The Machine Learning-as-a-Service Market is Expected to Exceed USD 302.66 Billion at a CAGR of 36.2% by 2030

Future of Market Research

Increased Adoption of Cloud Computing to Drive MLaaS Market Growth

New York, United States, 05 July. 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Machine Learning as a Service Market Analysis by component (software tools, cloud API, web API), by application (network analytics, predictive maintenance, augmented reality), by deployment, by end user (manufacturing, healthcare, BFSI, transportation, government, retail )- The valuation of the 2030 forecast is about to reach USD 302.66 billion by 2030, registering a CAGR of 36.2% throughout the forecast period (2021-2030).

Overview of the MLaaS market

Technological developments coupled with increasing innovation and research activities across the globe will provide strong opportunities for the Mlaas market during the forecast period.

Scope of the Machine Learning as a Service Market Report:

Report metric

Details

Market size

$302.66 billion by 2030

CAGR

36.2% from 2021 to 2030

Year of reference

2020

Forecast period

2021 to 2030

Historical data

2019

Forecast units

Value (USD billion)

Report cover

Revenue forecasts, competitive landscape, growth factors and trends

Segments Covered

Component, application and region

Geographical areas covered

North America, Europe, Asia-Pacific and Rest of the World (RoW)

Main suppliers

Yottamine Analytics (US), Fuzzy.ai (Canada), AT&T (US), Amazon Web Services (US), IBM (US), Microsoft (US), BigML (US) ), Google (US), Ersatz Labs, Inc. (US) and Sift Science, Inc. (US)

Key market opportunities

Technological developments to provide robust opportunities

Key Market Drivers

Rising Adoption of Cloud Computing to Drive Growth of Machine Learning-as-a-Service Market

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Drivers
Increase adoption of cloud computing to drive market growth
The growing adoption of cloud computing technology coupled with the use of social media platforms will drive the market growth over the forecast period. Cloud computing is now widely used by all companies that provide enterprise storage solutions. Data analysis is performed online using cloud storage, which offers the advantage of real-time evaluation of the data collected on the cloud. Cloud computing enables data analysis from anywhere and at any time. Additionally, using the cloud to run machine learning enables businesses to obtain valuable data, such as consumer behavior and purchasing trends, virtually from linked data warehouses, reducing infrastructure and storage costs. As a result, the machine learning industry as a service industry is growing as cloud computing technology is increasingly adopted.

Compliance issues to act as a market restriction
Compliance and government issues and the lack of availability of qualified consultants for the deployment of machine learning services may act as restraints for the market during the forecast period.

Lack of knowledge to remain the market challenge
Lack of knowledge and strict compliance difficulties may pose challenges for the market during the forecast period.

Machine Learning as a Service Market Segments

The Machine Learning as a Service market is divided based on components, applications, deployment, end user, and organization size.

By component, the machine learning as a service market is segmented into web API, cloud API and software tools.

By application, network analysis will lead the market during the forecast period.

By deployment, the machine learning as a service market is segmented into on-premise and cloud.

By end user, retail will dominate the market over the forecast period.

By organization size, SME will spearhead the market during the forecast period.

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Machine Learning as a Service Market Regional Analysis

North America leads the MLaaS market
Due to increased growth in countries like Canada and the United States, the North American region holds the highest proportion of Mlaas activity. These countries are home to a wide range of small and large start-ups. As a result, the machine learning-as-a-service market in North America is growing. North America is the fastest growing region in the global machine learning-as-a-service industry in terms of technological advancements and usage. It has the infrastructure and financial resources to invest in machine learning as a service. Additionally, rising defense spending and technological advancements in the telecommunications industry are expected to drive the market growth throughout the forecast period.

Government data security requirements are expected to be a major driver of the machine learning services market. The market is expected to be driven by services such as security intelligence and cloud applications. Additionally, the presence of industry titans such as IBM, Google, Microsoft, and Amazon Web Services, along with a diverse product offering, have boosted the demand for machine learning in this region. Additionally, market players are likely to benefit from the expansion of artificial intelligence and cognitive computing by leveraging various industrial applications such as natural language processing, predictive analytics, problem detection and management. fraud and computer vision.

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Due to the strong innovation ecosystem, fueled by strategic federal investments in advanced technologies and complemented by the presence of visionary entrepreneurs and scientists from renowned research institutions, North America is expected to seize an important part of the market. A huge expansion of 5G, Internet of Things and connected devices is also happening in the region. Since each of the major tech companies has extensive public cloud infrastructure and machine learning platforms, machine learning as a service is now a reality for those looking to use AI for everything. , from customer service to robotic process automation, analytics, marketing. , and predictive maintenance, among others.

APAC will see admirable growth in the machine learning-as-a-service market

With the highest CAGR, Asia-Pacific is expected to be the fastest growing regional segment during the forecast period. Leading companies are focusing their efforts in Asia Pacific to expand their operations as the region is expected to see rapid development in the deployment of security services, especially in the BFSI sector. In order to provide better customer service, industry participants are realizing the importance of providing multimodal platforms. Rising adoption of AI applications is likely to be the major market growth trend in the region. Additionally, government organizations have taken significant steps to accelerate the adoption of machine learning and related technologies in this region. During the forecast period, Asia-Pacific is expected to have the highest CAGR. This is due to an increase in the use of security services, especially in the BFSI sector, as well as increased awareness and long-term expansion of the IT sector in the region.

COVID-19 analysis
Artificial intelligence is likely to help fight the COVID-19 pandemic. COVID-19 cases are being tracked and traced in multiple countries using population surveillance approaches. Researchers in South Korea, for example, are tracking coronavirus cases using surveillance camera footage and geolocation data. Data scientists use artificial intelligence algorithms to anticipate the location of the next outbreak and notify relevant authorities, enabling real-time tracking of the disease. Over the projection period, these active efforts are expected to increase the need for artificial intelligence solutions.

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Machine Learning as a Service Market Competitive Analysis

The Dominant Key Players in Machine Learning as a Service Market Covered Are:

  • Apple Inc. (USA)

  • IBM Corporation (USA)

  • BAE Systems (UK)

  • LG Electronics (South Korea)

  • Google Inc. (USA)

  • Microsoft Corporation (USA)

  • Digital Reasoning Systems Inc. (USA)

  • ABB Limited (Switzerland)

  • General Electric Co. (USA)

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Sherry J. Basler