ALBANY, New York, October 9, 2018 /PRNewswire/ --
Global machine learning as a service market is expected to witness substantial growth in the years to come, according to report by Transparency Market Research (TMR). Currently, the competitive ecosystem of the global MLaaS market features fair amount of consolidation. The market is largely dominated by three vendors-namely- Amazon Web Services, IBM Corporation, and Microsoft Corporation. These companies held over 73% of the overall market share in 2016. In recent years, a number of regional vendor are also gaining traction in the global machine learning as a service market. This is expected to lead to fragmentation in the market in the coming years, though the leading vendors are expected to continue leading the market.
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The leading vendors have said to amass their market position on account of their efficient services, innovative product portfolio, and established geographical presence across the globe. Key players in the market are expected to adopt strategies such as mergers and acquisitions, and efficient branding. New market entrants are anticipated to invest into niche technologies in order to gain momentum in the market, and obtain support form established vendors. Other prominent players in the global MLaaS market are Big MI Inc., Hewlett Packard Enterprise, Sift Science Inc., and Google Inc.
According to TMR analysts, the demand in the global machine learning as a service market will be rising at a CAGR of 38.40% during the forecast period of 2017 to 2025. Revenue-wise, the global MLaaS market is anticipated to rise to US$19.86 billion by 2025.
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Demand for Industrial Analytics to Drive Growth
Machine learning is intended to fuse the functionalities of artificial reasoning and intelligence (AI) and psychological processing which includes a progression of calculations and is utilized to comprehend the connection between datasets to get a coveted yield.
The present business situation has seen flood in selection of machine learning as a service in the developed and the emerging regions, inferable from the technological advancements in products, expanded need to enhance executional and operational productivity, high demand for systematic frameworks, and increment in application regions among end clients. Furthermore, ascend in entrance of cloud-based frameworks, development related with AI and predictive analysis business sector, and increment in market for predictive systems further fuel the demand for machine learning as a service market.
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Predictive Analysis Technology to Present Lucrative Market Potential
There are various MLaaS application sectors for organizations to consider, including natural language processing (NLP), AI levels and other machine learning APIs. Amazon, Google, Microsoft and IBM all offer distinctive services for these machine learning functionalities. Furthermore, these diverse kinds of AI can impacts affect numerous parts of computerized change.
Machine learning as a technology has driven the development of predictive analysis which encounters swift growth in utilization and has turned into an imperative part of all business tasks and procedures. Predictive analytics is utilized in a number of online activities, for instance, Amazon product descriptions and Google search box auto recommendation. Further, Netflix, an online movie rental service mammoth, utilizes machine learning to anticipate the movies or series that their client would want to see. The swift adoption of this technology is expected to present vendor with fresh potential in the global MLaaS market in the coming years.
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This review is based on TMR's report titled, "Machine Learning as a Service Market (Deployment Type - Public Cloud and Private Cloud; End Use - Manufacturing, Retail, Healthcare & Life Sciences, Telecom, and BFSI) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
Machine learning as a Service Market is segmented along the following lines:
Global Machine Learning as a Service Market, By Deployment Type
- Public Cloud
- Private Cloud
Global Machine Learning as a Service Market, By End Use Application
- Healthcare & Life Sciences
- Others (Energy & Utilities, Education, Government, etc.)
Global Machine Learning as a Service Market, By Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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