As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the India Machine Learning industry.
New Industry Report on India Machine Learning Market Status and Prospects [2023-2032] has been released. The report is 100 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request Free a Sample Copy
The global machine learning market was valued at INR 839.55 Billion in 2020. It is expected to reach INR 7632.45 Billion by 2027, expanding at a CAGR of 37.16% during the 2021-2027 period.
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Machine learning (ML) is the application of artificial intelligence (AI) for developing systems capability to learn automatically and improve their overall performance through experience, without being programmed explicitly. In India, ML is identified as an emerging technology and is adopted largely by retail, transportation, and financial services industries, among others. At present, there is a rise in the demand for professionals skilled in ML across industries.
The AI market in India was valued at INR 472.73 Bn in 2020. It is anticipated to reach INR 2113.60 Bn by 2027, expanding at a CAGR of ~24.17% during the 2021-2027 period. AI adoption has become significant in various corporations, with employees from non-technological backgrounds incorporating AI processes into their functional roles.
Impact of COVID-19:
COVID-19 has impacted businesses, economies, as well as management strategies employed by corporations. Businesses are having difficulty meeting customer expectations regarding process optimization and increased security concerns due to the rise in connectivity issues.
The demand for cloud-based collaboration tools, content management solutions, and online streaming platforms has picked up. All organizations use analytics to improve decision-making and automate processes for increased productivity and cost-effectiveness. To meet the demands of clients, new entrants use machine learning for activities ranging from designing games, translating language, predicting future market trends, composing music, as well as diagnosing diseases.
Key deterrents to the growth of the market:
Customers often show concerns about sharing information since their sensitive data may get leaked resulting in difficulty in implementation of cloud-based ML applications for most entrepreneurs. The infrastructure of the IT industry in third-world countries is not developed enough to enhance cloud-based business activities. When system requirements are omitted or not fully met due to human error intervention in the development, testing, or verification processes, system defects in data flow occur.
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Machine Learning. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Machine Learning is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the India Machine Learning Market Report:
- What is the projected size of the India Machine Learning market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Machine Learning industry?
- What are the major market trends that are affecting the expansion of the India Machine Learning market?
- What obstacles must be overcome in order to achieve sustained growth in the India Machine Learning market?
- What opportunities and threats do vendors in the India Machine Learning Market face?
- What are the raw materials and manufacturing equipment used in the production of India Machine Learning, and what is the manufacturing process?
- What are the different types and applications of India Machine Learning, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the India Machine Learning market?
- What factors are driving the growth of the India Machine Learning market in the top regions worldwide?
- Who are the major players in the India Machine Learning market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Machine Learning market?
- What are the main findings of a five forces analysis of the India Machine Learning market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our India Machine Learning Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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