Machine Learning Statistics and Facts – 2024

Machine learning statistics are one of the most exciting things to look up online, especially if you’re a tech geek like us. You don’t necessarily have to be tech-savvy to enjoy this subject, because machine learning is not just about technology, it’s about how our society will look in the very near future.

• 10 Fascinating Facts About Machine Learning
• General Machine Learning Statistics
• Machine Learning Growth Statistics
• Top Countries Considered Early Adopters For Machine Learning Methods And Tools 
• Machine Learning Adoption Statistics
• Top Areas Where Machine Learning Is The Most Applied
• How Many Companies Are Using Machine Learning?
• Top Machine Learning Companies In The World
• Machine Learning Facts & Trends 
• Countries With The Lowest Machine Learning Adoption Rates
• Countries With The Highest Percentage Of Companies Exploring Machine Learning

$1 billion is the total amount saved by Netflix due to its machine learning algorithm that helps personalize content recommendations for its users.

In today’s modern world, machine learning, automation, and artificial intelligence are taking more and more ground by the minute, especially since companies are investing huge parts of their budgets into adopting these disruptive technologies.

92% was the demonstrated accuracy of machine learning in predicting the mortality of COVID-19 patients.

We’re living in a time and age where machine learning is very rapidly becoming a staple of the way companies do things, and in the next decade or so, machine learning could be something as accessible as smartphones are today.

65% of all companies are planning to adopt machine learning in order to help them with faster and more efficient decision-making tasks.

But let’s dig deeper into these machine learning stats below.

10 Fascinating Facts About Machine Learning

• A 300% increase in investments is projected for machine learning and AI technologies.
• 89% is the accuracy of Google’s machine learning program named Deep Learning ML in detecting breast cancer.

• $1 billion is the total amount saved by Netflix due to its machine learning algorithm that helps personalize content recommendations for its users.
• $3.1 billion is the total amount raised by machine learning companies.
• 97% of all mobile users prefer a machine learning-powered voice assistant to help them out with their questions.
• 42.08% is the CAGR (Compound Annual Growth Rate) for the global machine learning market.
• Approximately 74% of all data scientists and top executives use machine learning tools for their performance analysis and reporting.
• 91.5% of the world’s most important companies are already investing in machine learning, automation, and artificial intelligence.
• 20% of top executives consider that machine learning is an integral part of their companies’ operations.
• 54% is the improvement in productivity seen by businesses after implementing machine learning and artificial intelligence.

General Machine Learning Statistics

The global machine learning market size is growing year over year at a very impressive rate and this is largely due to all the money being pumped in this industry by the world’s largest corporations. 

62% is the accuracy of machine learning in predicting highs and lows for the stock market.

When people and businesses start to realize that they can make a lot of money using machine learning on the stock market, this technology will blow up even more with investments and extra financing. 

60% is the reduction in error rates for Google Translate after implementing a machine learning-powered translation algorithm.

GNMT is the translation algorithm that was used to eliminate 60% of all errors done by Google Translate.

89% is the accuracy of Google’s machine learning program named Deep Learning ML in detecting breast cancer.

Having so many medical applications, it comes as no surprise that machine learning is rapidly taking over many areas of the healthcare sector. 

Approximately 80% of people who have used machine learning and artificial intelligence say that these technologies have increased their revenue.

If the numbers will continue to follow the same trend, chances are that using machine learning and AI will be a staple in the business world. 

54% is the improvement in productivity seen by businesses after implementing machine learning and artificial intelligence.

That means that companies that implement these new and disruptive technologies will become more productive and more profitable. 

Over 50% is the total increase in sales for companies using machine learning tools.

The same enterprises reported a 60% to 70% reduction in call time and an extra 40% to 60% cost reductions. 

Almost 30% of companies around the globe have implemented (or will implement) machine learning tools in one or more of their sales processes.

We’re very rapidly shifting to an automated sales process in almost any industry on the planet.

Machine Learning Growth Statistics

All the machine learning and artificial intelligence market research conducted by the most prestigious companies in the world point out to this industry being one of the most important factors when it comes to technological development for the future.

42.08% is the CAGR (Compound Annual Growth Rate) for the global machine learning market.

The current CAGR is projected to take place between 2018 and 2024.

The global GDP will increase by 14% by 2030, due to machine learning and artificial intelligence.

That’s a huge impact these new technological advancements will have on today’s and tomorrow’s society. 

$3.1 billion is the total amount raised by machine learning companies.

Investments in these companies came from over 4400 enterprises interested in machine learning technology.

