Machine learning (ML) and its subset, generative AI, have enabled businesses and consumers around the world to utilize AI on a daily basis to automate tasks, author documents, conduct market research, or even perform basic coding. As ML quickly identifies trends in large data sets and requires little to no human interaction, companies and organizations from various sectors continue to rely on the technology to optimize their business processes, improve user experience or combat fraudulent activities or cyber threats.

According to a Statista survey, the global machine learning industry has grown by 120% year-on-year and will reach a value of 158.8 billion US dollars in 2023, representing 65% of the total value of the AI industry. As companies and users around the world embrace the technology, this figure is expected to rise by a further 30% to over USD 200 billion in 2024. Although Statista expects annual growth rates to decline in the following years, the forecast is for the market as a whole to grow at a CAGR of 18.7%.

Market shares in the machine learning sector

In a regional comparison, the United States is the world's largest market for machine learning, generating USD 56 billion or a third of total revenue in 2023. This figure is expected to triple by 2030 and reach USD 170 billion. China, the world's second largest market for machine learning, will see equally impressive growth over this period, with its market size increasing from USD 19.3 billion to USD 74.6 billion. Germany and the UK follow with growth rates of 216% and 183% respectively and market sizes of USD 21.2 billion and USD 19 billion by 2030.

Although various companies continue to use machine learning solutions to improve their efficiency, decision-making and user experience and gain a competitive advantage, there are still significant differences between markets. Statista data shows that manufacturing is by far the largest sector for machine learning solutions, with a market share of 18.8%. Finance is in second place with a 15% share this year. The healthcare, transportation and security sectors follow with shares of 12.2%, 10.6% and 10% respectively.

The growing demand for machine learning solutions will help the AI sector reach more users than ever before. According to Statista, around 254 million people have used AI tools this year, which is 50 million more than a year ago. With around 60 million people using AI solutions and tools every year, the entire market is expected to reach over 700 million users by 2027.