How Big is the Market for Machine Learning Consulting for Startups?
Machine Learning Consulting has been more significant than before.
12:16 05 August 2020
Erbis software engineering company is a prominent party which is familiar with the data mining or machine learning background.
Erbis considers the startups as enterprise startups or standalone clients. Now, you might be curious about how big the market for machine learning consulting is. Well, the short answer: it is BIG. In fact, machine learning consulting has been booming for the last five years. Many startups on many scales are pointing toward the consultant service when they want to conduct a new progressive project.
The reasons to use the machine learning consultant
Erbis software engineering company has big lines of startups clients who use their machine learning consulting service. According to Erbis experts, there are two main reasons why startups are using the machine learning consulting service.
The first reason has things to do with their new product or service. Startups, although they categorize themselves as they are, do not limit themselves to one box. The sky's the only limit. Therefore, it is not surprising that they are interested in developing new products, services, microservice, new features, or any other prototypes. For instance, a startup wants to test if their new microservice can be a great option to help their clients to use their product. With the machine learning consultant, it can help them to find out the new rooms for improvement, as well as the possibility to create new features in the future. In many cases, successful machine learning consulting even leads the startups for significant scalability.
The next reason could be the continuation of the first reason. Let’s say that the startups have seen the possibility adding their new feature to the main product.
No matter what size of the startups, it is a big step that requires the opinions and advice from the third party. Ones might be able to work with their internal team, but still they hardly decide without the third party involvement. Erbis software engineering company has seen this scenario a lot. There were many engineering efforts taken to perfect the prototype models. Since thousands to million users will be using the apps, it is a huge burden for the company’s team. The machine learning consultant can break the burden into smaller parts and help them to find out the solutions.
Because of the two reasons above, we can see why many startups are fond of Erbis machine learning consulting service.
The machine learning consulting market size
According to the trustworthy source, the machine learning market size will be worth around US$ 76.8 Billions by the end of 2026. The experts' forecasts revolved around the period 2019 to 2026.
Reportedly, there are around 3000 companies using machine learning consulting in the US market. As we wrote this article, the number of companies keeps increasing from time to time. During 2019 to 2026, the other areas such Asia Pacific will also join with the riots. Some of the asian countries have adopted machine learning technology in almost all aspects such as India, Singapore, and China.
The client types of machine learning consulting
Erbis software engineering company emphasizes the effects of machine learning consulting to various sizes of enterprises. The machine learning consulting market is segmented into the Small & Medium-sized enterprises, and large enterprises. When it comes to the largest market share, the larger enterprises have the most significant influences in the market size. The reason is simple and straightforward. Larger enterprises tend to have more longevity, capital, and ability to scale up. The larger enterprises also have higher business value.
But here is the interesting thing. Although large enterprises hold larger market share, the adoption of machine learning is more frequently happening in small to mid-sized enterprises. It is because nowadays machine learning consulting companies like Erbis are easy to find. Ones can make their startups more relevant tomorrow by using machine learning.
What niches are relevant with machine learning consulting?
Erbis software engineering company claims to provide the machine learning consulting service for clients in various fields.
Machine learning consulting comes in various niches including healthcare, hospitality, retail, food chain, law, advertising, digital agency, automotive, mass media, transportation, logistics, agriculture, manufacturing, entertainment, and so on.
Amongst these niches, advertising and media have been holding the largest share from 2018 to the mid 2020. Since the outbreak which took place in February 2020, there has been significant rising in the use of machine learning technology in the healthcare industry. For instance, machine learning technology can be relevant to help the health institutions to take quick actions in responding to the covid-19 challenges.
Machine learning overview
Machine learning is an integral part of the artificial intelligence. It is more than just computational learning. Machine learning, as its name suggests, learns the algorithms with the forecasts in the findings. The applications of machine learning can be significant to many industries.
Many organizations and companies have embraced machine learning for various applications. For instance, machine learning is used to learn the current behaviors of the audiences and predict the future behaviors so that the advertising agencies can tweak their strategies to create better campaigns in the future.
Machine learning’s predictive ability has been touched by many crucial components in various industries. And it has made its way into different kinds of aspects such as the military technology. Meanwhile, the stock market has injected the existence of machine learning into its environment as well.
When it comes to machine learning consulting, you need to know that it is categorized in three different aspects: hardware, software, and services.
The more advanced the machine learning, the more demanding the hardware optimization will be. Nowadays, the tech industry has been very serious about getting the powerful processing devices to answer the challenges.
In the software segment, we can see that the movement to the cloud-based IT infrastructure and software has been more relevant today. Erbis software engineering company is a prominent company that offers cloud solutions to its clients. If you’ve embraced or bought with the idea of machine learning, don’t hesitate to contact them to attain your machine learning consulting.