Machine Learning as a Service Market size worth $38.81 Billion, globally, by 2028 at 41.2% CAGR: Verified Market Research®
Growing application of cloud-based solutions, technological development in artificial intelligence and cognitive computing market, and rise in prediction solutions market are some of the factors fueling the growth of the market MLaaS.
JERSEY CITY, NJ, April 4, 2022 /PRNewswire/ — Verified Market Research recently released a report, “Machine Learning as a Service Market“By component (services, software tools), by application (automated traffic analysis and management, fraud detection, predictive maintenance) and by geography. According to verified market research, the global machine learning market size as a that service was valued at $2.48 billion in 2020 and is expected to reach $38.81 billion by 2028, growing at a CAGR of 41.2% from 2021 to 2028.
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Global Machine Learning-as-a-Service Market Overview
The global Machine Learning as a Service market is witnessing an increase in development owing to technological developments and increasing research and innovation activities across the globe, which is driving the growth of the market . Another important factor driving the expansion of the market is increasing adoption of cloud-based technologies. Additionally, the growing emphasis on customer-centric behavior is driving overall growth.
The MLaaS model is expected to be the global leader, offering customers the ability to choose from a wide variety of services designed for specific business needs. In addition, the expansion in the adoption rate of MLaaS is expected to be propelled by the growing adoption rate of IoT and autonomous systems in enterprises. More than a billion connected devices have already been deployed in industrial automation. Smart and connected innovations have increased the formation of huge amounts of information, which can then be studied to produce profitable insights.
- In April 2019, Microsoft has launched a machine learning framework that uses algorithms to solve real-world problems. This breaks the problem down into smaller chunks and provides guidance for machine learning models and finding immediate support.
- In November 2018, Amazon has released an update to machine learning services in healthcare. It helps with Amazon’s HIPAA-compliant translation that has been interpreted and recorded.
- In April 2021Microsoft Company Declared Open Dataset for Transportation, General Wellness and Genome Sequencing, Jobs and Economy, Population and Security, Supplemental Support and Common Datasets, Datasets additional and popular datasets, and additional and popular datasets to improve the accuracy of machine learning models using a publicly available dataset.
Major market players include Hewlett Packard Enterprises, AT&T, FICO, IBM Corporation, Microsoft, Google Inc., BigML Inc., Ersatz Labs, Yottamine Analytics, and Amazon Web Services.
Verified Market Research has segmented the global machine learning-as-a-service market on the basis of components, applications, and geography.
- Machine Learning-as-a-Service Market, By Component
- Machine Learning-as-a-Service Market, By Application
- Analytics and automated traffic management
- Fraud detection
- Predictive maintenance
- Risk analysis
- Augmented reality
- Machine Learning as a Service Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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