According to a recent market research report on Machine Learning as a Service, the market value is expected to exceed $7500 million by 2024, with a CAGR of 42% in the forecast period. The report further segments the market according to component, organization size, end-user, application, and geography.
The report identifies machine learning as a service (MLaaS) as a comprehensive range of solutions that perform statistical analysis using input data to understand performance and current or future relationships. MLaaS tools optimize advancement for various business verticals while making use of large amounts of input data to deliver improved analytical output.
The report states that the major driving factors of MLaaS Market are innovations in technologies, increasing demand for advanced analytical tools and applications, and growing public sector investments. While the major restraining factors include a lack of technical expertise, security concerns and operational challenges.
The market’s application types include marketing & advertising, fraud detection & risk management, predictive analytics, augmented & virtual reality, natural language processing, computer vision, security & surveillance, and others. The end-user types include aerospace & defense, IT & telecom, energy & utilities, public sector, manufacturing, BFSI, healthcare, retail, and others.
The report concludes with a comprehensive company profile of major market players. The companies included in the report are Terry Laboratories Inc., Aloe Laboratories Inc., Pokonobe Inc., Lily of the Desert Organic Aloeceuticals, Foodchem International Corporation, Aloe Farms Inc., Natural Aloe Costa Rica S.A., Aloecorp Inc., Cady products LLC, Houssy Global, and Pharmachem Laboratories Inc.
In conclusion, the MLaaS market is expected to grow exponentially in the coming years, with increasing demand for advanced analytical tools and applications in various business verticals. The report provides a detailed analysis of the market segments, driving and restraining factors, and company profiles of major market players, making it a valuable resource for investors, policymakers, and business owners alike.
