According to the report analysis, ‘Latin America Machine Learning Market (2018-2023)’ states that there are several key players which are recently performing their functions more actively for attaining the huge market share by adopting the effective market strategies and policies after analyzing and studying the strategies of competitors and government includes Microsoft, Google Inc., IBM Watson, Amazon, Intel and several others. Additionally, the value of the machine learning market in Latin America is expected to reach USD 0.93 Billion by 2023, expanding at a compound annual growth rate (CAGR) of 24.8% during 2018-2023. Furthermore, the region of Latin America is the fast developing in the sector of machine learning. As the market of machine learning in Latin America can be ordered into four principal segments which includes service, size of the organization, application and components. While, with the effective working of the key players the market of this, is spread across the Latin America which involves Brazil, Argentina, Mexico and the rest of the Latin America.
Machine learning is a type of learning in which the knowledge of algorithms and statistical models that computer systems utilize progressively to develop their performance on a precise task. Whereas, the machine learning algorithms are utilized in the applications of email clarifying, recognition of network trespassers, and computer vision, where it is feasible to improve an algorithm of specific directions for functioning the task. In the present time, the market of machine learning in Latin America has gained utmost importance owing to the augmented existence of data and the need to process the data to obtain meaningful insights. The key players of this market in Latin America are playing an important role by doing effective developments in the technology of machine learning for delivering better consumer experience and increased the demand for computer systems which further proved profitable for the introducers of computer systems and attaining the huge market share. Not only has this, with the effective applications of machine learning the market of this in Latin America will grow more significantly in the reviewed period.
On the basis of applications, the market in Latin America is sub-segmented into banking, financial services and insurance (BFSI), automotive, government, healthcare and several others. Additionally, based on the components the market can be segmented into software tools, cloud and web-based application programming interfaces (APIs) and others. Not only this, a notable trend of using machine learning in the health service field is perceived. The doctors utilize the machine learning technologies effectively to portion the likelihood of patients suffering from zika, dengue fever or chikungunya in order to preclude future outbreaks.
In Latin America, approximately 75% to 81% of the population retains low or medium skills. The less skilled and less educated people will find it more problematic to pick up the skills compulsory for the machine learning industry. This, therefore, turns as an interruption to the further enlargement in the machine learning market. Whereas, Latin America’s develop towards digital economy has led to the corporations altering into ‘intelligent enterprises’ progress business processes and install ‘intelligent machines’ to take up routine work. Therefore, in the near future, it is expected that the market of machine learning in Latin America will rise more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications