Global Machine Learning as a Service (MLaaS) Market – Overview
According to Market Research Future (MRFR), the
global Machine Learning as a Service Market is projected to grow at
USD 4630 million at a CAGR of 40% between 2016 and 2022 (forecast period). The
study contains a COVID-19 review of the global machine learning as a service
(MLaaS) market and provides a broad analysis of market segments, current
trends, growth projections, and market challenges to assess market
opportunities.
Machine learning as a service refers to a variety of
services that provide machine learning tools as part of cloud computing
services, including data visualization, APIs, face recognition, natural
language processing, predictive analytics, and deep learning. The key benefit
of machine learning as a service is that customers can get started easily with
machine learning without downloading and installing any software at the end.
Machine learning as a service offers services to developers, including data
modeling APIs, machine learning algorithms, data transformations, and
predictive analytics.
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Market Dynamics
The increased volume of data and the variety of data
to be handled qualitatively are significant factors impelling the machine
learning as a service (MLaaS) industry. Innovations in automation technology
and the growing adoption of cloud-based systems are driving the growth of
machine learning as a service industry. In addition to the availability of data
storage at a cheaper rate, and the introduction of the Internet of Things
(IoT), the market for machine learning as a service (MLaaS) is also expanding.
The study shows that a lack of historical data is one of the major limiting
factors in the development of machine learning as a service (MLaaS) market.
Market Segmentation
The market for machine learning as a service (MLaaS)
has been segmented based on component, application, organization size,
deployment, and end-user.
By component, the global machine learning as a
service (MLaaS) market has been segmented into software tools, cloud-based
APIs, and web-based APIs.
By application, the global market has been segmented
into network analytics, predictive maintenance, augmented reality, marketing,
and advertising, risk analytics and fraud detection, and others.
By organization size, the global market has been
segmented into SMBs and large enterprises.
By deployment type, the global market has been
segmented into the cloud and on-premise.
By the end-user, the global market has been
segmented into manufacturing, BFSI, healthcare, retail, transportation,
government, telecom, and others.
Regional Analysis
The geographical analysis of the global machine
learning as a service (MLaaS) market is being examined for regions such as
Europe, Asia Pacific, North America, and the Rest of the World.
The study shows that the North American region will
dominate the market for machine learning as a service (MLaaS) over the forecast
period, followed by Europe due to significant advances in the field of machine
learning as a service seen in countries such as the United States and Canada.
The study also shows that both the U.S. and Canada are the hub of large and start-up
vendors in the North American region. The Asia Pacific countries like China,
Japan, South Korea, India, and others are investing heavily in R&D. The
Asia Pacific region will show a positive increase in the demand for machine
learning as a service (MLaaS) over the forecast period.
Key Players
The prominent participants in the machine learning
as a service (MLaaS) market are- Google (U.S.), BigML (U.S.), Microsoft (U.S.),
AT&T (U.S.), IBM (U.S.), Amazon Web Services (U.S.), Yottamine Analytics
(U.S.), Ersatz Labs, Inc. (U.S.), Fuzzy.ai (Canada), and Sift Science, Inc.
(U.S.) among others.
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