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The global machine learning as a service (MLaaS) market reached a value of US$ 3.90 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 25.67 Billion by 2027, exhibiting at a CAGR of 36.80% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Machine learning as service (MLaaS) refers to a set of cloud-based platforms that offer machine learning (ML) tools on the go. It offers the benefits of cost-effective data storage, pre-made pipelines for data ingestion, and toolkits for setting up effective data governance. Moreover, it plays a vital role in eradicating infrastructural concerns, such as model training and evaluation and pre-processing. It also enables deep learning, data visualization, accurate regression, speech and face recognition, predictive analytics, and computer vision. Consequently, organizations nowadays use MLaaS to meet the dynamic business needs, such as personalizing search results and predicting product demand.
Several companies presently are transferring their data from on-premise storage to cloud storage systems. This acts as a key factor driving the need for MLaaS to organize the data properly. Apart from this, the widespread adoption of Internet of Things (IoT) devices and systems in enterprise automation is propelling the market growth. Besides this, the escalating demand for personalization and developments in virtual technologies, such as virtual assistants, augmented reality (AR), smart storage management, and logistics, is contributing to the market growth. Furthermore, MLaaS is gaining traction in designing chatbots and virtual assistants, quality control and detection of manufacturing defects, automating business documentation workflow, and natural language processing (NLP) tasks. Additionally, as ML can detect disease and virus infections accurately, it is used to automate the task of predicting coronavirus disease (COVID-19) infection and forecast future infection tallies. In line with this, scientists across the globe are focusing on developing ML-based smart solutions. These solutions assist in diagnosing and treating various diseases at an early stage, which is anticipated to drive the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global machine learning as a service (MLaaS) market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, organization size, application and end user.
Breakup by Component:
Breakup by Organization Size:
Breakup by Application:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amazon.com Inc., Bigml Inc., Fair Isaac Corporation, Google LLC (Alphabet Inc.), H2O.ai Inc., Hewlett Packard Enterprise Development LP, Iflowsoft LLC, International Business Machines Corporation, Microsoft Corporation, MonkeyLearn, Sas Institute Inc. and Yottamine Analytics Inc.
|Base Year of the Analysis||2021|
|Segment Coverage||Component, Organization Size, Application, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Amazon.com Inc., Bigml Inc., Fair Isaac Corporation, Google LLC (Alphabet Inc.), H2O.ai Inc., Hewlett Packard Enterprise Development LP, Iflowsoft LLC, International Business Machines Corporation, Microsoft Corporation, MonkeyLearn, Sas Institute Inc. and Yottamine Analytics Inc.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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