Overview and Scope
Machine learning as a service refers to the delivery of machine learning capabilities and tools as cloud-based services. It allows individuals and organizations to access and use machine learning algorithms, models, and infrastructure without the need for significant investment in hardware, software, or expertise in machine learning.
Sizing and Forecast
The machine learning as a service market size has grown exponentially in recent years. It will grow from $8.18 billion in 2023 to $11.21 billion in 2024 at a compound annual growth rate (CAGR) of 37.0%. The growth in the historic period can be attributed to advancements in machine learning algorithms, increased data availability, rise in adoption of cloud computing, business need for predictive analytics, demand for automated machine learning.
The machine learning as a service market size is expected to see exponential growth in the next few years. It will grow to $38.94 billion in 2028 at a compound annual growth rate (CAGR) of 36.5%. The growth in the forecast period can be attributed to industry-specific solutions, emergence of explainable ai, focus on edge computing, expansion of natural language processing (nlp), ai integration with internet of things (iot). Major trends in the forecast period include global adoption of industry 4.0, integration with big data technologies, explainable ai (xai) integration, federated learning for privacy preservation, vertical-specific solutions.
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Segmentation & Regional Insights
The machine learning as a service market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization: Small And Medium-Sized Enterprises, Large Enterprises
3) By Application: Marketing And Advertising, Fraud Detection And Risk Management, Computer Vision, Security And Surveillance, Predictive Analytics, Natural Language Processing, Augmented And Virtual Reality, Other Applications
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), IT And Telecom, Automotive, Healthcare, Aerospace And Defense, Retail, Government, Other Industry Verticals
North America was the largest region in the machine learning as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine learning as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for artificial intelligence (AI) is expected to propel the growth of machine learning as a service market going forward. Artificial intelligence (AI) is the development of computer systems that can do activities that normally require human intelligence. AI plays an important role in machine learning as a service (MLaaS) by enabling automated model training, prediction, and continuous optimization, enhancing the accessibility and efficiency of machine learning for diverse applications. For instance, in May 2022, according to the IBM Global AI Adoption Index 2022 by IBM, a US-based technology corporation, a poll conducted of 7,502 businesses found that, 35–36% of global companies were already implementing AI, and 42–64% were exploring its potential. 64% of businesses believe that AI will improve business productivity, and 42% believe it will streamline job processes. AI adoption is growing steadily, up 4% from 2021. Therefore, the increasing demand for artificial intelligence is driving the growth of the machine learning as a service market.
Key Industry Players
Major companies operating in the machine learning as a service market report are Google LLC, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation (IBM), Oracle Corporation, Rockwell Automation, SAS Institute Inc., Fair Isaac Corporation (FICO), Hewlett Packard Enterprise, Databricks Inc., TIBCO Software Inc., Cloudera Inc., Dataiku, Domino Data Lab, CognitiveScale, Sift Science Inc., Iflowsoft Solutions Inc., Seldon Technologies Limited, BigML Inc., Monkeylearn Inc., Neural Designer, Datatron, H2O.ai Inc., Verta AI, Yottamine Analytics, Explorium, Paperspace
The machine learning as a service market report table of contents includes:
1. Executive Summary
2. Machine Learning As A Service Market Characteristics
3. Machine Learning As A Service Market Trends And Strategies
4. Machine Learning As A Service Market – Macro Economic Scenario
5. Global Machine Learning As A Service Market Size and Growth
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32. Global Machine Learning As A Service Market Competitive Benchmarking
33. Global Machine Learning As A Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Machine Learning As A Service Market
35. Machine Learning As A Service Market Future Outlook and Potential Analysis
36. Appendix
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