A 300% increase in investments is projected for machine learning and AI technologies.

These investments will take place in the next couple of years, amounting to 3 times more than the available funds machine learning and AI companies are currently receiving. 

87% of companies using machine learning have started that they will use it to improve their email marketing campaigns.

That’s basically 9 out of every 10 companies that will implement machine learning in their digital marketing strategy.

Key players in the marketing sector are 2x more likely to report investments in machine learning technologies and automation for marketing activities.

That’s 2 times more than they are willing to report any other forms of investments. 

$117 billion is the total projected market value of machine learning by the end of 2027.

That’s the equivalent of Sudan’s total annual GDP.

Top Countries Considered Early Adopters For Machine Learning Methods And Tools 

1. Israel (63% adopt ML)
2. Netherlands (57%)
3. United States (56%)
4. UK and Northern Ireland (54%)
5. Germany (54%)
6. Australia (53%)
7. France (52%)
8. China (52%)
9. Taiwan (51%)
10. Greece (49%)

Machine Learning Adoption Statistics

Looking over all the latest machine learning market research done over the past couple of years, we can easily see how much the adoption rates are growing with each passing quarter. 

97% of all mobile users prefer a machine learning-powered voice assistant to help them out with their questions.

That’s basically every smartphone user on the planet, given the huge percentage of people using machine learning applications. 

With 80%, North America is the world’s leading continent when it comes to machine learning adoption rates.

The next continent to follow in Asia, with a 37% machine learning adoption rate and Europe ranks third, with an adoption percentage of 29%. 

33% of all IT top companies will implement machine learning in order to improve the accuracy of their business analytics.

That means that 1 out of every 3 top IT enterprises will be working with machine learning and similar technologies. 

Approximately 74% of all data scientists and top executives use machine learning tools for their performance analysis and reporting.

We’ve reached a point where using machine learning is the new normal, and people who are opposed to implementing these new tools will be left behind. 

Around 80% of all companies have plans to implement machine learning software to handle their customer service.

We’ll basically be filling out complaints and chatting exclusively to bots in the very near future.

56.5% of all marketers use some form of machine learning technology for content personalization and creation.

More than half of the world’s marketers are using machine learning to create content that is better tailored to your needs and taste. 

Around 61% of all marketers consider machine learning and artificial intelligence as the most crucial parts of their data strategy.

It seems that marketers rely on machine learning and AI whenever they start creating a new digital marketing strategy for their product or service. 

650% is the increase seen by data science jobs (machine learning, AI, automation) on LinkedIn.

The huge spike in numbers is almost unprecedented when it comes to machine learning technology. 

Only 4.5% of data scientists from the United States work as machine learning engineers.

This means that there’s still huge potential and a lot of room to grow in this sector.

$120,000 was the average annual salary in the United States for data scientists (machine learning specialists, AI professionals).

That’s way above the average salary of almost any other industry in North America.

Top Areas Where Machine Learning Is The Most Applied

1. Business Analytics (33%)
2. Security (25%)
3. Sales & Marketing (16%)
4. Customer Service (10%)
5. Other (16%)

How Many Companies Are Using Machine Learning?

The number of companies using machine learning or thinking about adding machine learning to their daily operations has been on the rise for the past decade and will continue to grow in the future.

65% of all companies are planning to adopt machine learning in order to help them with faster and more efficient decision-making tasks.

And we’re not even counting the companies that are already using or that have been using machine learning for decades now.

95% is the accuracy of Google’s AI machine learning algorithm when it comes to predicting a patient’s survival chances.

This means that more and more companies are using machine learning in healthcare, which will lead to massive medical progress in the upcoming period. 

20% of top executives consider that machine learning is an integral part of their companies’ operations.

These leading decision makers come from 10 countries out of 14 different industries.

91.5% of the world’s most important companies are already investing in machine learning, automation, and artificial intelligence.

In order to stay ahead, you need to think ahead. 

Approximately 25% of all IT top companies are planning on improving their security systems with machine learning.

That means that 1 out of every 4 top companies from the IT industry is in need of machine learning-powered algorithms. 

Around 15% of all enterprises are considered advanced machine learning users.

Companies and organizations make up the highest percentage of advanced machine learning users.

Machine learning is 1 of the 3 most in-demand skills on Monster.com.

Together with NLP (Neuro-linguistic programming) and deep learning, machine learning is one of the most required specializations in today’s job market.

