Machine Learning to reach $204 Billion in 2024; 70% of total AI market

The machine learning (ML) industry is experiencing explosive growth, driven by surging demand for AI solutions across various sectors.

According to data presented by Altindex.com, the ML market is expected to reach a record valuation of $204 billion in 2024, capturing nearly 70% of the total AI market share.

Machine Learning Market Size Quadrupled in Four Years

The exponential growth of the machine learning industry in recent years is nothing short of impressive. This AI technology, renowned for its ability to streamline operations across diverse business domains—from decision-making processes and product development to manufacturing, logistics, and customer service—has emerged as a transformative force across industries, propelling overall market expansion.

Back in 2020, the global machine learning industry was valued at roughly $60 billion, representing 54% of the total AI market size. Just a year later, this figure more than doubled and hit $134.5 billion, with machine learning’s market share rising to 59%.

After a considerable setback in 2022, the market continued surging last year. Statistics show the machine learning sector skyrocketed by 120% in 2023, twice and even three times the growth of any other segment of the AI industry. This caused machine learning market size to jump to $158.8 billion, representing 65% of the total AI market value.

Although 2024 will bring much smaller growth of 28%, the machine learning industry is still expected to hit a record valuation of over $204 billion. With more and more businesses recognizing the potential of the technology and investing in its applications, the entire market is expected to hit a $528 billion value by 2030, making 72% of the total AI market size.

US Dominates Global Machine Learning Market

Geographically, the United States emerges as the undisputed leader in the global machine learning landscape. Statista forecasts a 24% year-over-year growth, propelling the US machine learning sector to a valuation of $70 billion in 2024—constituting one-third of the total market value. By 2030, this figure is projected to surge by an additional 142%, reaching a monumental $170 billion.

While trailing behind the US, the Asian machine learning market is poised for robust growth. Fueled by its vast population, diverse industries, and escalating investments in technological infrastructure, the Asian market is poised to witness a remarkable 34% year-over-year growth, resulting in a market size of $55.1 billion in 2024. By 2030, this figure is expected to catapult by 178%, reaching $153 billion.

Similarly, Europe’s machine learning sector is slated for exponential growth in the coming years. With a projected 28% growth rate, the European market is anticipated to reach a valuation of $55.8 billion in 2024, surging by 161% to $144 billion by 2030.

For further insights and detailed statistics, please refer to the full article on Altindex.com: https://altindex.com/news/machine-learning-ai-market