The Machine Learning As A Service (MLaaS) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Machine Learning As A Service (MLaaS) Global Market Report 2024, The machine learning as a service (MLaaS) market size is expected to see exponential growth in the next few years. It will grow to $203.10 billion in 2028 at a compound annual growth rate (CAGR) of 36.9%. The growth in the forecast period can be attributed to increasing industry-specific solutions, rise of explainable ai, expansion of autonomous systems, hybrid cloud deployments, and enhanced security and privacy features. Major trends in the forecast period include vertical-specific machine learning platforms, AI-enhanced automation, democratization of machine learning, collaborative machine learning, and continuous learning systems.
The rising integration of cloud technologies is expected to propel the growth of the machine learning as a service (MLaaS) market going forward. The integration of cloud technologies refers to the process of connecting various cloud-based systems into an integral whole or joining cloud-based systems with on-premises systems. Cloud technologies use machine learning as a service (MLaaS) to empower users with accessible, scalable, and cost-effective machine learning capabilities, enabling them to harness pre-trained models and tools for various applications without the need for extensive expertise in machine learning or infrastructure management. For instance, in December 2023, as per Eurostat, a Luxembourg-based government agency, 42.5% of EU enterprises purchased cloud computing services, primarily for email, file storage, and office software, a 4.2 percentage point increase from 2021. Additionally, in December 2022, according to data from Augusta Free Press, a US-based news service company, global digital transformation spending was about $1.85 trillion, which is 16% more than the previous year. Therefore, the rising integration of cloud technologies is driving the growth of the machine learning as a service (MLaaS) market.
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The machine learning as a service (mlaas) market covered in this report is segmented –
1) By Component : Software Tools, Services
2) By Organization Size : Small And Medium Enterprises , Large Enterprises
3) By Application : Marketing And Advertisement , Predictive Maintenance, Automated Network Management, Fraud Detection And Risk Management, Other Applications
4) End User : BFSI , IT And Telecom , Automotive, Healthcare , Aerospace And Defense , Retail , Government , Other End User
Major companies operating in the machine learning as a service (MLaaS) market are developing innovative services such as Kubeflow as a service to democratize AI development. Kubeflow-as-a-Service (KFaaS) is a managed environment that allows users to leverage the capabilities of Kubeflow for machine learning (ML) projects without the need to handle the underlying infrastructure. For instance, in February 2023, Civo, a UK-based web hosting company, launched Kubeflow as a service. With a fully managed development environment provided by KFaaS providers like Civo KFaaS, users may take advantage of the size of the service provider’s compute capabilities without having to worry about infrastructure administration. KFaaS allows for a fluid workflow for ML projects by integrating with prominent ML tools and platforms, including TensorFlow, PyTorch, RStudio, Visual Studio Code, and Jupyter notebooks.
The machine learning as a service (mlaas) market report table of contents includes:
1. Executive Summary
2. Machine Learning As A Service (MLaaS) Market Characteristics
3. Machine Learning As A Service (MLaaS) Market Trends And Strategies
4. Machine Learning As A Service (MLaaS) Market – Macro Economic Scenario
5. Global Machine Learning As A Service (MLaaS) Market Size and Growth
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26. South America Machine Learning As A Service (MLaaS) Market
27. Brazil Machine Learning As A Service (MLaaS) Market
28. Middle East Machine Learning As A Service (MLaaS) Market
29. Africa Machine Learning As A Service (MLaaS) Market
30. Machine Learning As A Service (MLaaS) Market Competitive Landscape And Company Profiles
Top Major Players:
- Amazon.com Inc
- Alphabet Inc
- Microsoft Corporation
- Meta Platforms Inc
- Intel Corporation
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