Market Research Future (MRFR), in its recently published research report, asserts that the global machine learning as a service (MLaaS) market is booming and expected to grow exponentially by 2022, registering a striking CAGR throughout the forecast period 2015-2022. MRFR also predicts that the global machine learning as a service (MLaaS) market might reach approximately USD 4630 million, registering a stellar 40% CAGR throughout the period.
Drivers and Restraints
The increasing adoption of machine learning by the enterprises for facilitating quick decision making is likely to fuel the growth of machine learning as a service (MLaaS) market over the review period. Automation is one of the major factors driving the growth of machine learning as a service (MLaaS) market. The expanding market presence of automation has restricted human intervention, thus, paving the way for the growth of the MLaaS market in the foreseeable future. Data has become the backbone of organizations. The increasing demand for predictive analysis across the end-user industry verticals, along with the shift towards data science, has released myriad opportunities for the expansion of machine learning as a service (MLaaS) market. In addition to this, the developments introduced in the machine learning tools such as face recognition, APIs, data visualization, natural language processing, predictive analytics, and deep learning are expected to fuel the expansion of the global machine learning as a service (MLaaS) market during the assessment period.
Furthermore, the incorporation of cloud computing in machine learning has fueled the growth of machine learning as a service (MLaaS) market. The market is at a promising stage and has been assumed to display an entry of startups that are in a better position to support rapid technological developments. The growing demand for machine learning as a service (MlaaS) has been prognosticated to remain highly lucrative over the next couple of years.
The global market for machine learning as a service (MLaaS) has been analyzed on the basis of component, application, deployment, and end-user.
Based on the Component, the global machine learning as a service (MLaaS) market has been segmented into Cloud APIs, Software tools, Web-based APIs
ON the basis of the Application, the machine learning as a service (MLaaS) market has been segmented into Predictive maintenance, Network analytics, Augmented reality
ON the basis of the end-user, the machine learning as a service (MLaaS) market has been segmented into BFSI, healthcare, manufacturing, transportation, retail, government, transportation, telecom, government, and others.
The geographical analysis of machine learning as a service (MLaaS) market has been studied n four major regions namely, Asia Pacific, Europe, North America, and the Rest of the World. The report indicates that North America region would dominate the machine learning as a service (MLaaS) market over the review period followed by Europe owing to the significant advancements in the field of machine learning as a service observed in countries such as the U.S. and Canada. The study also indicates that the U.S. and Canada are in large as well as start-ups vendors in the North America region .The research suggests that Asia-Pacific countries like China, Japan, South Korea, India, and others are highly investing in R&D. The study reveals that the Asia-Pacific region would show positive growth in machine learning as a service (MLaaS) market by the forecast period.
The major market players operating in the global market as identified by Microsoft (U.S.), Yottamine Analytics (U.S.), BigML (U.S.), Google (U.S.), IBM (U.S.), Ersatz Labs, Inc. (U.S.), AT&T (U.S.), Amazon Web Services (U.S.), Fuzzy.ai (Canada), and Sift Science, Inc. (U.S.).
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