Machine Learning as a Service Market- Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028F

NEW YORK, Dec. 6, 2022 /PRNewswire/ --

Machine Learning as a Service Market- Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028F



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Segmented By Component (Solution, Service), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Application (Marketing & Advertising, Fraud Detection & Risk Management, Computer vision, Security & Surveillance, Predictive analytics, Natural Language Processing, Augmented & Virtual Reality, Others), By End User (IT and Telecom, Automotive, Healthcare, Aerospace and Defense, Retail, Government, BFSI), By Region, Competition

Global machine learning as a service market is anticipated to grow at double digit CAGR through 2028 on account of rising adoption of cloud-based solutions and increasing application of big data.Additionally, it is estimated that the limited availability of skilled labour and a lack of data security can hamper the growth of the machine learning as a service (MLaaS) market globally throughout the forecasted period.

The term "Machine Learning as a Service" (MLaaS) refers to a group of services which includes several cloud-based platforms using machine learning techniques to offer dedicated solutions. Furthermore, MLaaS reduces infrastructure-related issues such as data pre-processing, model training, model evaluation, and, ultimately, predictions.
Rising adoption of cloud-based services
, Several industry verticals utilize major cloud-based solutions to manage business operations. With cloud-based technologies being majorly used in various organizations and enterprises; data interchange is facilitated by the simplicity with which these connections are established. This makes it possible to access the information within the organization, increasing the latter’s cost-effectiveness. For instance, Infosys Ltd launched industry cloud platform for organizations in 2022 to increase innovation and business value in the cloud across the financial services industry.
Lack of skilled resources
Developers can now design efficient cloud-based business operation solutions with the expanding adoption of cloud technologies and desirable delivery techniques across numerous industry verticals.To speed up the ML integration process, SMEs in the MLaaS industry prefer cloud-based services.

Eliminating tedious work improves an organization’s efficiency without adding more people.Though, lack of trained consultants, compliance problems, and regulatory limitations are some obstacles preventing this market’s expansion.

Therefore, in order to improve uniformity in the market environment, market participants should collaborate with governmental and regulatory agencies to improve the uniformity in the market environment.
Growing IoT in business operations
The information technology industry is expanding due to the increasing popularity of social media platforms and cloud computing technologies.Today, cloud computing services are extensively used by various companies that offer enterprise storage solutions.

The ability to analyze real time data online using cloud storage is a benefit.Thanks to cloud computing, data analysis is now possible at any time and location.

Businesses may also digitally access critical data from linked data warehouses and save money on infrastructure and storage costs by utilizing cloud and ML, which includes trends in customer behaviour and purchasing.The growth of cloud computing has led to the development of MLaaS industry.

AI systems employ ML to speed up learning, self-correction, and reasoning. AI applications include expert systems, speech recognition, and machine vision, to name a few. Hence, AI is becoming increasingly popular as a result of modern initiatives like big data infrastructure and cloud computing.
Market Segments
Global Machine Learning as a Service Market is segmented into by component, by organization size, by application, by end-user and by region.Based on component, the market is segmented into Solution and Service.

Based on Organization Size, the market is segmented into Small and Medium-Sized Enterprises and Large Enterprises.Based on Application, the market is segmented into Marketing & Advertising, Fraud Detection & Risk Management, Computer vision, Security & Surveillance, Predictive analytics, Natural Language Processing, Augmented & Virtual Reality, Others.

Based on End User, the market is further segmented into IT and Telecom, Automotive, Healthcare, Aerospace and Defense, Retail, Government, BFSI.

Market Players
Major market players in the Global Machine Learning as a Service Market are Google Inc, SAS Institute Inc, Fair Isaac Corporation, Hewlett Packard Enterprise Development LP, Yottamine Analytics Inc., Amazon Web Services, BigML, Inc., Microsoft Corporation, IBM Corporation, Broadcom Corporation
Recent Developments
• Inflection AI received one of the largest fundraising rounds for artificial machine learning in June 2022, amounting to USD 225 million. It is said to be a startup for AI and machine learning. Venture capitalists have provided it with equity financing worth USD 225 million.
• Vertex AI, a new managed machine learning platform that enables users to maintain and deploy AI models based on client needs, was announced by Google Cloud in May 2021.

Report Scope:

In this report, Global Machine Learning as a Service Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Machine Learning as a Service Market, By Component:
o Solution
o Service
• Machine Learning as a Service Market, By Organization Size:
o Small and Medium-Sized Enterprises
o Large Enterprises
• Machine Learning as a Service Market, By Application:
o Marketing & Advertising
o Fraud Detection & Risk Management
o Computer vision
o Security & Surveillance
o Predictive analytics
o Natural Language Processing
o Augmented & Virtual Reality
o Others
• Machine Learning as a Service Market, By End User:
o IT and Telecom
o Automotive
o Healthcare
o Aerospace and Defense
o Retail
o Government
o BFSI
• Machine Learning as a Service Market, By Region:
o North America
United States
Canada
Mexico
o Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
o Europe
Germany
UK
France
Italy
Spain
Rest of Europe
o MEA
Saudi Arabia
UAE
South Africa
Rest of MEA
o South America
Brazil
Argentina
Colombia
Rest of South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Machine Learning as a Service Market.

Available Customizations:

Global Machine Learning as a Service Market with the given market data, Tech Sci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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