Machine learning integration in the retail industry reduces inventory holding costs, which improves consumer happiness. This creates a major prospect for the machine learning as a service market to flourish.
Machine learning-powered marketing is projected to disrupt traditional marketing methods and propel the global machine learning as a service market
The global machine learning as a service market was valued at US$ 3.9 Bn in 2020. The global market is expected to rise at a CAGR of 36.10% during the forecast period, from 2021 to 2031. The global machine learning as a service market is predicted to surpass the US$ 118.4 Bn mark by 2031. Players in the global machine learning as a service market are entering into collaboration with government and various regulatory bodies to standardize the MLaaS business.
Machine learning (ML) is in high demand as the usage of IoT (Internet of Things)-based services grows. As a result, integrating IoT technology into many industrial verticals aids in providing improved consumer experiences. This element is expected to drive the global machine learning as a service market in the years to come. The global machine learning as a service market is predicted to develop in response to the rising demand for AI-based solutions amongst all small and medium businesses (SMEs) to enhance productivity as well as efficiency.
Due to increase in the number of start-ups and use of machine learning in the U.S. and Canada, the North America machine learning as a service market is estimated to hold major share during the forecast period. Another element contributing to North America’s dominance is the existence of large market players that are focusing on R&D activities. As a result, the machine learning as a service sector is booming in North America.
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Key Findings of Market Report
- Machine learning as a service (MLaaS) provides developers with a variety of services such as data visualization, predictive analytics, and advanced machine learning algorithms, as well as the adoption of sophisticated technologies such as artificial intelligence (AI) and cloud in various industry verticals. This makes it easier to provide machine learning apps to end users. As a result, this factor is likely to encourage the use of machine learning as a service during the forecast period.
- The ever-changing retail industry necessitates adaptability as well as improved client interactions. Smaller merchants are also following the trend of data usage, utilizing cost-effective cloud-based machine learning technologies to better understand their consumers. Such insights are resulting in considerable growth prospects for the players across the globe.
- The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period, owing to rising government investments in start-ups and increasing adoption of AI and ML in various industries in countries such as Japan, China, and India for better operational productivity. As a result, the demand for machine learning as a service is likely to increase in the region in the years to come.
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Machine Learning as a Service Market: Growth Drivers
- As cloud technologies become more integrated with preferred delivery methods across various industry verticals, developers are likely to offer major cloud-based solutions to manage business operations. This is likely to boost the global machine learning as a service market in the forthcoming years
- Since machine learning necessitates a big IT infrastructure to hold data and then use expensive data analytics tools, cloud services offer a bigger infrastructure and stronger security mechanisms for machine learning data, thereby reducing data breaches. These are some of the important reasons that are likely to drive the global machine learning as a service market during the forecast period.
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Machine Learning as a Service Market: Key Competitors
- Amazon Web Services
- Hewlett Packard Enterprise Development LP
- Ersatz Labs Inc.
- Oracle Corporation
- Yottamine Analytics
- Google Inc.
Machine Learning as a Service Market: Segmentation
Component
- Software Tools
- Services
Application
- Marketing and Advertisement
- Predictive Maintenance
- Automated Network Management
- Fraud Detection and Risk Analytics
- Others
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Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
End User
- BFSI, IT & Telecom
- Automotive
- Healthcare
- Aerospace & Defense
- Retail
- Government
- Others
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