Machine learning as a service (MLaaS) Market to Grow at a high CAGR until 2028
Increasing adoption of IoT
& automation with emerging cloud-based solutions are expected to increase
the demand for machine learning as a service market during the forecast period
of 2024-2028.
According to TechSci Research
report, “Machine learning as a
service Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018–2028, the Global machine
learning as a service market is anticipated to register a robust growth during
the forecast period, 2024-2028”. The demand for MLaaS will expand exponentially due
to the development and spread of IoT devices and systems for enterprise
automation. Moreover, this market is expected to be propelled by the growing
demand for personalization and developments in virtual technologies such as AR,
virtual assistants, smart storage management, and logistics. Moreover, as the
situation with COVID-19 gradually stabilizes, more people will be leaning into
online shopping experiences, further driving the growth of the global machine
learning as a service market sharpened to fit the needs of e-commerce
businesses.
In the coming years,
North America will continue to dominate the machine learning as a service market
due to their high level of knowledge in machine learning development.
Consequently, both the presence of significant enterprises and the inflow of
funding will encourage this trend.
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Global
machine learning as a service market is segmented into by component, by
organization size, by application, by end-user and by region.
Among the end user
industry, the healthcare segment is expected to hold a considerable market
share because MLaaS offers a cost-effective way to engage
in the analytics required to succeed in a rapidly evolving environment. This
helps in harnessing healthcare’s big data assets to improve the diagnostic and
treatment capabilities of providers across the size and revenue spectrum. Moreover,
a new generation of collaborations and research projects targeted at resolving
some of the most challenging diagnosis and treatment issues are also being
created in the healthcare sector as a result of increased comfort with cloud
technology focused on operational and clinical improvements.
On the basis of
regional analysis, the North America dominates the market and is expected to
retain its position during the forecast period. The growth of MLaaS has been
accelerated by the strong innovative ecosystem, powered by smart federal
investments in cutting-edge technology, as well as the presence of visionary
scientists and entrepreneurs coming together from internationally recognized
academic institutions. Additionally, the region has seen a large increase in
the number of 5G, IoT, and linked devices. As a result, communications service
providers (CSPs) must effectively handle complexities that are always
increasing through network slicing, virtualization, new use cases, and service
requirements. Due to the unsustainable nature of conventional network and
service management strategies, MLaaS solutions are anticipated to be driven
during the forecast period.
Major
market players operating in the Global Machine learning as a service market are:
- Google Inc
- SAS Institute Inc
- Fair Isaac Corporation
- Hewlett Packard
Enterprise Development LP
- Yottamine Analytics Inc.
- Amazon Web Services
- BigML, Inc.
- Microsoft Corporation
- IBM Corporation
- Broadcom Corporation
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“Machine learning as a
Service market is expected to grow at a robust pace because the strongest
impact of MLaaS has been on SMBs. It even helps in leveling the playing field
with bigger rivals. As a result, it has emerged as a catalyst for broad and
quick growth. Furthermore, MLaaS can be incredibly advantageous for businesses
that can use it effectively since it enables systems to learn and enhance user
experiences without needing to be expressly designed to do so. These reasons
suggest that the machine learning as a service will grow in the coming years.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Machine
learning as a Service Market- Global Industry Size, Share, Trends,
Opportunities, and Forecast 2018-2028, Segmented By Component (Solution,
Service), By Organization Size (Small and Medium-Sized Enterprises, Large
Enterprises), By Application (Marketing & Advertising, Fraud Detection
& Risk Management, Computer vision, Security & Surveillance, Predictive
analytics, Natural Language Processing, Augmented & Virtual Reality,
Others), By End User (IT and Telecom, Automotive, Healthcare, Aerospace and
Defense, Retail, Government, BFSI), By Region”, has evaluated the future growth
potential of global machine learning as a service market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global machine learning as a service market.
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