Machine Learning-as-a-Service Market to Reach $302.66 Billion Globally by 2030 at a CAGR of 36.2%: Allied Market Research
Rising demand for cloud computing and increasing adoption of analytical solutions are driving the growth of the global machine learning as a service market
PORTLAND, Oregon., May 17, 2022 /PRNewswire/ — Allied Market Research has released a report titled “Machine learning as a Service Market by By Application (Marketing and Advertising, Fraud Detection and Risk Management, Predictive analytics, Augmented and Virtual reality, Natural Language processing, Computer vision, Security and surveillance, others), by organization size (large enterprises, small and medium enterprises), by component (solution, services), by end-use sector (aerospace and defense, IT and telecommunications, energy and utilities, sector , Manufacturing, Banking, Financial Services, Insurance, Healthcare, Retail, Others): Global Opportunities Analysis and Industry Forecast 2020-2030. According to the report, the global machine learning-as-a-service industry generated $13.95 billion in 2020, and should reach $302.66 billion by 2030, with a CAGR of 36.2% from 2021 to 2030.
Drivers, constraints and opportunities
Rising demand for cloud computing, rising implementation of technologies such as artificial intelligence and cognitive computing, and rising adoption of analytical solutions are driving the growth of the global cloud computing market. machine learning as a service. However, the scarcity of trained and experienced professionals is hampering the growth of the market. On the other hand, increasing application areas and associated growth in end-use industries in developing countries present new opportunities in the coming years.
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- Several countries are using machine learning as a population surveillance service to track and trace the prevalence of Covid-19 cases. For example, researchers from South Korea used surveillance camera footage and geolocation data to track patients infected with Covid-19.
- Additionally, data scientists have leveraged artificial intelligence algorithms to predict the locations of the next outbreak. They track the spread in real time and notify the corresponding authorities of the spread to take preventive measures.
Get a detailed analysis of the impact of COVID-19 on the Machine Learning as a Service Market:
Fraud detection and risk management segment to maintain its leading status during the forecast period
Based on applications, the fraud detection and risk management segment accounted for the highest market share in 2020, contributing around a quarter of the global machine learning-as-a-service market, and is expected to maintain its leading status over the forecast period. This is due to the rise of apps and services on digital platforms that prevent online fraud through different sources. However, the marketing and advertising segment is projected to witness the highest CAGR of 39.9% from 2021 to 2030 owing to its usefulness in product advertising and final mailing.
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The IT and telecom segment to maintain its leading position during the forecast period
Based on end-use industry, the IT and telecommunications segment held the highest market share in 2020, accounting for approximately one-fifth of the global machine learning-as-a-service market, and is expected to maintain its leading position during the forecast period. This is due to the use by the number of IT and telecommunications organizations to predict the effects of upcoming promotional strategies and find the most profitable channels. However, the retail segment is estimated to show the highest CAGR of 45.2% from 2021 to 2030. This is attributed to the business insights provided to various retail sectors and organizations which helps in increasing the sales, predict churn rates and improve fraud management.
North America maintain revenue dominance by 2030
Based on the region, North America contributed the highest market share by revenue in 2020, accounting for nearly two-fifths of the global machine learning-as-a-service industry, and is expected to maintain its dominance by revenue by 2030 This is due to increased investment in the defense sector as well as technological advancements in the telecommunications industry. However, Asia Pacific is expected to show the fastest CAGR of 39.1% during the forecast period. This is attributed to the strong growth in the deployment of security services, especially in the BFSI sector.
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Main market players
- Google Inc.
- SAS Institute Inc.
- Hewlett Packard Enterprise
- Yottamine Analytical
- Amazon Web Services
- BigML, Inc.
- Microsoft Corporation
- Predictron Labs Ltd.
- IBM Corporation
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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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