is expected to reach USD 21,610.0 million by 2030.
- The UK market is expected to grow at a CAGR of 27.7% 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.
Machine learning market data book summary
| Market revenue in 2023 | USD 3,905.7 million |
| Market revenue in 2030 | USD 21,610.0 million |
| Growth rate | 27.7% (CAGR from 2023 to 2030) |
| Largest segment | Services |
| Fastest growing segment | Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, UK accounted for 7.5% of the global machine learning market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, UK machine learning market is projected to lead the regional market in terms of revenue in 2030.
- France is the fastest growing regional market in Europe and is projected to reach USD 6,715.2 million by 2030.
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Machine Learning Market Scope
Machine Learning Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK 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 53.65% in 2023. Horizon Databook has segmented the UK machine learning market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
Most respondents to a recent study of UK financial institutions said they already utilize machine learning, including the Bank of England and the FCA, which significantly propels market growth. Additionally, the financial services business is interested in automating several operational areas.
These applications promise to deliver efficiencies in a sector where some studies have suggested unit costs have remained stable for very long periods. The market is growing due to retailers in the U.K. using machine learning extensively.
For instance, Tesco, a U.K. retailer, employed machine learning to analyze consumer data and tailor marketing strategies for various segments, resulting in approximately 6% more sales and about 14% more satisfied customers. Retailers who use ML and analytics to optimize their shop layouts have experienced an average boost in sales of roughly 2-7%.
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Our clientele includes a mix of machine learning market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the UK machine learning market , including forecasts for subscribers. This country databook contains high-level insights into UK machine learning market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK machine learning market size, by component, 2018-2030 (US$M)
UK Machine Learning Market Outlook Share, 2023 & 2030 (US$M)
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