Global Machine Learning as a Service (MLaaS) Market, By Component (Software Tools and Services), Application (Marketing and Advertising, Fraud Detection and Risk Analytics, Predictive Maintenance, Augmented Reality, Network Analytics and Automated Traffic Management and Others), Organization Size (Small and Medium Enterprises and Large Enterprises), End User (Education, Banking and Financial Services, Insurance, Automation and Transportation, Healthcare, Defense, Retail, E-Commerce, Media and Entertainment, Telecom, Government, Aerospace and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Increasing need to understand the customer behaviour, growing adoption of machine learning as a service (MLaaS) solutions by small and medium scale organisations and surge in the focus towards advancements in data science technology are the major factors attributable to the growth of the machine learning as a service (MLaaS) market. Data Bridge Market Research analyses that the machine learning as a service (MLaaS) market will exhibit a CAGR of 41.31% for the forecast period of 2021-2028. This means that the machine learning as a service (MLaaS) market would stand tall at a market value of USD 38.81 billion by 2028.
Machine learning as a service (MLaaS) is considered as a sub category of cloud computing services. Machine learning as a service (MLaaS) is an array of services that offers a wide range of machine learning tools and components to undertake operations with greater efficiency and effectiveness.
Increased demand for internet of things technology will emerge as the major market growth driving factor. Growing advancements in artificial intelligence technology will further aggravate the growth of the market. Growth in the adoption of cloud based solutions by banking financial services and insurance (BFSI) enterprises, growing investments by the healthcare industry and rise in the demand for operational excellence are some other factors bolstering the growth of market.
However, stringent government regulations on compliances and guidelines will act as a growth restraint for the market. Dearth of skilled personnel or trained expertise and adequate IT infrastructure in developing and underdeveloped economies will yet again hamper the market growth rate. Data security and privacy concerns will also pose challenge to the growth of the market.
This machine learning as a service (MLaaS) market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on machine learning as a service (MLaaS) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Machine Learning as a Service (MLaaS) Market Scope and Market Size
The machine learning as a service (MLaaS) market is segmented on the basis of component, application, organization size and end user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- By the component, the machine learning as a service (MLaaS) market is segmented into software tools and services. Software tools segment is sub-segmented into data storage and archiving, modeller and processing, multiplayer perceptron, K-nearest neighbours, decision tree, support vector regressions, cloud and web-based application, programming pnterface, model validator, decision report and report storage. Services segment is sub-segmented into professional services and managed services.
- Based on application, the machine learning as a service (MLaaS) market is segmented into marketing and advertising, fraud detection and risk analytics, predictive maintenance, augmented reality, network analytics and automated traffic management and others.
- On the basis of organization size, the machine learning as a service (MLaaS) market has been segmented into small and medium enterprises and large enterprises.
- On the basis of end user, the machine learning as a service (MLaaS) market is segmented into education, banking and financial services, insurance, automation and transportation, healthcare, defense, retail, e-commerce, media and entertainment, telecom, government, aerospace and others.
Machine Learning as a Service (MLaaS) Market Country Level Analysis
The machine learning as a service (MLaaS) market is analysed and market size, volume information is provided by country, component, application, organization size and end user as referenced above.
The countries covered in the machine learning as a service (MLaaS) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the machine learning as a service (MLaaS) market and will continue to flourish its trend of dominance during the forecast period owing to the rising adoption of cloud based solutions by small and medium scale enterprises. Asia-Pacific will however, register the highest CAGR for this period. This is because of the increased penetration of machine learning technology and sustainable growth of IT sector in the region.
The country section of the machine learning as a service (MLaaS) market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Machine Learning as a Service (MLaaS) Market Share Analysis
The machine learning as a service (MLaaS) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to machine learning as a service (MLaaS) market.
The major players covered in the machine learning as a service (MLaaS) market report are Google LLC, IBM, Microsoft, SAS Institute Inc., Amazon Web Services, Inc., BigML, Inc., FICO., Hewlett Packard Enterprise Development LP, AT&T Intellectual Property,, Yottamine Analytics Inc., PurePredictive, Inc, H2O.ai., Tamr, PREDICTRON LABS, LogDNA, DeepMind Technologies Limited, Figure Eight Federal Inc., Amplero, Inc., and Darktrace among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.