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.
- 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 Amazon.com Inc, BigML Inc., Fair Isaac Corporation (FICO), Google LLC (Alphabet Inc.), H2O.ai Inc., Hewlett Packard Enterprise Development LP, Iflowsoft Solutions Inc., International Business Machines Corporation, Microsoft Corporation, MonkeyLearn Inc., Sas Institute Inc., and Yottamine Analytics Inc.
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