Increasing application of cloud-based solutions, technological development in artificial intelligence and cognitive computing market, and increase in market for prediction solutions are some of the factors to fuel the MLaaS market growth.
Verified Market Research recently published a report, “Machine Learning As A Service Market” By Component (Services, Software Tools), By Application (Analytics And Automated Traffic Management, Fraud Detection, Predictive Maintenance), and By Geography. According to Verified Market Research, the Global Machine Learning As A Service Market size was valued at USD 2.48 Billion in 2020 and is projected to reach USD 38.81 Billion by 2028, growing at a CAGR of 41.2% from 2021 to 2028.
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Global Machine Learning As A Service Market Overview
Global Machine Learning As A Service Market is experiencing an increase in development because of technological developments and a rise in the number of Research and innovation activities across the world which leads to growth of the market. Another important factor driving market expansion is the increase in the adoption of cloud-based technologies. Moreover, the growing emphasis on customer-centric behavior is driving overall growth.
The MLaaS model is expected to lead the global, giving customers the option to select from a wide variety of services designed for specific business requirements. Furthermore, the expansion of the adoption rate for MLaaS is anticipated to be propelled by the growing adoption rate for IoT and autonomous systems in businesses. Over a billion devices connected have already been deployed in industrial automation. Smart and connected innovations have augmented the formation of enormous amounts of information, which can then be investigated to produce profitable insights.
Key Developments
- In April 2019, Microsoft initiated a machine teaching framework that utilizes algorithms to address actual problems. This helps break down the issue into smaller bits and provide indications for machine learning models and find immediate assistance.
- In November 2018, Amazon has released an update of machine learning services in the healthcare sector. It assists in the HIPAA-compliant translation of Amazon which has been interpreted and recorded.
- In April 2021, Microsoft Company stated an open dataset for transportation, general wellbeing, and genome sequencing, employment and economy, population and security, additional support and common datasets, complementary and prevalent datasets, and supplemental and popular sets of data to enhance the precision of machine learning models utilizing a publicly available dataset.
Key Players
The major players in the market are Hewlett Packard Enterprises, AT&T, FICO, IBM Corporation, Microsoft, Google Inc., BigML Inc., Ersatz Labs, Yottamine Analytics, and Amazon Web Services.
Verified Market Research has segmented the Global Machine Learning As A Service Market On the basis of Component, Application, and Geography.
- Machine Learning As A Service Market, By Component
- Services
- Software Tools
- Machine Learning As A Service Market, By Application
- Analytics And Automated Traffic Management
- Fraud Detection
- Predictive Maintenance
- Risk Analytics
- Augmented Reality
- Others
- Machine Learning As A Service Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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