As per Cognitive Market Research's latest published report, the Global Machine Learning market size was USD 24,345.76 million in 2021 and it is forecasted to reach USD 206,235.41 million by 2028. Machine Learning Industry's Compound Annual Growth Rate will be 42.64% from 2023 to 2030. What is Driving Machine Learning Market?

COVID-19 Impact:

Similar to other industries, the covid-19 situation has affected the machine learning industry. Despite the dire conditions and uncertain collapse, some industries have continued to grow during the pandemic. During covid 19, the machine learning market remains stable with positive growth and opportunities. The global machine learning market faces minimal impact compared to some other industries.The growth of the global machine learning market has stagnated owing to automation developments and technological advancements. Pre-owned machines and smartphones widely used for remote work are leading to positive growth of the market. Several industries have transplanted the market progress using new technologies of machine learning systems. June 2020, DeCaprio et al. Published COVID-19 pandemic risk research is still in its early stages. In the report, DeCaprio et al. mentions that it has used machine learning to build an initial vulnerability index for the coronavirus. The lab further noted that as more data and results from ongoing research become available, it will be able to see more practical applications of machine learning in predicting infection risk.

Machine Learning Market Drivers:

Growing use of the technology and automation is a major factor is expected to drive the growth of the global machine learning market. Increasing need of machine learning from the media and entertainment, automobiles, IT and telecommunications, education, and other government and non-government sectors are factors driving the growth of the global machine learning market over the forecast period. In October 2022, Bharat Electronics (BEL) announced the signing of an agreement with Meslova to develop products and services in artificial intelligence and machine learning to develop air defense (AD) systems and platforms for the armed forces. Meslova uses artificial intelligence to develop domain-specific products and applications for some of the largest governments and corporations. Increasing technology advancements to higher accuracy of systems coupled with demand of various system based on machine learning such as voice recognition systems, image recognition system and recommender systems which is expected to support the growth in the near future. Furthermore, introduction of self-driving automobiles and significant expenditures in AI is another factor expected to fuel the growth of the global market over the forecast year.

Machine Learning Market: Restraints

The lack of skilled and experienced employees in the machine learning is a major factor expected to decline growth of the target market to a certain extent. In addition, network hardware issues, delicate data security, and ethical allegations in the algorithms is expected to hamper growth of the potential market in the near future. However, the high deployment cost is another factor that could pose as a hindrance in the growth of global market.

Machine Learning Market: Opportunities

During covid 19, industries and organizations in almost all regions are using remote working and working from home. It increases the use of machines, smartphones and other technological devices. Schools, colleges, government and non-government sectors are using machines developed by AI systems. Therefore, according to the machine learning market forecast report, the technology and machine learning are in high demand and will increase in the future. Organizations and other organizational sectors are investing more in building A-based technologies to benefit the global market. These are the major machine learning market opportunities to watch during the forecast period. What is Machine Learning?

Machine learning (ML) is a subdivision of artificial intelligence (AI). It is a method of data analysis that teaches computers to learn from algorithms and data, quickly mimicking the way humans learn. The technique focuses primarily on developing a program that can access data and use it to learn for itself. Machine learning enables machines to learn directly from data, experience, and examples. Additionally, ma...

The global market size change in the 'Machine Learning' segment of the artificial intelligence market was forecast to continuously decrease between 2031 and 2031 by in total *** percentage points. According to this forecast, in 2031, the market size change will have decreased for the seventh consecutive year to ***** percent. Find more key insights for the market size change in countries and regions like the market size change in the 'Machine Learning' segment of the artificial intelligence market in the United States and the number of AI tools users in the 'AI Tool Users' segment of the artificial intelligence market in Europe.The Statista Market Insights cover a broad range of additional markets.

The global Artificial Intelligence (AI) & advanced Machine Learning (ML) market size was USD 42.18 Billion in 2020 and is expected to reach USD 471.39 Billion in 2028 and register a CAGR of 35.2%. AI & Advanced ML industry report classifies global market by share, trend, and on the basis of function...

