- Incorporating machine learning into the retail industry lowers inventory holding costs, increasing customer satisfaction. This opens up a lot of opportunities for machine learning as a service business to grow.
- Machine learning-powered marketing is expected to challenge traditional marketing tactics and drive the worldwide machine learning as a service market forward.
ALBANY, N.Y., March 29, 2022 – In 2020, the global machine learning as a service market was estimated to be worth US$ 3.9 billion. During the projected period, from 2021 to 2031, the global market is expected to grow at a CAGR of 36.10 percent. By 2031, the global machine learning as a service market is expected to reach US$ 118.4 billion. To standardize the MLaaS industry, players in the worldwide machine learning as a service market are collaborating with the government and various regulatory authorities.
As the use of IoT (Internet of Things)-based services rises, machine learning (ML) is in great demand. As a result, incorporating IoT technology into a variety of industrial verticals contributes to better consumer experiences. In the coming years, this factor is projected to drive the global machine learning as a service market. The global machine learning as a service market is expected to grow in response to the growing demand for AI-based solutions by all small and medium businesses (SMEs) in order to improve productivity and efficiency.
The North American machine learning as a service market is expected to have a significant share throughout the forecast period, owing to a growth in the number of start-ups and the use of machine learning in the United States and Canada. The presence of significant market companies focused on R&D operations is another factor contributing to North America’s supremacy. As a result, the machine learning as a service industry in North America is booming.
Key Findings of Market Report
- Machine learning as a service (MLaaS) provides developers with a variety of services such as data visualization, predictive analytics, and advanced machine learning algorithms, as well as the adoption of sophisticated technologies such as artificial intelligence (AI) and cloud in various industry verticals. This makes it easier to provide machine learning apps to end-users. As a result, this factor is likely to encourage the use of machine learning as a service during the forecast period.
- The ever-changing retail industry necessitates adaptability as well as improved client interactions. Smaller merchants are also following the trend of data usage, utilizing cost-effective cloud-based machine learning technologies to better understand their consumers. Such insights are resulting in considerable growth prospects for the players across the globe.
- The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period, owing to rising government investments in start-ups and increasing adoption of AI and ML in various industries in countries such as Japan, China, and India for better operational productivity. As a result, the demand for machine learning as a service is likely to increase in the region in the years to come.
Machine Learning as a Service Market: Growth Drivers
- As cloud technologies become more integrated with preferred delivery methods across various industry verticals, developers are likely to offer major cloud-based solutions to manage business operations. This is likely to boost the global machine learning as a service market in the forthcoming years
- Since machine learning necessitates a big IT infrastructure to hold data and then use expensive data analytics tools, cloud services offer a bigger infrastructure and stronger security mechanisms for machine learning data, thereby reducing data breaches. These are some of the important reasons that are likely to drive the global machine learning as a service market during the forecast period.
Machine Learning as a Service Market: Key Competitors
- Amazon Web Services
- Hewlett Packard Enterprise Development LP
- Ersatz Labs Inc.
- Oracle Corporation
- Yottamine Analytics
- Google Inc.
Machine Learning as a Service Market: Segmentation
- Software Tools
- Marketing and Advertisement
- Predictive Maintenance
- Automated Network Management
- Fraud Detection and Risk Analytics
- Small & Medium Enterprises
- Large Enterprises
- BFSI, IT & Telecom
- Aerospace & Defense
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