Machine Learning Software for Business Consulting Market

Global Machine Learning Software for Business Consulting Market Size, Trends & Analysis - Forecasts to 2027 By Component (Software and Services), By End-User (Aerospace & Defense, IT & Telecom, Energy & Utilities, Public Sector, Manufacturing, BFSI, Healthcare, Retail, and Others), By Application (Marketing & Advertising, Fraud Detection & Risk Management, Predictive Analytics, Augmented & Virtual Reality, NLP, Computer Vision, Security & Surveillance, Co-Commercialization, and Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa), Company Market Share Analysis, and Competitor Analysis

Category Trending Technology

Format

This report was recently updated on April 11 2024 with the latest and most recent market numbers

Machine Learning Software for Business Consulting Market Size

The Global Machine Learning Software for Business Consulting Market is projected to grow at a CAGR value of 33.7% from 2022 to 2027. The growing demand for machine learning software for business consulting is largely driven by the growing technological advancements in artificial intelligence and machine language. These advancements have allowed consultants to expedite their work, find new solutions, and better process large amounts of data. The growing advancements in data analytics and data collection have led to consultants increasingly adopting data analytics solutions to analyze large amounts of data. A higher return on investment from adopting machine learning for improving business consultancy services is expected to further increase the demand for ML software in the business consultancy industry.

Software vendors are increasingly investing in the development of deep learning and neural networks. The growing adoption of machine learning for the development of models which incorporate the latest research and business dynamics data is expected to contribute to the growth of the software market. The easy integration of machine learning into APIs has allowed for greater adoption of machine learning-based software among consultancy firms. The machine language-powered software is capable of creating self-learning algorithms that reduce errors and increase accuracy. These software are constantly learning with every use and are becoming more and more accurate each day owing to the implementation of artificial intelligence. As businesses look to reduce labor costs, losses arising from human error, and find new avenues of growth, they are expected to increase the adoption of machine learning software for business consulting.

The growing demand for business consultancies from the retail industry is expected to increase the adoption of machine learning software. Retail companies are increasingly generating large amounts of data on consumer preference and other consumer data owing to the growing demand for retail products from eCommerce websites. The large amounts of data being generated and utilized by the eCommerce industry are expected to increase the demand for machine learning software.

The growing adoption of cloud services and cloud software has also contributed to the growing acceptance of machine learning software for business consulting.

The COVID-19 pandemic has increased the demand for remote monitoring among businesses which has prompted increased adoption of machine learning software for business consulting. The rise in data generated through increased online sales during the pandemic, increased adoption of cloud-based software, and businesses employing consultancy services to find new sources of revenue have led to the growth of the market during the pandemic.

The market is restrained by the lack of skilled professionals in the industry, lack of machine learning infrastructure, and high cost of development and adoption of these software.

The machine learning software for the business consultancy market is thereby driven by the growing demand for data analytics tools and their automation, technological advancements in machine learning, artificial intelligence, and deep learning, and the growing investment in improving machine learning software capabilities by software developers.

global machine learning software for business consulting market

Machine Learning Software for Business Consulting Market: By Component

Based on the component, the machine learning software for business consulting market is segmented into software and services. The software segment is expected to hold the lion’s share of the market. Growing investment in machine learning software, increased adoption of machine learning-based software of data analytics, and the large amount of data being generated by businesses have led to the dominance of the software market segment.

Machine Learning Software for Business Consulting Market: By End-User

Based on the end-user, the machine learning software for business consulting market is segmented into aerospace & defense, IT & telecom, energy & utilities, public sector, manufacturing, BFSI, healthcare, retail, and others. The IT & telecom segment is expected to hold the largest piece of the market during the forecast period. The retail segment is expected to become the fastest-growing segment during the forecast period. Increased retail sales from online eCommerce websites, availability of copious amounts of customer data, and the industry's willingness to turn to consulting services are expected to result in the fast growth of the retail segment.

Machine Learning Software for Business Consulting Market: By Application

Based on the component, the machine learning software for business consulting market is segmented into marketing & advertising, fraud detection & risk management, predictive analytics, augmented & virtual reality, NLP, computer vision, security & surveillance, co-commercialization, and others. The predictive analytics segment is expected to hold the largest piece of the market during the forecast period. The growing application of data analytics by businesses to improve revenue has been fundamental to the growth of the predictive analytics segment.

asia pacific machine learning software for business consulting market

Machine Learning Software for Business Consulting Market: By Region

Based on region, the market can be segmented into various regions such as North America, Europe, Central and South America, Middle East and North Africa, and Asia Pacific regions.

The North American region is expected to be the dominant force in the market during the forecast period. The rapid adoption of novel technology, the presence of major software players in the region, and the large amounts of data being collected and generated in the region have led to the growth of the market in the North American region.

The APAC region is expected to become the fastest-growing segment owing to the growing number of key software players in the region, growing adoption of data collection, and increasing adoption of data analytics software in the region.

Machine Learning Software for Business Consulting Market Share and Competitor Analysis

Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML Inc., Microsoft Corporation, Prediction Labs Ltd., IBM Corporation, among others, are the key players in the machine learning software for business consulting market.

Please note: This is not an exhaustive list of companies profiled in the report.

Chapter 1 Methodology

1.1 Market Scope & Definitions

1.2 Estimates & Forecast Calculation

1.3 Historical Data Overview and Validation

1.4 Data Sources

1.4.1 Secondary

1.4.2 Primary

Chapter 2 Report Outlook

2.1 Machine Learning Software for Business Consulting Industry Overview, 2020-2027

2.1.1 Industry Overview

2.1.2 Application Overview

2.1.3 Component Overview

2.1.4 End-User Overview

2.1.6 Regional Overview

Chapter 3 Machine Learning Software for Business Consulting Market Trends

3.1 Market Segmentation

3.2 Industry Background, 2020-2027

3.3 Market Key Trends

3.3.1 Positive Trends

3.3.1.1 Rising demand for data analytics in business consultancies

3.3.2 Industry Challenges

3.3.2.1 Lack of adequate infrastructure and high cost of adoption

3.4 Prospective Growth Scenario

3.4.1 Application Growth Scenario

3.4.2 Component Growth Scenario

3.4.3 End-User Growth Scenario

3.5 COVID-19 Influence over Industry Growth

3.6 Porter’s Analysis

3.7 PESTEL Analysis

3.8 Value Chain & Supply Chain Analysis

3.9 Regulatory Framework

3.9.1 North America

3.9.2 Europe

3.9.3 APAC

3.9.4 LATAM

3.9.5 MEA

3.10 End-User Overview

3.11 Market Share Analysis, 2020

3.11.1 Company Positioning Overview, 2020

Chapter 4 Machine Learning Software for Business Consulting Market, By Application

4.1 Application Outlook

4.2 Marketing & Advertising

4.2.1 Market Size, By Region, 2020-2027 (USD Billion)

4.3 Fraud Detection & Risk Management