Machine Learning as a Service (MLaaS) Market - Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028, 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 Languag
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMachine Learning as a Service (MLaaS) Market - Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028, 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 Languag
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.
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.
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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
Recent Developments
- InflectionAI received one of the largest fundraising rounds for artificial machinelearning in June 2022, amounting to USD 225 million. It is said to be a startupfor AI and machine learning. Venture capitalists have provided it with equityfinancing worth USD 225 million.
- VertexAI, a new managed machine learning platform that enables users to maintain anddeploy AI models based on client needs, was announced by Google Cloud in May2021.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | · By Component · By Organization Size · By Application · By End-User · By Region |
| Regional scope | North America, Asia Pacific, Europe, Latin America, MEA |
| Country scope | United States; Canada; Mexico; China; Indian; Japan; South Korea; Australia; Germany; United Kingdom; France; Italy Spain; Saudi Arabia; South Africa; UAE; Brazil; Colombia; Argentina; |
| Key companies profiled | 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 |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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