The global machine learning as a service market is expected to experience significant growth in the coming years due to several factors, including an increase in personal spending, global urbanization, and an adoption of cutting-edge technologies. The market analysis also considers government policies and regulations as factors impacting the industry’s growth. The market is expected to reach $5,537 million by 2023, growing at a CAGR of 39.0% from 2017 to 2023.
The process of machine learning involves using statistical data analysis to derive desired predictive output without explicit programming. Machine learning as a service incorporates a range of services that offer machine learning tools through cloud computing services. Key players in the market include Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML, Inc., Microsoft Corporation, Predictron Labs Ltd., and IBM Corporation.
Factors driving the market’s growth include an increased penetration of cloud-based solutions, growth associated with the artificial intelligence and cognitive computing market, and increased market for prediction solutions. Additionally, growth in IT expenditure in emerging nations and technological advancements for workflow optimization fuel the demand for advanced analytical systems driving the machine learning as a service market growth. Despite these factors, a lack of trained professionals is expected to impede the machine learning as a service market share. However, increased application areas and growth of IoT is expected to create lucrative opportunities for machine learning as a service market growth.
The global machine learning as a service market is segmented based on component, organization size, end-use industry, application, and geography. The component segment is bifurcated into software and services, and based on organization size, it is divided into large enterprises and small & medium enterprises. The application segment includes marketing & advertising, fraud detection & risk management, predictive analytics, augmented & virtual reality, natural language processing, computer vision, security & surveillance, and others. On the basis of end-use industry, it is classified into aerospace & defense, IT & telecom, energy & utilities, public sector, manufacturing, BFSI, healthcare, retail, and others. By geography, the machine learning as a service market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In summary, the global machine learning as a service market is projected to experience substantial growth in the coming years due to various market drivers and trends. The market analysis offers an examination of future revenue projections, market demands, regional analysis, and other crucial information about the target market. The key players operating in the market, supply chain trends, financials, significant developments, and technological innovations are also explored.
