Machine Learning as a Service Market Growth, Future Prospects

Market Overview:

Global Machine Learning-as-a-Service Market was estimated at USD 8.27 Billion in 2021 and is projected to reach USD 69.71 Billion by 2028, growing at a CAGR of 35.6% over the period. ‘to analyse.

A wide range of services known as Machine Learning as a Service provide machine learning (ML) technologies as part of cloud computing services. Tools such as APIs, data visualization, natural language processing, predictive analytics, and facial recognition are provided by machine learning as a service vendors. All computing is handled by the provider’s cloud computing infrastructure. A branch of artificial intelligence known as machine learning (ML) trains algorithms to produce classifications or predictions using statistical techniques, providing crucial insights for data mining operations . With the aim of influencing important growth KPIs, this information guides decision-making within applications and organizations. Since it involves algorithms, model complexity and computational complexity, it requires the development of these solutions by skilled people.

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Market dynamics:

Driver:

The adoption of IoT and automation will increase, driving the market. IoT operations ensure that the hundreds or more devices connected to a corporate network are functioning properly and securely and that the data collected is accurate and timely. Complex back-end scanning engines handle the heavy lifting of data stream processing, but outdated methods are frequently used to check data quality. Some IoT platform technology vendors are enhancing their operations management expertise with machine learning technologies to take control of large IoT systems.

Opportunities:

The use of machine learning services in the healthcare sector to verify ECG and MRI, as well as to detect cancer, is expanding the market. Major market opportunities are expected to be unlocked by the benefits offered by machine learning services such as cost reduction, demand forecasting, real-time data analysis and growth in market adoption from the cloud.

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Market coverage

• Market figures available – 2022-2028
• Base year – 2021
• Forecast Period – 2022-2028
• Segments Covered – By Component, By Application, By End-Use Industry
• Competitive Landscape – Google LLC, Amazon Web Services, BigML, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation

Market segmentation

By component

• Solutions
• Services

By request

• Natural language processing
• Advertising Marketing
• Fraud detection and risk management
• Predictive analytics
• Others

By end-use industry

• BFSI
• Government and Defense
• Health and life sciences
• Telecommunications
• Detail
• Others

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By region
• North America (United States, Canada, Mexico)
• Europe (Germany, UK, France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East and Africa (GCC countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Major key players considered in the market
• Google LLC
• Amazon Web Services
• BigML
• IBM Corporation
• Intel Company
• Microsoft Corporation
• Oracle Corporation
• Hewlett Packard companies
• AT&T
• FICO
• Sift-Science
• Yottamine Analytics
• Ersatz Laboratories
• Amazon Web Services
• SAP SE and other major players.

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Key Industry Development in the Machine Learning as a Service Market

In August 2022, Anaconda Inc. announced a partnership with Oracle Cloud Infrastructure to provide secure open-source Python and R tools and packages through the integration and activation of Anaconda’s repository in artificial intelligence and data services. machine learning OCI. Customers can access Anaconda services directly from OCI without the need for a separate enterprise license.

Contents
Chapter 1 Introduction
1.1 Research objectives
1.2 Research methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market definition
1.4.2 Answers to key questions
1.5 Market Segmentation
Chapter 2: Executive Summary
Chapter 3: Growth Opportunities by Segment
Chapter 4: Market Landscape
Chapter 5: Machine Learning as a Service Market by Component
To be continued……

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Sherry J. Basler