Machine learning as a service (MLaaS) provides cloud-based APIs and tools for building, training, and deploying customized machine learning models without the need to hire data scientists or engineers to build internal infrastructures. MLaaS solutions allow easy implementation of cutting-edge machine learning techniques for intelligent applications across various industries like healthcare, finance, agriculture, retail, cybersecurity and more. The global MLaaS Market is estimated to be valued at US$ 11603.58 Mn in 2024 and is expected to exhibit a CAGR of 26.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid adoption of MLaaS across industries has accelerated the growth of the Global Machine Learning As A Service (Mlaas) Market Size over the past few years. MLaaS platform's ability to alleviate the complexities involved in building and deploying machine learning models on-premises has attracted various organizations, especially SMEs. MLaaS reduces organizational costs by eliminating the need for expensive hardware infrastructure, high costs of data center maintenance and employment of skilled data scientists. Their pay-as-you-go pricing model allows businesses to scale machine learning capabilities according to varying demands. These factors have prompted many organizations to leverage cloud-based ML solutions for enhanced operational efficiency and data-driven decision making.
Segment Analysis
The global machine learning as a service (MLaaS) market is dominated by the cloud based sub segment. Cloud based MLaaS solutions provide easy access, deployment, integration, maintenance and management of machine learning models for business users without requiring them to develop their own code or access complex computing infrastructure. This has made cloud based MLaaS a popular choice for businesses of all sizes allowing them to leverage machine learning capabilities without having to develop in house expertise or manage ML infrastructure.
Key Takeaways
The global MLaaS market is expected to witness high growth over the forecast period on account of increasing investments in AI and cloud computing by businesses.
Regional analysis: North America currently dominates the MLaaS market and is expected to continue its dominance over the forecast period. High availability of technical expertise, growing investments in AI, machine learning and presence of major MLaaS providers in the region are driving market growth. However, Asia Pacific is projected to witness the fastest growth owing to increasing investments to develop AI capabilities and growing cloud adoption among businesses in major economies like China and India.
Key players: Key players operating in the machine learning as a service (MLaaS) market are Fitbit Incorporation, Garmin International, Pebble Incorporation, Xiaomi, Samsung Electronics, NIKE Incorporation, Shanda Group, and Sony Corporation. Fitbit Incorporation offers cloud based MLaaS solutions for health monitoring and fitness tracking using machine learning models. Garmin International provides MLaaS for navigation, fitness tracking and aviation.
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Market Scenario: Machine learning as a service refers to a range of services which offer machine learning tools as a part of cloud computing services, these tools include data visualization, APIs, face recognition, natural language processing, predictive analytics and deep learning.
Machine learning as a service delivers developers services which include data modeling APIs, machine learning algorithms, data transformations and predictive analytics.Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/2505The increased volume of data and diverse data to be handled qualitatively, are major factors driving the growth of Machine Learning as a Service (MLaaS) market.
The innovations in automation technologies and increasing adoption of cloud-based systems is boosting the growth of machine learning as a service market.
Apart from it availability of data storage at a cheaper rate and adoption of Internet of Things (IoT) is also driving the Machine Learning as a Service (MLaaS) market.
The study indicates that lack the historical data is one of the major restraining factor in the growth of machine learning as a service (MLaaS) market.Machine learning as a Service (MLaaS) market is segmented on the basis component, application, organization size, deployment and end-user.
It has been observed that adoption of cloud technologies has become worldwide, this has resulted in increase of demand for cloud-based machine learning as a service (MLaaS).The global Machine Learning As A Service (Mlaas) Market is expected to grow at USD ~4630 Million by 2022, at ~40% of CAGR between 2016 and 2022.Key Players The prominent players in the machine learning as a service (MLaaS) Market are- Google (U.S.), BigML (U.S.), Microsoft (U.S.), IBM (U.S.), Amazon Web Services (U.S.), AT (U.S.), Fuzzy.ai (Canada), Yottamine Analytics (U.S.), Ersatz Labs, Inc. (U.S.), and Sift Science, Inc. (U.S.) among othersMarket Research Analysis:Regional analysis for Machine learning as a service (MLaaS) market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world.