The market size in the 'Machine Learning' segment of the artificial intelligence market in the United States was forecast to continuously increase between 2025 and 2031 by in total ***** billion U.S. dollars (+****** percent). After the eighth consecutive increasing year, the market size is estimated to reach ***** billion U.S. dollars and therefore a new peak in 2031. Find more key insights for the market size in countries and regions like the market size change in the 'Generative AI' segment of the artificial intelligence market in the United States and the market size change in the 'Computer Vision' segment of the artificial intelligence market in the world.The Statista Market Insights cover a broad range of additional markets.

Artificial Intelligence in Machine Learning Market Outlook

The global market size for Artificial Intelligence in Machine Learning is projected to experience significant growth, expanding from approximately USD 21 billion in 2023 to an estimated USD 124 billion by 2032, at a robust CAGR of 22%. This remarkable growth is driven by several factors, including technological advancements, increased adoption across various industries, and the growing importance of data-driven decision-making.

One of the primary growth factors for the AI in Machine Learning market is the rapid advancement in computational power and technology. The continuous evolution of processing capabilities, including the development of specialized AI chips and improvements in cloud computing, has enabled the efficient handling and analysis of vast amounts of data. These technological advancements have made it feasible for organizations to implement machine learning algorithms and AI models at scale, resulting in increased productivity and operational efficiency.

Another contributing factor to the market growth is the widespread adoption of AI and machine learning across various sectors. Industries such as healthcare, finance, retail, and manufacturing are increasingly leveraging these technologies to enhance their services, improve customer experiences, and streamline operations. In healthcare, for instance, AI-driven machine learning models are being used for predictive analytics, personalized medicine, and diagnostics, leading to improved patient outcomes and cost reduction. Similarly, in finance, machine learning algorithms aid in fraud detection, risk management, and automated trading, contributing to enhanced financial services.

The growing importance of data-driven decision-making is also propelling the market. Organizations are recognizing the value of data as a strategic asset and are investing heavily in AI and machine learning technologies to extract actionable insights. This shift towards data-centric business strategies is fostering the adoption of machine learning solutions that can analyze large datasets, identify patterns, and make accurate predictions. Consequently, businesses can make informed decisions, optimize processes, and gain a competitive edge in the market.

The integration of Cloud Machine Learning is revolutionizing how businesses approach data-driven decision-making. By leveraging the cloud, organizations can access powerful machine learning tools and resources without the need for substantial on-premises infrastructure. This flexibility allows companies to scale their machine learning initiatives efficiently, adapting to changing business needs and data volumes. Cloud Machine Learning also facilitates collaboration across teams and geographies, enabling seamless sharing of insights and models. As a result, businesses are better equipped to harness the full potential of their data, driving innovation and gaining a competitive edge in the market.

Regionally, North America is expected to dominate the AI in Machine Learning market due to the presence of major technology companies, a robust startup ecosystem, and significant investments in research and development. The region's well-established infrastructure and favorable regulatory environment further support the adoption of AI and machine learning technologies. Europe and Asia Pacific are also anticipated to witness substantial growth, driven by increased government initiatives, a growing number of AI-focused startups, and rising awareness about the benefits of AI and machine learning across various industries.

Component Analysis

The AI in Machine Learning market can be segmented by component into software, hardware, and services. Each of these components plays a crucial role in the deployment and functioning of AI and machine learning systems. The software segment encompasses machine learning frameworks, development platforms, and analytics tools that facilitate the creation, training, and deployment of AI models. This segment is expected to hold the largest market share due to the increasing demand for advanced analytics and predictive modeling tools across industries.

In contrast, the hardware segment includes specialized AI chips, servers, and storage devices designed to support the high computational requirements of machine learning applications. The growing need for powerful and efficient hardware to process large datasets and execute complex al

AI Machine Learning Market is projected to grow at a CAGR of 35.8% to reach US$ 1087.0 billion by 2034

Artificial Intelligence & Advanced Machine Learning Market size valued $137.93 Bn in 2023 & expected to reach $1790.43 Bn by 2032, at CAGR 29.2% from 2024-2032.

