Machine Learning Market to Grow to Nearly $21 Billion by 2024

Machine learning and artificial intelligence (AI) have been hot topics for several years. Now a report by Zion Market Research projects that spending around machine learning is growing sharply, from about $1.58 billion in 2017 to $20.83 billion in 2024. That's a cumulative annual growth rate of just over 44 percent in that span.

The report identified technological advancements and proliferation of data generation as key drivers of machine learning uptake, while heightened demand for intelligent business processes and increasing adoption of modern applications were also cited.

Several obstacles to machine learning adoption were identified -- chief among them the ongoing shortage of skilled employees. It's a concern that's cropped up in other research, including the 2019 CIO Survey by research firm Gartner, which found that 54 percent of respondents considered the shortage of skilled AI practitioners as the biggest challenge facing their organizations.

Other top obstacles to machine learning identified in the Zion report were data security and the ethical implications of deployed machine learning algorithms.

The report tracks spending across a broad range of sectors, including banking, financial services and insurance (BFSI), healthcare and life science, retail, manufacturing, telecommunications, government and defense, and others.

About the Author

Michael Desmond is an editor and writer for 1105 Media's Enterprise Computing Group.