Transparency Market Research delivers key insights on the global machine learning as a service market. In terms of revenue, the global machine learning as a service market is estimated to expand at a CAGR of 36.10% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global machine learning as a service market.
Machine learning (ML) is a type of artificial intelligence (AI) technology that allows users to predict accurate results irrespective of the software development. Machine learning is also used to validate the trends of customer behavior and the business operation patterns to improve the customer experience. Machine learning as a service (MLaaS) is a set of cloud tools that helps to modify the daily work data using cloud-based technologies. It helps developers to save time, cost, and risk factors generated by the in-house machine learning team. Increasing penetration of IoT technology among various end users helps to increase the adoption of machine learning as a service (MLaaS) platforms to identify new threats and trends.
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Machine learning as a service helps to provide access to developers to modify the programs as per client requirement without investing extra time and skills of the employees. Machine learning as a service (MLaaS) also helps small businesses improve technology, improve services, and reduce total cost of ownership.
Machine learning as a service (MLaaS) offers various services for predictive analytics, data visualization, and advanced machine learning algorithms to developers along with adoption of advance technologies such as cloud and artificial intelligence (AI) in different industry verticals. This helps to deliver machine learning applications to end users. Hence, this factor is expected to drive the adoption of machine learning as a service during the forecast period. However, technological errors and shortage of skilled professionals with machine learning experience seems to be one of the major restraining factors in the adoption of machine learning by organizations, which further creates disruptions in adoption of machine learning as a service platforms. Lack of data security due to shortage of equipment negatively impacts the growth of the market.
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The machine learning as a service market in North America is expected to account for largest share during the forecast period due to rise in the number of start-ups and increase in adoption of machine learning in the U.S. and Canada that helps to deliver better customer experiences. Another factor responsible for the dominance of North America is the presence of major market players in the region. Hence, North America is fueling the growth of the machine learning as a service market.
The market in Asia Pacific is likely to expand at the highest CAGR during the forecast period due to increasing investments by governments in start-ups and rising adoption of artificial intelligence & machine learning in various industries by introduction innovations in technology in different countries, such as India, China, and Japan to improve operational productivity. Hence, the demand for machine learning as a service is expected to grow in the region during the forecast period.
The Europe market is projected to rise at a notable CAGR during the forecast period. Users of AI and ML systems for chatbots and natural language processing is enhancing the demand for machine learning in Europe. Moreover, rising adoption of advance technology among various end users in the region leads to growth of the machine learning as a service market.
Key players operating in the global machine learning as a service market are IBM Corporation, Google Inc., Hewlett Packard Enterprise Development LP, Saleforce, Oracle Corporation, Amazon Web Services, Microsoft Corporation, BigMl Inc., FICO, Yottamine Analytics, Ersatz Labs Inc., and Sift-Science.
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