Updated On May 15, 2024

By SaraNextGen

Machine Learning-as-a-Service Market Research Report

Global Machine Learning as a Service Market Report, Size, Industry Analysis, Share, Growth, Trends & segmentation By Component, By Application, By Organization Size, By Vertical & Forecast 2027.

Machine Learning-as-a-Service (MLaaS) Market:

• The GMI Research forecasts that the Machine Learning-as-a-Service (MLaaS) market is witnessing an upsurge in demand during the forecast period starting from 2020 till 2027. This is mainly due to the increasing need to understand the behavior of the customer and the rising adoption of cloud-based technology among organizations.

• Machine Learning-as-a-Service (MLaaS) 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 (MLaaS) Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers

• The increasing need to understand the behavior of the customer and the rising adoption of cloud-based technology among organizations are the factors supporting the growth of the global machine learning-as-a-service market size. Moreover, MLaaS is being largely adopted by the industries to improve customer experience, which is surging the market's growth. The ML is aiding to gain insights about customer behavior, buying pattern, and interest as it offers efficient data management.

• The rapid advancement in technologies like Machine Learning (ML), Artificial Intelligence (AI), and learning and analytics technologies and increasing affordability of data storage is further creating various new opportunities for the market. Internet of Things (IoT), cognitive computing, deep learning, and other technologies are opening new doors for the growth of the global machine learning-as-a-service market. With the adoption of IoT and automation systems across the industries, the rising demand for MLaaS as the IoT, smart and connected technologies are producing a large amount of data, which can be used to retrieve profitable insights and analyzed. In addition to this, the leading manufacturing organizations are providing machine learning services and offering several options to run ML algorithms utilizing a cloud-based platform. On the other hand, limited skilled professionals to deploy ML services and government & compliance issues will restrain the global machine learning-as-a-service market growth.

• Regional Drivers

• Based on the region, North America is anticipated to increase at a higher CAGR in the upcoming years. North America region is one of the biggest users of advanced technologies such as big data and has a high penetration rate of machine learning services. Furthermore, the strong presence of leading players, including Google, IBM, Amazon Web Services, BigML, and Microsoft, is bolstering the growth of the MLaaS market in this region.

• Machine Learning-as-a-Service (MLaaS) 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)