Base Year 2023 Forecast Period 2024-2028 Market Growth X.XX%*

The market size of the 'Machine Learning' segment of the artificial intelligence market in China was forecast to continuously increase between 2025 and 2030 by **** billion U.S. dollars in total (+****** percent). After the seventh consecutive increasing year, the market size is estimated to reach ***** billion U.S. dollars and therefore a new peak in 2030.

Machine learning remains the largest segment of the AI market in 2024 at *** billion U.S. dollars, and is expected to continue as such until at least 2030. This stems in large part from the machine learning segment being the most prolific and simple AI to create. Its subcategory, deep learning, is considerably more complex but constitutes some of the most influential chatbots created since the expansion of generative AI in 2022, further cementing its market importance.

Machine Learning Market Outlook

The global machine learning market is projected to witness a remarkable growth trajectory, with the market size estimated to reach USD 21.17 billion in 2023 and anticipated to expand to USD 209.91 billion by 2032, growing at a compound annual growth rate (CAGR) of 29.2% over the forecast period. This extraordinary growth is primarily propelled by the escalating demand for artificial intelligence-driven solutions across various industries. As businesses seek to leverage machine learning for improving operational efficiency, enhancing customer experience, and driving innovation, the market is poised to expand rapidly. Key factors contributing to this growth include advancements in data generation, increasing computational power, and the proliferation of big data analytics.

A pivotal growth factor for the machine learning market is the ongoing digital transformation across industries. Enterprises globally are increasingly adopting machine learning technologies to optimize their operations, streamline processes, and make data-driven decisions. The healthcare sector, for example, leverages machine learning for predictive analytics to improve patient outcomes, while the finance sector uses machine learning algorithms for fraud detection and risk assessment. The retail industry is also utilizing machine learning for personalized customer experiences and inventory management. The ability of machine learning to analyze vast amounts of data in real-time and provide actionable insights is fueling its adoption across various applications, thereby driving market growth.

Another significant growth driver is the increasing integration of machine learning with the Internet of Things (IoT). The convergence of these technologies enables the creation of smarter, more efficient systems that enhance operational performance and productivity. In manufacturing, for instance, IoT devices equipped with machine learning capabilities can predict equipment failures and optimize maintenance schedules, leading to reduced downtime and costs. Similarly, in the automotive industry, machine learning algorithms are employed in autonomous vehicles to process and analyze sensor data, improving navigation and safety. The synergistic relationship between machine learning and IoT is expected to further propel market expansion during the forecast period.

Moreover, the rising investments in AI research and development by both public and private sectors are accelerating the advancement and adoption of machine learning technologies. Governments worldwide are recognizing the potential of AI and machine learning to transform industries, leading to increased funding for research initiatives and innovation centers. Companies are also investing heavily in developing cutting-edge machine learning solutions to maintain a competitive edge. This robust investment landscape is fostering an environment conducive to technological breakthroughs, thereby contributing to the growth of the machine learning market.

Supervised Learning, a subset of machine learning, plays a crucial role in the advancement of AI-driven solutions. It involves training algorithms on a labeled dataset, allowing the model to learn and make predictions or decisions based on new, unseen data. This approach is particularly beneficial in applications where the desired output is known, such as in classification or regression tasks. For instance, in the healthcare sector, supervised learning algorithms are employed to analyze patient data and predict health outcomes, thereby enhancing diagnostic accuracy and treatment efficacy. Similarly, in finance, these algorithms are used for credit scoring and fraud detection, providing financial institutions with reliable tools for risk assessment. As the demand for precise and efficient AI applications grows, the significance of supervised learning in driving innovation and operational excellence across industries becomes increasingly evident.

From a regional perspective, North America holds a dominant position in the machine learning market due to the early adoption of advanced technologies and the presence of major technology companies. The region's strong focus on R&D and innovation, coupled with a well-established IT infrastructure, further supports market growth. In addition, Asia Pacific is emerging as a lucrative market for machine learning, driven by rapid industrialization, increasing digitalization, and government initiatives promoting AI adoption. The region is witnessing significant investments in AI technologies, particu

Machine Learning Market size was valued at USD 10.24 Billion in 2024 and is projected to reach USD 200.08 Billion by 2031, growing at a CAGR of 10.9% from 2024 to 2031.

