Machine Learning as a Service (MLaaS) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2213
Machine Learning as a Service Market size is buoyed by increasing penetration of cloud-based applications, increasing popularity and acceptance Artificial Intelligence (AI) and cognitive computing solutions along with large volume and high diversity of data being produced and stored by enterprises. Machine learning is one of the fastest growing dimensions of computer science and has far-reaching applications. It refers to the automated detection of meaningful patterns in data under consideration.
With growing amount of data being generated by different data sources such as mobile applications, web sites, and social media platforms, enterprises have recognized the need to integrate such data and extract valuable insights. Machine learning uses statistical models to draw inferences from these data samples. Machine learning as a service market refers to a collection of machine learning tools offered as a part of a cloud-based service. Different tools offered under such services include natural language processing, data visualization, deep learning, APIs, predictive analytics, and face recognition tools. Customers can access these tools without the need to provision their own servers or purchasing and installing the required software. This results in huge cost savings along with the benefits of reliability and scalability of executing these applications.
Providers offer different software tools under machine learning as a service market offering that include modeling and processing tools, data storage, and archiving tools and web-based/cloud-based application programming interfaces. In terms of services, these providers offer managed services as well as professional services based upon the extent of analysis required by the customers. The solution aids enterprises to take a more cognitive approach to cost-effectively produce applications that have cognitive capabilities. Developer can create applications more expeditiously using the capability of such services to accelerate data modeling processes.
North America dominates the machine learning as a service market owing to high demand for integrating machine learning with advanced technologies such as Big Data and Internet of Things (IoT). With growing R&D investment for IT in the U.S., the region is expected to maintain its dominant position in the market during the forecast period. APAC machine learning as a service market is expected to witness accelerated growth during the forecast period due to increasing awareness and sustainable growth of IT sector in the region.
Some of the key players operating in the machine learning as a service market are Microsoft, Amazon Web Services, IBM, Google, BigML, FICO, DataRobot, Yottamine Analytics, HPE, PREDICTRON LABS and ABM.
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