Global Machine Learning as a Service (MLaaS) Market to Reach US$ 31.0 Billion by 2028, Impelled by Rising Adoption of Cloud-Based Solutions

March 08, 2022

The latest report by IMARC Group, titled "Machine Learning as a Service (MLaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global machine learning as a service (MLaaS) market reached a value of US$ 5.7 Billion in 2022. Machine learning as a service, also known as MLaaS, is a wide array of machine learning (ML) tools offered by cloud service providers. Some commonly offered ML tools include data visualization, natural language processing (NLP), deep learning, predictive analytics, speech and face recognition, and application programming interfaces (APIs). It offers several benefits, such as cost-effective data storage, toolkits for setting up efficient data governance, and pre-made pipelines for data ingestion. It also eliminates infrastructural concerns, including data pre-processing, model training, model evaluation, and predictions. As a result, MLaaS is rapidly gaining traction among organizations and enterprises to meet the dynamic business requirements, such as personalizing search results and predicting product demand.

Global Machine Learning as a Service (MLaaS) Market Trends:

The rising adoption of cloud-based solutions, the Internet of Things (IoT), and automation represents the primary factor driving the market growth. Besides this, the escalating demand for consumer behavior analysis and the surging need for MLaaS to organize the data efficiently have augmented the product demand. Additionally, enterprises are increasingly adopting MLaaS to design virtual assistants and chatbots, detect manufacturing defects for quality control, automate business documentation workflow, and handle NLP tasks. Along with this, the recent advancements in virtual technologies, such as virtual assistants, augmented reality (AR), smart storage management and logistics, have catalyzed the market growth. Furthermore, with significant developments in artificial intelligence (AI) and cognitive computing, several key players are making heavy investments to launch innovative ML-based solutions with enhanced accuracy and capabilities, thereby accelerating the product adoption rate. Other factors, including the shifting inclination toward personalization, rising information technology (IT) expenditure, emerging application areas, rapid digitization, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 31.0 Billion by 2028, growing at a CAGR of 31.2% during 2023-2028.

Market Summary:

  • On the basis of the component, the market has been bifurcated into software and services. 
  • Based on the organization size, the market has been classified as small and medium-sized, and large enterprises. 
  • The market has been segregated based on the application into marketing and advertising, fraud detection and risk management, predictive analytics, augmented and virtual reality, natural language processing, computer vision, security and surveillance, and others. 
  • Based on the end user, the market has been categorized into IT and telecom, automotive, healthcare, aerospace and defense, retail, government, BFSI, and others. 
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed with some of the key players being Inc, BigML Inc., Fair Isaac Corporation (FICO), Google LLC (Alphabet Inc.), Inc., Hewlett Packard Enterprise Development LP, Iflowsoft Solutions Inc., International Business Machines Corporation, Microsoft Corporation, MonkeyLearn Inc., Sas Institute Inc., and Yottamine Analytics Inc.


About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Global Machine Learning as a Service (MLaaS) Market to Reach US$ 31.0 Billion by 2028, Impelled by Rising Adoption of Cloud-Based Solutions
Select Licence Type

Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More