The Global Machine Learning as a Service (MLaaS) market is projected to reach a value of over USD 12.7 Billion by 2027 at a CAGR of around 41.9%.
Machine learning as a Service (MLaaS) refers to an array of services which offers machine learning as a part of cloud computing services. It helps to offers services for the predictive analytics, deep learning, data visualization, predictive analytics, natural language processing, and data visualization as well as for the advanced machine learning algorithms. Whereas, is used for processes such as fraud detection, manufacturing, network analytics, marketing, advertising, and for risk analytics.
Hence, it benefits for both pattern recognition as well as probabilistic reasoning which will lead to enhance the growth of the Machine Learning as a Service (MLaaS) market in the forecast period.
Market Driver:
With the increasing rate of adoption for the Internet of Thing (IoT) is witness to boost the growth of the machine learning as a services market in the projected period. Whereas, it helps to provide a benefits with data analytics, as well as for inference. Also, the Microsoft offers Azure IoT Edge services in the Azure framework for the deployment of skilled machine learning models to the IoT as well as to the edge computing devices.
Hence, it helps to the small enterprise with the more advance services and innovations as well as enhance the data storage capacity. The growing adoption of IoT systems, the numbers of data which has to be handled has increased rapidly, for which is calling for faster and reliable data analysis solutions. However, the companies are enhancing is capacity to understand the customer behavior to advance it services which will lead to enhance the demand of the market growth in the forecast period.
Market Challenges:
One of the major key concern of the machine learning as a service market is the shortage of skilled professionals which may hamper the market growth. Whereas, the technology is advancing rapidly with the new growing updating services and solution may create a skill gap for deployment. However, the data privacy issues and regulations as well the data integration may also hinder the market growth. Moreover, the shortage of AI skills is forecast to be major barrier for the adoption of technologies. It is one of the major hurdle which may limit the adoption in near future. According to the World Economic Forum (WEF), there will be about more than 70 million jobs are projected to be displaced by automation.
Hence, these will lead to create a major impact for the growth of machine learning machine market in the projected period.
The report on the machine learning as a service (MLAAS) market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Component, Enterprise Size, Application, End-User, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Component
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Enterprise Size
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Application
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by End-User
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE MACHINE LEARNING AS A SERVICE (MLAAS) MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY