The Global Machine Learning as a Service (MLaaS) Market report includes a global opportunity analysis and industry forecast till 2032. The global market value is expected to reach USD 23.65 Billion in 2022 registering a CAGR of 34.65% from 2022 to 2032. The Machine Learning as a Service (MLaaS) Market is anticipated to register high demand during the forecast period with increasing demand from major end-use industries such as BFSI, IT & telecom, automobile, healthcare, defense, retail, media & entertainment, and communication during the forecast period.
Machine learning as a service (MLaaS) is a range of services that offer machine learning tools as part of cloud computing services. Machine Learning as a Service providers offer devices, including APIs, data visualization, face recognition, natural language processing, predictive analytics, and deep learning. The actual computation is taken care of by the provider’s data centres. MLaaS helps clients benefit from machine learning without other related operational costs, time, and risk of establishing an in-house internal machine learning team. Infrastructural concerns, such as data pre-processing, model training, model evaluation, and data predictions can be reduced through MLaaS.
The main function of MLaaS is to enable customers to start quickly with the machine learning process without installing any software or providing their own servers. The MLaaS algorithms are used to detect a pattern in data. Mathematical models are built using these patterns and the models are used to forecast data utilizing the new data.
Figure 1: Machine Learning as a Service (MLaaS) Market
The Machine Learning as a Service (MlaaS) market is growing with the increase in the volume of data and data handling in huge quantity. Moreover, innovations in automation technologies and increasing acceptance of cloud-based systems are fueling the growth of the MLaaS market. Furthermore, the availability of data storage at a low price and adoption of Internet of Things (IoT) is also driving the MLaaS market.
Key Factors Impacting Market Growth:
- Growing adoption of cloud-based systems
- Provides statistical analysis at low cost and time
- Advancements in automation technologies
- Less skilled employees
Regional Analysis:
By region, the machine learning as a service (MLaaS) market is estimated to be dominated by North America, Western Europe, and Asia Pacific during the forecast period. With technological advancements and cluster of global companies operating in these regions, these regions hold key to the growth and development of machine learning as a service (MLaaS) market during the forecast period. Most of the leading companies have operations in these regions to cater the potential end users in the respective region. The North America machine learning as a service (MLaaS) market is further segmented by the US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe.
Asia Pacific region is segmented by China, Japan, South Korea, India, and Australia. The Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.
Companies Covered: Microsoft, IBM Corporation, International Business Machine, Amazon Web Services, Google, Bigml, Fico, Hewlett-Packard Enterprise Development, At&T, Fuzzy.ai, Yottamine Analytics, Ersatz Labs, Inc., and Sift Science Inc.
Key Developments:
- In April 2019, Microsoft developed a platform that uses machine teaching to help deep reinforcement learning algorithms to address real-world problems.
- In November 2018, Amazon announced the expansion of its machine learning services to healthcare organizations. Amazon Translate, Amazon Comprehend, and Amazon Transcribe are now HIPAA compliant.
Market Segmentation:
By Type:
- Special Services
- Management Services
By Organization Size:
- SMEs
- Large Enterprises
By Application:
- Marketing & Advertising
- Fraud Detection & Risk Analytics
- Predictive Maintenance
- Augmented Reality
- Network Analytics
- Automated Traffic Management
By End User:
- BFSI
- IT & Telecom
- Automobile
- Healthcare
- Defence
- Retail
- Media & Entertainment
- Communication
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Type
- By Organization Size
- By End User
- By Application
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Type
- By Organization Size
- By End User
- By Application
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Type
- By Organization Size
- By End User
- By Application
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Type
- By Organization Size
- By End User
- By Application
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Type
- By Organization Size
- By End User
- By Application
- Rest of the World
- By Region (South America, Africa)
- By Type
- By Organization Size
- By End User
- By Application
Reasons to Buy This Report:
- Market size estimation of the global Machine Learning as a Service (MLaaS) market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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