Market Synopsis:
According to Market Research Future (MRFR)’s latest report, the global machine learning as a service (MLaaS) market is poised to strike a stellar CAGR of 40% during the forecast period 2016 to 2022. The valuation of the market has been estimated to reach USD 4630 Mn by the end of 2023. The growing adoption of machine learning by the enterprises for facilitating quick decision making is expected to drive the growth of the market.
Automation is one of the key factors driving the growth of the Machine Learning as a Service Market. The increasing market presence of automation has restricted human intervention, thus, paving the way for the growth of the MLaaS market in the upcoming years.
Data has become the backbone of organizations. The growing demand for predictive analysis across the end-user industry verticals coupled with the shift towards data science has unleashed myriad opportunities for the expansion of the machine learning as a service (MLaaS) market. In addition, the developments introduced in the machine learning tools such as APIs, face recognition, data visualization, predictive analytics, natural language processing, and deep learning are expected to propel the expansion of the market.
The integration of cloud computing in machine learning has initiated the growth of the machine learning as a service (MLaaS) market. The market is at a nascent stage and has been presumed to exhibit an influx of startups who are at a better position to sustain rapid technological developments. The machine learning as a service (MLaaS) market has been prognosticated to remain highly lucrative over the next couple of years.
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Global Machine Learning as a Service (MLaaS) Market – Segmentation
The Machine Learning as a Service Market can be segmented in to 6 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by Component: Comprises software tools, cloud based API, web based API
- Segmentation by Application: Comprises network analytics, predictive maintenance, augmented reality, marketing and advertising, risk analytics and others
- Segmentation by organization size: Comprises SME and large enterprises.
- Segmentation by deployment: Comprises on-cloud and on-premise
- Segmentation by end-user: Comprises BFSI, manufacturing, healthcare, retail, transportation, telecom and others.
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Key Players
The prominent players in the machine learning as a service (MLaaS) Market are- Google (U.S.), BigML (U.S.), Microsoft (U.S.), IBM (U.S.), Amazon Web Services (U.S.), AT&T (U.S.), Fuzzy.ai (Canada), Yottamine Analytics (U.S.), Ersatz Labs, Inc. (U.S.), and Sift Science, Inc. (U.S.) among others
Market Research Analysis:
Regional analysis for Machine learning as a service (MLaaS) market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in Machine learning as a service (MLaaS) market. The study indicates that North America region has high technological developments and high adoption of internet of things (IoT) this has resulted in the growth of Machine learning as a service (MLaaS) market in North America region. The study reveals that Asia-Pacific region is expected to show a significant growth in Machine learning as a service (MLaaS) market by the forecast period. Asia-Pacific countries like China, India and Korea are investing in internet of things.
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Intended Audience:
- Machine learning as a service (MLaaS) vendors
- Resellers and distributors
- Technology investors
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Network solution providers
- Independent software vendors
- Managed Security Service Providers (MSSPs)
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