Machine Learning-as-a-Service Market:
The GMI Research’s latest analysis reveals that the Machine Learning-as-a-Service Market is slated to register a higher CAGR over the forecast period. This is attributed to the rising need to understand the customer’s behavior, the rise in affordability of data storage, and the strong adoption of cloud-based technology across companies.
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Machine Learning-as-a-Service Market’s leading Manufacturers:
- Microsoft Corporation
- International Business Machine Corporation
- Google LLC
- Amazon Web Services
- BigML, Inc.
- FICO
- Hewlett Packard Enterprise Development LP
- SAS Institute Inc.
- Yottamine Analytics, LLC
- DataRobot, Inc.
- Algolytics
Machine Learning-as-a-Service Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The rising need to understand the behavior of the customer and the strong adoption of cloud-based technology particularly among organizations are the major factors responsible for the growth of the global machine learning-as-a-service market size. Moreover, MLaaS is largely adopted by enterprises across the sectors to improve customer experience, which will further drive the growth of the machine learning-as-a-service market. The ML helps gain insights related to customer behavior, purchasing pattern, and interest owing to its ability to effectively manage data.
The rapid technological advancement, which include Machine Learning (ML), Artificial Intelligence (AI), learning and analytics technologies, and the rise in affordability of data storage, will further create lucrative growth opportunities in the market. According to the machine learning-as-a-service market forecast, deep learning, the Internet of Things (IoT), cognitive computing, and other technologies are expected to open new doors for market growth. With the high adoption of IoT and automation systems across the sectors, there has been an upsurge in demand for MLaaS as IoT and connected technologies are producing a wide amount of data, which can be analyzed and utilized to retrieve profitable insights. In addition to this, the leading players are providing machine learning services and offering several options to perform ML algorithms utilizing a cloud-based platform. On the other hand, a shortage of skilled professionals to deploy ML services and government & compliance concerns will hinder the growth of the market.
Vertical Segment Drivers
Based on the vertical, retail is projected to witness a faster CAGR over the coming years due to shift to digital space. Enterprises including eBay, and Amazon are the major players in the digital revolution. The E-commerce and Retail industry are adopting machine learning as-a-service to enhance their customer experience and better operational efficiency.
Regional Drivers
Based on region, North America is projected to rise at a higher CAGR over the forecast period due to the increasing penetration rate of machine learning services and the strong adoption of the latest advancement in technologies, including introduction of big data within machine learning services. Additionally, the strong presence of leading players like Google, Microsoft, Amazon Web Services, BigML, and IBM will further contribute to the growth of the market.
Machine Learning-as-a-Service Market Segmentation:
Segmentation by Component:
- Software Tools
- Data Storage and Archiving
- Modeler and Processing
- Cloud and Web-Based Application Programming Interface
- Others
- Services
- Professional Services
- Managed Services
Segmentation by Application:
- Marketing and Advertising
- Fraud Detection and Risk Analytics
- Predictive Maintenance
- Augmented Reality
- Network Analytics and Automated Traffic Management
- Others
Segmentation by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Segmentation by Vertical:
- Education
- Banking and Financial Services
- Insurance
- Automotive and Transportation
- Healthcare
- Defense
- Retail and E-Commerce
- Media and Entertainment
- Telecom
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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