Artificial intelligence and machine learning are key in securing the future success of a company. In a study conducted in partnership with Crisp Research and Hewlett Packard Enterprise (HPE), we show how widespread the use of these technologies currently is, and how they are set to grow in importance in the future. We also explain their various applications and discuss what developments are on the horizon. This is our investment forecast up to the year 2020.
Market forecast – machine learning & cognitive computing
The market for technologies, software, consulting services, data center capacity and services relating to machine learning and cognitive computing will see a period of highly dynamic growth over the next few years, rising in value from 4.3 billion euros in 2017 to around 21 billion euros by 2020. Major industrial players and internet companies are already investing large sums in this technology.
Some machine learning and cognitive systems are supplied or provided as integrated systems at the point of purchase. The individual components of these systems are precisely tailored to a specific application (e.g. voice recognition, call routing and service features in call centers) or to a specific process.
The other machine learning and cognitive systems on the market must be implemented and integrated into a company’s existing system before use, as is the case in other types of project. At this stage, appropriate advice and expertise is essential. The market for specialists and integrators will be one of the largest segments in machine learning and cognitive computing over the coming years – and this field has already generated approximately 890 million euros in global turnover this year alone.
Data management (e.g. master data management, data quality management and data mapping) and signal transformation technologies (voice recognition, scanning, gesture recognition etc.) is also developing rapidly. Over the next five years, sales are set to increase ten-fold, as virtually all industries begin to invest in technologies to optimize and utilize their data.
The top disciplines in the machine learning and cognitive services market segment are pattern engineering and machine-learning-based services.
Pattern engineering is all about using enormous volumes of data, combined with new analysis techniques, to develop algorithms that guarantee success and explain behaviors. Machine learning and cognitive-based services are intelligent IT services that translate these algorithms into services in their own right, or use them in a way that supports business processes.
These services may take the form of assistance systems in the healthcare sector, analysis tools in clinical research, or solutions to predict the market success of best-selling works of literature. Or they may simply provide access to the large-scale machine learning platforms from global providers, such as IBM Watson, Microsoft Azure Machine Learning or Google Prediction API.
This market forecast is part of our study “Machine Learning in Companies”. The entire series is available here:
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