Machine Learning as a Service Market projected to reach $5,537 million by 2023, growing at a CAGR of 39.0%
Machine learning is a process of data analysis that comprises of statistical data analysis performed to derive desired predictive output without the implementation of explicit programming. It is designed to incorporate the functionalities of artificial intelligence (AI) and cognitive computing involving a series of algorithms and is used to understand the relationship between datasets to obtain the desired output.
Machine learning as a service (MLaaS) incorporates a range of services that offer machine learning tools through cloud computing services.
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The global machine learning as a service market was valued at $571 million in 2016 and is projected to reach $5,537 million by 2023, growing at a CAGR of 39.0% from 2017 to 2023.
Increased penetration of cloud-based solutions, growth associated with artificial intelligence and cognitive computing market, and increase in the market for prediction solutions drive the market growth.
In addition, growth in IT expenditure in emerging nations and technological advancements for workflow optimization fuel the demand for advanced analytical systems driving the machine learning as a service market growth. However, a dearth of trained professionals is expected to impede machine learning as a service market share.
Furthermore, increased application areas and the growth of IoT is expected to create lucrative opportunities for machine learning as a service market growth.
The global machine learning as a service market is segmented based on component, organization size, end-use industry, application, and geography. The component segment is bifurcated into software and services.
Based on organization size, it is divided into large enterprises and small & medium enterprises. The application segment is categorized into marketing & advertising, fraud detection & risk management, predictive analytics, augmented & virtual reality, natural language processing, computer vision, security & surveillance, and others.
On the basis of end-use industry, it is classified into aerospace & defense, IT & telecom, energy & utilities, public sector, manufacturing, BFSI, healthcare, retail, and others. By geography, machine learning as a service market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players that operate in the machine learning as a service market are Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML, Inc., Microsoft Corporation, Predictron Labs Ltd., and IBM Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global machine learning as a service market.
- Porter’s Five Forces analysis highlights the potential of buyers & suppliers and provides insights into the competitive structure of the market to determine investment pockets.
- Current and future trends adopted by the key market players are highlighted to determine overall competitiveness.
- The quantitative analysis of machine learning as a service market growth from 2017 to 2023 is provided to elaborate on the market potential.
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