Due to the fact that MLaaS algorithms are used to detect patterns in the data and consumers don't have to bother about the actual computations, the machine learning as a service (MLaaS) market is anticipated to grow rapidly over the projected period. The only full-stack AI platform that combines control systems, industrial automation, mobile applications, and enterprise intelligence is MLaaS. Machine learning performance accelerated quickly with the development of data science and artificial intelligence. Companies are realising this technology's potential, therefore the adoption rate of it is anticipated to rise over the predicted period. Customers can use machine learning solutions more easily since businesses offer them on a subscription-based basis. Additionally, it offers adaptability on a pay-per-use basis.
Between 2023 and 2032, the Machine Learning as a Service (MLaaS) Market may grow at a 36.20% CAGR. By the end of 2032, the market will be worth about USD 304.82 billion.
Prominent Companies in the Machine Learning as a Service Industry:
1. Google Inc.: Developed in 1998. Headquarters in the United States. It is a holding company, Alphabet. Google, a major player in online media, is a wholly owned company. Over 85% of Alphabet's revenue comes from internet advertisements, with Google accounting for 99% of that. Other revenue is also boosted by the sales of hardware like Chromebooks, the Pixel smartphone, and Google Home and Nest for smart homes. In its other bets division, Alphabet makes moonshot investments in technologies that will improve health (Verily), offer faster internet access (Google Fibre), enable self-driving cars (Waymo), and more. Google, a global internet corporation, purchased Alter, a maker of digital avatars, in October 2022 for $100 million USD.
2. Predictron Labs Ltd: Established in 2013. Headquarters in the United States. Cincinnati, Ohio-based provider of predictive analytics services. With the use of the company's services, customers may make data-driven decisions that boost productivity and decrease downtime. These services include industrial Internet of Things, Industrial AI, Big Data, Machine Learning, Predictive Analytics, and Business Impacts. Recursion signs agreements to acquire Cyclica and Valence in order to advance its capabilities in chemistry and generative AI.
3. IBM Corporation: Established in 1911. Headquarters in the United States. IBM aims to support all facet of an organization's IT requirements. The company's main product lines include hardware, software, consulting, and IT services. With operations in 175 nations, IBM has around 350,000 employees. To support its 5,200 clients, which include 95% of the Fortune 500, the company has a sizable network of 80,000 business partners. Despite being a B2B corporation, IBM has a substantial external influence. For instance, IBM is in charge of 50% of all wireless connections worldwide and 90% of all credit card transactions worldwide. IBM declared that the purchase of Apptio Inc. was complete.
4. Ersatz Labs Inc: Established in 2013. Headquarters in the United States. Developer of deep neural network designs for use in deep learning and machine learning. Customers can easily integrate advanced intelligence into any application thanks to the company's efficient implementations of cutting-edge deep neural network architectures, as well as a GPU cloud to train and execute them on, an intuitive web interface, and a straightforward API.
5. Microsoft Corporation: Built in 1975. Head office in the United States. Microsoft creates and sells licences for both consumer and business applications. It is renowned for its Office productivity suite and Windows operating systems. The business is divided into three equally sized broad segments: business processes and productivity (legacy Microsoft Office, cloud-based Office 365, Exchange, SharePoint, Skype, LinkedIn, Dynamics), intelligence cloud (infrastructure and platform-as-a-service offerings Azure, Windows Server OS, SQL Server), and more personal computing (Windows Client, Xbox, Bing search, display advertising, and Surface laptops, tablets, and desktops). Activision Blizzard was purchased by Microsoft so that everyone could enjoy and participate in the gaming community on any device.
6. Yottamine Analytics: Established in 2009. American headquarters in Bellevue. Yottamine Analytics offers expert services along with machine learning-based predictive analytics for financial analysis of big data. YottamineOP (Optimised Prediction), one of its offerings, makes the claim to deliver Hadoop-based predictive analysis with applications in fund management and for hedge fund managers.
7. Amazon Web Services Inc.: Established in 2004. United States headquarters. A cloud-based web platform called Amazon Web Services is a company that offers IT infrastructure services. A scalable cloud computing platform is used by the company to deliver its services, which include cloud computing, compute, networking, storage and content delivery, databases, analytics, application services, deployment and management, mobile services, and investments. This enables e-commerce startups to establish and expand their cloud businesses while boosting their online sales. The most recent acquisitions are CloudEndure (Jan 2019), TSO Logic (Jan 2019), and DataRow (Feb 2020).
*Definition: Machine learning is a branch of artificial intelligence (AI) and computer science which focuses on the use of data and algorithms to imitate the way that humans learn, gradually improving its accuracy.
