MACHINE LEARNING SECTOR EXPANDED FOURFOLD SINCE 2020; OVERALL MARKET PROJECTED TO REACH A VALUATION OF $205 BILLION BY 2024.
After a challenging 2022 that saw a substantial 46% drop, the machine learning market experienced a remarkable resurgence, surging by 120% and reaching a staggering $158.8 billion last year.
The increasing demand for AI-driven solutions across various industries is expected to sustain market growth in the current year, propelling the machine learning industry to a new record valuation.
Data from Stocklytics.com forecasts a continued annual growth rate of 28%, projecting the machine learning market to reach a value of $205 billion in 2024. This would signify a fourfold increase from its valuation just four years prior.
Machine learning has become integral across industries, automating analytical model building and streamlining various business processes, from decision-making and product development to manufacturing, logistics, and client delivery.
The growing need for this technology has contributed to significant market expansion, making ML specialists one of the fastest-growing job categories over the next four years.
According to a Statista survey, the global machine learning industry was valued at nearly $60 billion in 2020. By 2021, this figure more than doubled to $134.5 billion. Despite a 46% drop in 2022, the market rebounded strongly, achieving 120% year-over-year growth and reaching a valuation of $158.8 billion last year.
While Statista anticipates a slower growth rate in 2024 compared to the previous year, the machine learning industry is still expected to grow by over 28% year-over-year. As more businesses recognize the potential of this technology and invest in its applications, the overall market is projected to reach $205 billion this year, with an impressive jump to $528 billion by 2030.
Although the US machine learning industry is expected to constitute one-third of the total market value in 2024, the Asian market is predicted to experience the most significant growth. This growth is attributed to its large population, diverse sectors, and increasing investment in technological infrastructure.
According to Statista, the US market will grow by 24%, reaching a value of $70 billion this year. While lagging behind the United States, the Asian market is projected to experience a substantial 34% growth, resulting in a market size of $55.1 billion. Europe’s machine learning sector is expected to grow by 28% year-over-year, reaching a value of $55.8 billion.
IN NIGERIA SHARE OF HER OWN EXPANSION
In 2024, machine learning is set to constitute 67% of the total AI industry value, up from 54% four years ago. As companies and organizations worldwide embrace this technology, the market share of machine learning is forecasted to increase to 71% by 2030.
In the dynamic landscape of Nigeria’s technological evolution, the machine learning market is poised for significant growth, with a projected increase of 18.29% from 2024 to 2030. This anticipates a substantial market volume of $2.11 billion by the new decade.
Artificial intelligence (AI), particularly machine learning proficiency, is seen as a crucial factor in meeting the rising demand for skills in Nigeria’s expanding tech sector. As Nigeria progresses into 2024, the integration of AI and machine learning emerges as a transformative force, driving the nation towards a future characterized by innovation and technological prowess.
The synergy of indigenous creativity and disruptive technologies not only revolutionizes industries but also lays the foundation for a more connected, efficient, and prosperous Nigeria. This forward trajectory is marked by limitless possibilities, underscoring the nation’s unwavering commitment to explore and embrace the transformative power encapsulated in the realms of AI and ML.
Source: Techeconomy
