Reinforcement Learning Global Market Report 2024

The reinforcement learning market size has grown exponentially in recent years. It will grow from $8.14 billion in 2023 to $10.49 billion in 2024 at a compound annual growth rate (CAGR) of 29%. The historic growth in the artificial intelligence (AI) market can be attributed to several factors, including the increase in computing power, the rise in data availability, the development of industry-specific applications, the adoption of open-source frameworks, and the demonstrated success of AI in real-world applications.

The reinforcement learning market size is expected to see exponential growth in the next few years. It will grow to $26.64 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%. The forecasted growth can be attributed to several factors, including continued algorithmic advances, growing demand for autonomous systems, integration with edge computing, expansion of reinforcement learning in healthcare, and a focus on explainability and interpretability. Major trends in the forecast period include advancements in deep learning, the dominance of transfer learning, the emergence of hybrid learning architectures, the application of reinforcement learning at the edge, and improvements in explainability and interpretability.

The growth of the reinforcement learning market is expected to be propelled by the increasing adoption of industrial automation. Industrial automation involves the use of advanced technologies, control systems, and machinery to automate industrial processes and operations. Reinforcement learning (RL) is becoming increasingly prevalent in industrial automation due to its ability to learn optimal control policies through interaction with the environment, without the need for explicit programming. For example, the International Federation of Robotics reported that there were 23,000 industrial robots operating in UK factories in 2021, a 6% increase from the previous year, with sales of new robots up by 8% to 2,205 units in 2020. This rise in industrial automation is a key driver behind the growth of the reinforcement learning market.

Major companies in the reinforcement learning market are focusing on advancements in AI, particularly in autonomous control AI services, due to the potential applications of reinforcement learning across various industries. Autonomous Control AI Service refers to a new technology that achieves complex process control, previously manual, using reinforcement learning. For example, in February 2023, Yokogawa Electric Corporation launched a reinforcement learning solution for edge controllers. The autonomous control service for OpreX Realtime OS-based Machine Controllers (e-RT3 Plus) utilizes the Factorial Kernel Dynamic Policy Programming (FKDPP) reinforcement learning AI algorithm. It includes packaged software, consulting services, and/or training programs tailored to end-user requirements. Initially targeting industries such as resources and energy, materials, and electronics, the service offers simplified AI model creation, support for control cycles as short as 0.01 seconds, and the ability to retrofit edge controllers with autonomous control AI.

In January 2023, McKinsey & Company, a US-based management consulting firm, acquired Iguazio Systems Ltd. for an undisclosed amount. This acquisition was intended to enhance McKinsey's AI capabilities, solidify its position as a leader among AI service providers, and enable clients to derive real business value from AI with reduced overhead. Iguazio Systems Ltd., based in Israel, specializes in AI and machine learning development platforms, offering reinforcement learning through feedback.

Major companies operating in the reinforcement learning market report are Google LLC, Microsoft Corp., Metadata Platforms Inc., Tencent Holdings Ltd., Amazon Web Services Inc., Intel Corp., International Business Machines Corporation, SAP SE, Nvidia Corp., Hewlett Packard Enterprise LP, ABB Ltd., Salesforce Inc., Cognizant Technology Solutions India Pvt. Ltd., Baidu Inc., Yandex LLC, SAS Institute, Sentient Technologies LLC, Unity Technologies Inc., TIBCO Software Inc., SenseTime Group Ltd., Zoox Inc., Open AI Inc., DeepMind Technologies Limited, Vicarious Surgical Inc., RapidMiner Inc.

North America was the largest region in the reinforcement learning market in 2023. The regions covered in the reinforcement learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the reinforcement learning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Reinforcement learning (RL) is a machine learning approach where an agent learns to make decisions through interactions with an environment. It is versatile and applicable across various industries, solving problems where agents interact with environments to achieve specific goals.

Reinforcement learning deployments can be categorized into two main types such as on-premises and cloud-based. On-premise deployment involves hosting and managing the software application and its data locally within the organization or individual's premises. This deployment model is utilized by various end-users, including healthcare, banking, financial services, and insurance (BFSI), retail, telecommunication, government and defense, energy and utilities, and manufacturing.

The reinforcement learning market research report is one of a series of new reports that provides reinforcement learning market statistics, including reinforcement learning industry global market size, regional shares, competitors with a reinforcement learning market share, detailed reinforcement learning market segments, market trends and opportunities, and any further data you may need to thrive in the reinforcement learning industry. This reinforcement learning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The reinforcement learning market consists of revenues earned by entities by providing services such as consulting services, algorithm development, model training and optimization, deployment and integration, and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. The reinforcement learning market also includes sales of robotics, virtual assistant devices, and recommendation systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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