PUNE, India, November 2, 2016 /PRNewswire/ --
According to a new market research report, "Machine Learning as a Service (MLAAS) Market by Component (Software Tools, Services), Organization Size, Application (Marketing, Risk Analytics & Fraud Detection, Predictive Maintenance, Network Analytics), Service and Region - Global forecast to 2021", published by MarketsandMarkets, the MLaaS market size is estimated to grow from USD 613.4 Million in 2016 to USD 3,755.0 Million by 2021, at a CAGR of 43.7% from 2016 to 2021.
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Browse 72 market data Tables and 51 Figures spread through 137 Pages and in-depth TOC on "Machine Learning as a Service (MLAAS) Market"
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The major forces driving this market are the adoption of cloud-based technologies and strong need to understand customer behavior. The high demand for private clouds among enterprises is also promoting cloud-based applications that help boost the adoption of MLaaS solutions in the networking market.
The Small and Medium Businesses (SMBs) segment is expected to grow at the highest CAGR in the MLaaS market during the forecast period
SMBs prefer MLaaS as the data provided by the machine learning application is dynamic. With the help of predictive analytics machine learning, algorithms not only give real-time data but also predict the future. SMBs can use machine-learning solutions for fine-tuning their supply chain by predicting a product demand and providing suggestions on the timing and quantity of supplies required in order to meet customers' expectations.
The professional segment expected to hold the largest market share in the MLaaS market during the forecast period
A majority of the companies do not have the expertise to successfully manage infrastructure and hence, they outsource these services to third-party partners to maintain a level of security and safety. Professional services include designing, planning, upgrading, and consulting services. The growth of the professional services segment is mainly governed by the complexity of operations and increasing deployment of machine learning solutions. Professional services categorized into three types, namely, deployment & integration, support & maintenance, and consulting services.
North America expected to contribute the largest market share and will continue to grow at the highest rate
North America has been the most forward towards adopting Machine Learning Services. Furthermore, this region has been extremely responsive towards adopting the latest technological advancements such as integration technologies with cloud, Big Data within Machine Learning Services. North America is foremost in deploying machine-learning services into many applications and domains.
The major vendors in the Machine Learning as a Service Market include Microsoft, Amazon Web Services (AWS), Hewlett Packard Enterprises (HPE), Google, Inc., BigML Inc., FICO and IBM Corporation.
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