According to the latest report by IMARC Group, titled, “Machine Learning as a Service (MLaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, Offers a comprehensive analysis of the industry, which comprises insights on the global machine learning as a service (MLaaS) market report. The global machine learning as a service (MLaaS) market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.0 Billion by 2028, exhibiting a growth rate (CAGR) of 31.2%during 2023-2028.
Market Overview:
Machine learning comprises a broad set of algorithms that are used to draw valuable models from raw data. Machine learning as a service (MLaaS) helps identify the benefits of cost-effective data storage and assists in setting up effective data governance. These solutions are widely used across various sectors, such as information technology (IT), telecom, automotive, healthcare, aerospace and defense.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Machine Learning as a Service (MLaaS) Market Trends and Drivers:
The global market is majorly driven by the rising digital transformations across multiple industries. Moreover, MLaaS are widely employed in cybersecurity and online fraud detection systems across numerous organizations. Coupled with the increasing adoption of cloud-based services across the globe, this is providing an impetus to the market growth. Furthermore, the rising demand for consumer behavior analysis and continual advancements in network connectivity technology have positively influenced the market growth. Other factors, including significant growth in the IT sector, the growing need for operational excellence and the widespread adoption of cloud-based solutions in the banking, financial services and insurance (BFSI) sector, have also created a positive outlook for the market.
Machine Learning as a Service (MLaaS) Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Amazon.com Inc.
- Bigml Inc.
- Fair Isaac Corporation
- Google LLC (Alphabet Inc.)
- ai Inc.
- Hewlett Packard Enterprise Development LP
- Iflowsoft LLC
- International Business Machines Corporation
- Microsoft Corporation
- MonkeyLearn
- Sas Institute Inc.
- Yottamine Analytics Inc.
The report has segmented the market based on component, organization size, application and end user.
Breakup by Component:
- Software
- Services
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup 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
Breakup by End User:
- IT and Telecom
- Automotive
- Healthcare
- Aerospace and Defense
- Retail
- Government
- BFS extension
- Other
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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