Top Machine Learning Companies In The World

InData Labs

• 2014 is the year the company was found in Cyprus.
• $50 – $99 / hour is the average cost charged by the world’s biggest machine learning company in 2021.

Indium Software

• 1999 is the year of foundation for this company based in the United States, India, the United Kingdom, and Malaysia.
• The company currently employees between 1001-5000 employees.

MobiDev

• 201 – 500 employees is the current number of employees working in machine learning, AI, and data science.
• $25 – $49 is the average hourly rate charged by the company for its services.

Fayrix

• With 1001 – 5000 employees, this company is one of the biggest players in the machine learning industry.
• Its average hourly rates are less than $25 per hour.

Netguru

• Netguru has between 501 to 1000 employees, making it a top player in its field.

• It operates with an average hourly rate between $50 – $99. 

TechArt Group

• With almost 5000 employees, iTech Art Group is as international as a company gets.
• Their machine learning services go from $25 to $49 per hour.

DogTown Media

• Having just around 50 employees, the company manages to build top-of-the-line machine learning apps.
• It currently charges between $100 and $149 per hour for its services, mostly in the healthcare sector.

Xicom Technologies

• More than 1500 clients worldwide use machine learning services offered by Zicom Technologies.
• The company has an average hourly rate of $25 – $49.

Altoros

• With over 18 years of experience, the company has completed over 1400 projects.
• It currently operates with an average hourly rate of $50 – $99. 

Neoteric

• 2005 is the year when the company was founded and it currently employs up to 200 people.
• The average hourly rate of Neoteric is $50 – $99.

Infopulse

• With more than 3500 projects to its name, Infopulse is one of the largest machine learning companies in Europe.
• Almost 5000 employees work for this machine learning titan.

AntWorks

• AntWorks was founded in 2015 and it currently operates from Singapore, Qatar, India, and the United Kingdom.
• Approximately 200 people call this international company their workplace.

AlescoData

• Founded in 2001, AlescoData is one of Florida’s biggest machine learning and AI companies.
• Approximately 200 people work for this American tech company.

Iflexion

• Iflexion served more than 500 customers around the globe and has completed over 1500 projects.
• $25 – $49 per hour is their average price, depending on the services provided.

HiddenBrains

• The company operates with average hourly rates fixed between $25 and $49. 
• It was founded in 2003 and has close to 500 employees worldwide.

Machine Learning Facts & Trends

Judging by all the most relevant machine learning facts for 2020 and 2021, we can easily see the big chart spikes when it comes to the generated revenue, adoption rates, and annual industry growth. 

$1 billion is the total amount saved by Netflix due to its machine learning algorithm that helps personalize content recommendations for its users.

Machine learning has proven itself to be a real cost saver for large corporations and the latest trends show that it will continue to be adopted in even more aspects of a business. 

92% was the demonstrated accuracy of machine learning in predicting the mortality of COVID-19 patients.

The COVID-19 pandemic saw a huge increase in machine learning usage, sparking a real trend for this technology in the healthcare sector due to its efficiency and many other advantages. 

25% is the predicted growth of machine learning budgets over the next few years.

Banking is the sector making the most investments in machine learning, and closely following this trend are manufacturing and IT companies. 

Machine learning helped Amazon reduce its average “click to ship” time by more than 225%.

The time went down from 60 to 75 minutes to just 15 minutes.

Over 98,000 of the jobs currently posted on LinkedIn have machine learning as a required skill.

The need for machine learning and AI specialists is constantly growing and the job market clearly proves it. 

Countries With The Lowest Machine Learning Adoption Rates

1. Nigeria (23% adopt Machine Learning)
2. Morocco (24%)
3. Egypt (31%)
4. Philippines (31%)
5. Argentina (32%)

Countries With The Highest Percentage Of Companies Exploring Machine Learning

1. Chile (36% are exploring Machine Learning methods)
2. Sweden (35%)
3. Malaysia (32%)
4. South Korea (31%)
5. Peru (29%)

Conclusion

If you have a fear about machine learning, robotics, automation and artificial intelligence, don’t worry, you are not alone. There are many communities and conferences where people gather to talk about the advantages and disadvantages of machine learning, exactly to shed a little more light on this complex subject.

All the latest machine learning statistics show that this fairly new technology is gaining more traction and it’s definitely here to stay. There’s no other way around it, especially if we judge by the huge adoption rates for machine learning.

What are your predictions for the future regarding this industry? How do you see machine learning shaping our lives in the very near future? Will we be living in a Sci-Fi movie, or will things tend to stay as they are for the foreseeable future?