Key Market Drivers:

Increasing Data Volume and Complexity: The explosion of digital data is fueling ML adoption across industries. Organizations are leveraging ML to extract insights from vast, complex datasets. According to the European Commission, the volume of data globally is projected to grow from 33 zettabytes in 2018 to 175 zettabytes by 2025. For instance, on September 15, 2023, Google Cloud announced new ML-powered data analytics tools to help enterprises handle increasing data complexity.

Advancements in AI and Deep Learning Algorithms: Continuous improvements in AI algorithms are expanding ML capabilities. Deep learning breakthroughs are enabling more sophisticated applications. The U.S. National Science Foundation reported a 63% increase in AI research publications from 2017 to 2021. For instance, on August 24, 2023, DeepMind unveiled Graphcast, a new ML weather forecasting model achieving unprecedented accuracy.

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US Deep Learning Market Size 2025-2029

The deep learning market size in US is forecast to increase by USD 5.02 billion at a CAGR of 30.1% between 2024 and 2029.

The deep learning market is experiencing robust growth, driven by the increasing adoption of artificial intelligence (AI) in various industries for advanced solutioning. This trend is fueled by the availability of vast amounts of data, which is a key requirement for deep learning algorithms to function effectively. Industry-specific solutions are gaining traction, as businesses seek to leverage deep learning for specific use cases such as image and speech recognition, fraud detection, and predictive maintenance. Alongside, intuitive data visualization tools are simplifying complex neural network outputs, helping stakeholders understand and validate insights. 


However, challenges remain, including the need for powerful computing resources, data privacy concerns, and the high cost of implementing and maintaining deep learning systems. Despite these hurdles, the market's potential for innovation and disruption is immense, making it an exciting space for businesses to explore further. Semi-supervised learning, data labeling, and data cleaning facilitate efficient training of deep learning models. Cloud analytics is another significant trend, as companies seek to leverage cloud computing for cost savings and scalability. 

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Deep learning, a subset of machine learning, continues to shape industries by enabling advanced applications such as image and speech recognition, text generation, and pattern recognition. Reinforcement learning, a type of deep learning, gains traction, with deep reinforcement learning leading the charge. Anomaly detection, a crucial application of unsupervised learning, safeguards systems against security vulnerabilities. Ethical implications and fairness considerations are increasingly important in deep learning, with emphasis on explainable AI and model interpretability. Graph neural networks and attention mechanisms enhance data preprocessing for sequential data modeling and object detection. Time series forecasting and dataset creation further expand deep learning's reach, while privacy preservation and bias mitigation ensure responsible use.

In summary, deep learning's market dynamics reflect a constant pursuit of innovation, efficiency, and ethical considerations. The Deep Learning Market in the US is flourishing as organizations embrace intelligent systems powered by supervised learning and emerging self-supervised learning techniques. These methods refine predictive capabilities and reduce reliance on labeled data, boosting scalability. BFSI firms utilize AI image recognition for various applications, including personalizing customer communication, maintaining a competitive edge, and automating repetitive tasks to boost productivity. Sophisticated feature extraction algorithms now enable models to isolate patterns with high precision, particularly in applications such as image classification for healthcare, security, and retail.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Image recognition
  Voice recognition
  Video surveillance and diagnostics
  Data mining


Type

  Software
  Services
  Hardware


End-user

  Security
  Automotive
  Healthcare
  Retail and commerce
  Others


Geography

  North America

    US

By Application Insights

The Image recognition segment is estimated to witness significant growth during the forecast period. In the realm of artificial intelligence (AI) and machine learning, image recognition, a subset of computer vision, is gaining significant traction. This technology utilizes neural networks, deep learning models, and various machine learning algorithms to decipher visual data from images and videos. Image recognition is instrumental in numerous applications, including visual search, product recommendations, and inventory management. Consumers can take photographs of products to discover similar items, enhancing the online shopping experience. In the automotive sector, image recognition is indispensable for advanced driver assistance systems (ADAS) and autonomous vehicles, enabling the identification of pedestrians, other vehicles, road signs, and lane markings.

