To know the impact of COVID-19 On Machine Learning as a Service Market Size, Share & Trends Analysis Report By Component (Software, Services), By Organization Size (Large Enterprises, Small & Medium Enterprises), By End-Use Industry (Aerospace & Defense, IT & Telecom, Energy & Utilities, Public sector, Manufacturing, BFSI, Healthcare, Retail, Others), By Application (Marketing & Advertising, Fraud Detection & Risk Management, Predictive Analytics, Augmented & Virtual reality, Natural Language Processing, Computer vision, Security & surveillance, Others) Based on Region, And Segment Forecasts, 2022 - 2028
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Global Machine Learning as a Service Market is valued at USD 2263.6 Million in 2020 and is expected to reach USD 22923.3 Million by 2027 with a CAGR of 39.2% over the forecast period.
Global Machine Learning as a Service Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing demand for artificial intelligence, growing adoption of cloud-based technologies, growing advancements in this field are some of the major factors driving the growth of Global Machine Learning as a Service Market.
Scope of Global Machine Learning as a Service Market Report:
Machine Learning (ML), in its most straightforward description of the Artificial Intelligence (AI) field, expands a wide set of algorithms that are used to extract valuable models from raw data and have grown from traditional statistics and analysis. Since these algorithms revolve around model complexity and computational complexity, skilled professionals are needed to develop these solutions. Furthermore, with the advancement of data science and artificial intelligence, the performance of machine learning accelerated rapidly. Companies are now recognizing the potential of this technology and, therefore, the adoption rate is expected to increase over the forecast period.
Companies are offering machine learning solutions on a subscription-based model, making it easier for consumers to take advantage of this technology. In addition, it provides flexibility on a pay-as-you-go principle. MLaaS products offered by companies are micro-services offered by major cloud computing companies such as Amazon, Web Services, Microsoft Azure, and the Google Cloud Platform. These solutions typically include pre-built natural language processing (NLP), computer vision, and general machine learning algorithms.
The COVID-19 epidemic has increased the demand for machine learning services as the world practices social distance technology. The use of thermal cameras and crowd detection systems has become commonplace at airports, train stations, and other places of public visit. This has led to a focus on Machine Learning as a Service. Furthermore, the use of machine learning to detect the presence of people in restricted zones in hospitals and COVID care centers has contributed to the growth of global Machine Learning as a Service market. The algorithms used for machine learning and analysis have been improved in recent years by respectable pursuits.
- Google Inc.
- SAS Institute Inc.
- Hewlett Packard Enterprise
- Yottamine Analytics
- Amazon Web Services
- BigML Inc.
- Microsoft Corporation
- Prediction Labs Ltd.
- IBM Corporation
Global Machine Learning as Service Market Segmentation:
Global MLaaS is segmented on the basis of component, organization size, end-use industry, application, and region & country level. Based upon the component, Machine Learning as a Service market is classified into software, and services. Based upon organization size, the Machine Learning as a Service market is divided into large enterprises, and small & medium enterprises. Based on end-use industry, the global Machine Learning as a Service market is classified into aerospace & defense, IT & telecom, energy & utilities, public sector, manufacturing, BFSI, healthcare, retail, and others. Based on application, the global Machine Learning as a Service market is classified into marketing & advertising, fraud detection & risk management, predictive analytics, augmented & virtual reality, natural language processing, computer vision, security & surveillance, and others.
By Organization Size:
- Large Enterprises
- Small & Medium Enterprises
By End-Use Industry:
- Aerospace & Defense
- IT & Telecom
- Energy & Utilities
- Public sector
- Marketing & Advertising
- Fraud Detection & Risk Management
- Predictive analytics
- Augmented & Virtual reality
- Natural Language processing
- Computer vision
- Security & surveillance
News: AWS Announced Five Industrial Machine Learning Services
December 1st, 2020; Amazon Web Services, Inc. (AWS), an Amazon.com company announced Amazon Monitor, Amazon Lookout for Equipment, the AWS Panorama Appliance, the AWS Panorama SDK, and Amazon Lookout for Vision. Together, these five new machine learning services help industrial and manufacturing customers embed intelligence in their production processes in order to improve operational efficiency, quality control, security, and workplace safety. The services combine sophisticated machine learning, sensor analysis, and computer vision capabilities to address common technical challenges faced by industrial customers, and represent the most comprehensive suite of cloud-to-edge industrial machine learning services available.
Increasing Demand for Artificial Intelligence, Growing Adoption of Cloud-Based Technologies, Growing Advancements in This Field are Some of the Major Factors Driving the Market Growth
Machine learning technology has driven the emergence of predictive analysis which is experiencing a rapid climb in consumption and has become a very important aspect of all business operations and processes. Predictive analytics is employed in many online activities, like Amazon product recommendations and Google search box auto-notification. For instance; Netflix, an internet movie rental service giant, uses machine learning to predict the films that customers choose to watch. Walmart Labs recently announced the acquisition of Inkiru, (a specialized company in machine learning technology). The acquisition helped Walmart provide better site personalization and fraud prevention. In addition, improved productivity, new software solutions, diversified application areas, increased customer satisfaction, and massive data integration supplement the adoption of artificial intelligence (AI) and also increase the demand for machine learning services.
AI has different application areas across media & advertising, finance, retail, healthcare, automotive & transportation, agriculture, law, educational institutions, oil & gas, and other industries. Furthermore, AI is estimated to possess a robust impact on healthcare advancements and cause more accurate treatments and therefore the prevention of medical conditions. There are many things that are made easier by the expansion of machine learning-as-a-services.
However, a lack of skilled consultants to deploy machine learning services may hinder the growth of the Machine Learning as a Service market. In spite of that, factors such as IoT-related growth, cognitive computing, neural networks, in-depth learning technology, and artificial intelligence (AI) are expected to provide many growth opportunities for the further growth of the market.
North America is Expected to Dominate the Global Machine Learning as a Service Market
North America is expected to dominate the global Machine Learning as a Service market owing to the favorable government initiatives to encourage the adoption of AI in various industries and presence of market players in this region. For example, in February 2019, US President Donald J. Trump launched the American AI Initiative as a country strategy to promote artificial intelligence leadership. As part of this initiative, federal agencies have increased public confidence in AI-based systems by establishing guidelines for its development and real-life implementation in a variety of industrial sectors.
Furthermore, Microsoft launched a machine learning platform in April 2019 that uses algorithms to solve real-world problems, commonly called machine learning. This will help to break down the problem into smaller parts and signal to machine learning models to find a quick solution. Also, Microsoft Corporation announced in April 2021 an open dataset for transportation, health and genomics, labor and economics, population and safety, supplementary and general datasets, and supplementary and general datasets to improve the accuracy of machine learning models using publicly available datasets. It also enables the company to provide hyper-scale insights by increasing sales of MLaaS by combining Azure Open datasets with Azure's machine learning and data analytics products.
The Asia-Pacific region is projected to show the fastest growth in the global MLaaS market due to the significant increase in investment in artificial intelligence. Also, the growing number of AI start-ups in the region is also increasing the adoption of AI to improve operational efficiency and enable process automation.
On Special Requirement MLaaS Market Report is also available for the below Regions and Countries:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
Key Benefits of Global MLaaS Market Report
- Global MLaaS Market report covers in-depth historical and forecast analysis.
- Global MLaaS Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, and Regional and Country levels.
- Global MLaaS Market report helps to identify opportunities in the marketplace.
- Global MLaaS Market report covers extensive analysis of emerging trends and the competitive landscape.
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Machine Learning as a Service Market Size, Share, By Component, By Organization Size