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 (MLaaS) 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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