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.
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Segmentation & Regional Insights
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
North America was the largest region in the machine learning as a service (MLaaS) 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 (mlaas) 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 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.
Key Industry Players
Major companies operating in the machine learning as a service (mlaas) market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Intel Corporation , International Business Machines Corporation, Oracle Corporation, Mitsubishi Electric Corporation, SAP SE, Hewlett Packard Enterprise Company, NVIDIA Corporation, Tata Consultancy Services Limited, Infosys Limited, Wipro Ltd., Fair Isaac Corporation, Databricks Inc., TIBCO Software Inc., Cyient Ltd., Dataiku Ltd., H2O.ai Inc., Iflowsoft Solutions Inc., BigML Inc., AscentCore, MonkeyLearn Inc., Sift Science Inc., Yottamine Analytics LLC
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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31. Machine Learning As A Service (MLaaS) Market Other Major And Innovative Companies
32. Global Machine Learning As A Service (MLaaS) Market Competitive Benchmarking
33. Global Machine Learning As A Service (MLaaS) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Machine Learning As A Service (MLaaS) Market
35. Machine Learning As A Service (MLaaS) Market Future Outlook and Potential Analysis
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Market Scenario: Machine learning as a service refers to a range of services which offer machine learning tools as a part of cloud computing services, these tools include data visualization, APIs, face recognition, natural language processing, predictive analytics and deep learning.
Machine learning as a service delivers developers services which include data modeling APIs, machine learning algorithms, data transformations and predictive analytics.Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/2505The increased volume of data and diverse data to be handled qualitatively, are major factors driving the growth of Machine Learning as a Service (MLaaS) market.
The innovations in automation technologies and increasing adoption of cloud-based systems is boosting the growth of machine learning as a service market.
Apart from it availability of data storage at a cheaper rate and adoption of Internet of Things (IoT) is also driving the Machine Learning as a Service (MLaaS) market.
The study indicates that lack the historical data is one of the major restraining factor in the growth of machine learning as a service (MLaaS) market.Machine learning as a Service (MLaaS) market is segmented on the basis component, application, organization size, deployment and end-user.
It has been observed that adoption of cloud technologies has become worldwide, this has resulted in increase of demand for cloud-based machine learning as a service (MLaaS).The global Machine Learning As A Service (Mlaas) Market is expected to grow at USD ~4630 Million by 2022, at ~40% of CAGR between 2016 and 2022.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 (U.S.), Fuzzy.ai (Canada), Yottamine Analytics (U.S.), Ersatz Labs, Inc. (U.S.), and Sift Science, Inc. (U.S.) among othersMarket 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.
