MACHINE LEARNING AS A SERVICE (MLAAS) MARKET: SUMMARY
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.
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET: DRIVERS & CHALLENGES
- Increasing Rate of Adoption for Internet of Things (IoT)
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.
- Lack of Skilled Professionals
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.
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET: KEY SEGMENTS
- Segmentation based on Component: Solution and Services.
- Segmentation based on Enterprise Size: Small And Medium-Sized Enterprises (SMEs) and Large Enterprises.
- Segmentation based on Application: Fraud and Risk Management, Sales and Marketing, Augmented Reality, Automated Traffic Management and Others.
- Segmentation based on End-User: BFSI, Retail, Government and Defense, Healthcare, Manufacturing, Telecommunications, Automotive & Transportation and Others.
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET: REPORT SCOPE
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.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Component, Enterprise Size, Application, End-User, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
KEY COMPANIES COVERED
- Microsoft (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- IBM Corporation
- Fair Isaac Corporation
- Amazon Web Services, Inc.
- Google LLC
- BigML, Inc.
- AT&T Intellectual Property
- Hewlett Packard Enterprise Development LP
- Yottamine Analytics Inc.
- Other Key Companies
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Component
- Modeler and Processing
- Data Storage
- Professional Services
- Managed Services
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Enterprise Size
- Small And Medium-Sized Enterprises (SMEs)
- Large Enterprises
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Application
- Fraud and Risk Management
- Sales and Marketing
- Augmented Reality
- Automated Traffic Management
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by End-User
- Government and Defense
- Automotive & Transportation
MACHINE LEARNING AS A SERVICE (MLAAS) MARKET, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Machine Learning As A Service (MLAAS) Market Providers
- Machine Learning As A Service (MLAAS) Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Machine Learning As A Service (MLAAS) Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE MACHINE LEARNING AS A SERVICE (MLAAS) MARKET STUDY