Furthermore, image recognition plays a pivotal role in augmented reality (AR) and virtual reality (VR) applications, where it tracks physical objects and overlays digital content onto real-world scenarios. The model training process involves the backpropagation algorithm, which calculates

The global market size in the 'Machine Learning' segment of the artificial intelligence market was forecast to continuously increase between 2025 and 2031 by in total ***** billion U.S. dollars (+****** percent). After the eighth consecutive increasing year, the market size is estimated to reach ****** billion U.S. dollars and therefore a new peak in 2031. Find further information concerning the market size in the 'Machine Learning' segment of the artificial intelligence market in Spain and the market size change in the 'Computer Vision' segment of the artificial intelligence market in the United States.The Statista Market Insights cover a broad range of additional markets.

Global artificial intelligence (AI) market worth at USD 219.25 Billion in 2024, is expected to surpass USD 3983.94 Billion by 2034, with a CAGR of 33.64% from 2025 to 2034.

The AI Market Report Segments the Industry Into by Component (Hardware, Software, and Services), Deployment Mode (Public Cloud, On-Premise, and Hybrid), Technology (Machine Learning, Deep Learning, Natural Language Processing, Computer Vision, Generative AI, and Context-Aware Computing and Others), End-User Industry (BFSI, IT and Telecommunications, Healthcare and Life Sciences, Manufacturing, and More), and Geography.

The market size change in the 'Machine Learning' segment of the artificial intelligence market in the United States was forecast to continuously decrease between 2025 and 2031 by in total ten percentage points. According to this forecast, in 2031, the market size change will have decreased for the seventh consecutive year to ***** percent. Find more key insights for the market size change in countries and regions like the number of AI tools users in the 'AI Tool Users' segment of the artificial intelligence market in the world and the market size in the 'Generative AI' segment of the artificial intelligence market in the world.The Statista Market Insights cover a broad range of additional markets.

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Deep Learning Market Size 2024-2028

The deep learning market size is forecast to increase by USD 10.85 billion at a CAGR of 26.06% between 2023 and 2028.

Deep learning technology is revolutionizing various industries, including healthcare. In the healthcare sector, deep learning is being extensively used for the diagnosis and treatment of musculoskeletal and inflammatory disorders. The market for deep learning services is experiencing significant growth due to the increasing availability of high-resolution medical images, electronic health records, and big data. Medical professionals are leveraging deep learning technologies for disease indications such as failure-to-success ratio, image interpretation, and biomarker identification solutions. Moreover, with the proliferation of data from various sources such as social networks, smartphones, and IoT devices, there is a growing need for advanced analytics techniques to make sense of this data. Companies In the market are collaborating to offer comprehensive information services and digital analytical solutions. However, the lack of technical expertise among medical professionals poses a challenge to the widespread adoption of deep learning technologies. The market is witnessing an influx of startups, which is intensifying the competition. Deep learning services are being integrated with compatible devices for image processing and prognosis. Molecular data analysis is another area where deep learning technologies are making a significant impact.

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A subset of machine learning and artificial intelligence (AI), is a computational method inspired by the structure and function of the human brain. This technology utilizes neural networks, a type of machine learning model, to recognize patterns and learn from data. In the US market, deep learning is gaining significant traction due to its ability to process large amounts of data and extract meaningful insights. The market In the US is driven by several factors. One of the primary factors is the increasing availability of big data.
Moreover, with the proliferation of data from various sources such as social networks, smartphones, and IoT devices, there is a growing need for advanced analytics techniques to make sense of this data. Deep learning algorithms, with their ability to learn from vast amounts of data, are well-positioned to address this need. Another factor fueling the growth of the market In the US is the increasing adoption of cloud-based technology. Cloud-based solutions offer several advantages, including scalability, flexibility, and cost savings. These solutions enable organizations to process large datasets and train complex models without the need for expensive hardware.

How is this Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Image recognition
  Voice recognition
  Video surveillance and diagnostics
  Data mining


Type

  Software
  Services
  Hardware


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC

    China


  South America



  Middle East and Africa

By Application Insights

The image recognition segment is estimated to witness significant growth during the forecast period.

In the realm of artificial intelligence (AI), image recognition holds significant value, particularly in sectors such as banking and finance (BFSI). This technology's ability to accurately identify and categorize images is invaluable, as extensive image repositories In these industries cannot be easily forged. BFSI firms utilize AI image recognition for various applications, including personalizing customer communication, maintaining a competitive edge, and automating repetitive tasks to boost productivity. For instance, social media platforms like Facebook employ this technology to correctly identify and assign images to the right user account with an impressive accuracy rate of approximately 98%. Moreover, AI image recognition plays a crucial role in eliminating fraudulent social media accounts.

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The image recognition segment was valued at USD 1.05 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 36% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The AI & Machine Learning (AI/ML) market is experiencing explosive growth, driven by increasing adoption across diverse sectors. While precise figures for market size and CAGR are unavailable from the provided text, industry reports consistently indicate a multi-billion dollar market expanding at a double-digit Compound Annual Growth Rate (CAGR). This robust growth is fueled by several key factors: the proliferation of data, advancements in computing power (particularly cloud computing), the decreasing cost of AI/ML technologies, and the increasing demand for automation and data-driven decision-making across industries. Leading players like Google, IBM, Baidu, and Amazon are heavily investing in research and development, further accelerating market expansion. The segment breakdown likely includes areas such as computer vision, natural language processing, and machine learning platforms, each contributing significantly to overall market value. Emerging trends point towards increased focus on ethical AI, explainable AI (XAI), and the integration of AI/ML into edge devices, fostering wider accessibility and application. Despite the positive outlook, challenges remain. These include concerns around data security and privacy, the need for skilled AI/ML professionals, and the ethical implications of increasingly sophisticated AI systems. Furthermore, regulatory hurdles and the high cost of implementation can act as restraints for smaller businesses. Nevertheless, the long-term potential of AI/ML across sectors such as healthcare (Zebra Medical Vision), finance, and marketing (Pinterest, Prisma) remains immense, paving the way for sustained and rapid growth in the foreseeable future. The forecast period (2025-2033) is expected to witness the maturation of several AI/ML technologies and their widespread adoption across diverse applications.

The AI and Machine Learning (AI/ML) services market is experiencing explosive growth, projected to reach a market size of $36.77 billion in 2025 and exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 24.5% from 2019 to 2033. This robust expansion is fueled by several key drivers. Increasing digitalization across various sectors, including BFSI (Banking, Financial Services, and Insurance), IT & Telecom, Healthcare, Retail, and Manufacturing, is creating a massive demand for AI/ML solutions to enhance operational efficiency, automate processes, improve decision-making, and personalize customer experiences. Furthermore, advancements in deep learning techniques, the proliferation of big data, and the rising availability of affordable cloud computing resources are accelerating the adoption of AI/ML services. The market segmentation reveals strong growth across applications, with BFSI and Healthcare sectors leading the charge due to their high data volumes and the critical need for advanced analytics. Within the types of AI/ML, supervised learning currently dominates, but unsupervised and reinforcement learning are experiencing rapid growth, indicating a shift towards more sophisticated and autonomous applications. Geographical expansion is also a significant factor, with North America and Europe currently holding the largest market shares, followed by Asia Pacific, which is poised for significant growth due to its expanding technological infrastructure and increasing investments in AI/ML. Despite these positive trends, the market faces certain restraints. High implementation costs, the need for skilled professionals, and concerns surrounding data privacy and security are some of the challenges hindering widespread adoption. However, the long-term potential of AI/ML is undeniable, and ongoing technological advancements coupled with increasing government support and private sector investment are expected to mitigate these challenges and drive further market growth. The forecast period (2025-2033) promises continued expansion, with specific growth rates likely varying across segments and regions based on individual adoption rates and technological maturity. The ongoing development and refinement of AI/ML algorithms, along with increasing integration with other emerging technologies such as IoT and blockchain, will continue to shape the market landscape in the coming years.