The market revenue of machine learning that initially rested at US$18.4 million in 2019, is now growing rapidly. It is predicted that the total market revenue of machine learning will finally reach US$216.6 billion by 2025 at a CAGR of 50.8%.
Reportedly, machine learning is being deployed in sectors like healthcare and BSFI to manage risks and frauds. The technology is best suitable in sales and marketing management, given all such sectors are morphing into digital.
Natural Language Processing
The market revenue valuation of natural language processing (NLP) was US$3 billion during 2019, is now progressing to touch US$8.3 billion with a CAGR of 18.1%, according to predictions.
NLP is mostly employed by eCommerce companies to improvise and ensure maximum customer satisfaction. NLP mostly in form of chatbots is used to interact with customers and clients personally that helps the eCommerce industry in proper market research and in understanding consumer behavior.
The total market growth revenue of computer vision will touch US$16.8 billion by 2025 from US$4.3 billion, growing at a CAGR of 25.4%. Computer vision is rigorously implemented in sectors such as automotive, manufacturing, retail, and healthcare.
Image and Face Recognition
The famous technology of image and face recognition is about to witness a market revenue of US$8.7 billion by 2025 at a CAGR of 17.6%. The number initially stood at US$3.2 billion in 2019.
Facial recognition occupies a major part of the biometrics market and digital transformation across the globe. The technology of facial and image recognition is poised to grow expectedly in years coming up.
Other Similar Technologies
While mentioned above are the majorly demanded technologies, other similar technologies that fall under the rubric of digital transformation technologies and disruptive technologies are also progressing vehemently. Predictably, the total market revenue growth will rest at US$1.7 billion by 2025 at a CAGR of 42.7% during the forecast period.
Source: Analytics Insight