The Global Machine Learning as a Service (MLaaS) Market was valued at US$ 5,228.3 Million in 2021 and is expected to surpass US$ 98,532.9 Million by 2030, registering a CAGR of 38.8% during the forecast period (2022-2030), according to the Global Machine Learning as a Service (MLaaS) Market, By Deployment (Public Cloud, Private Cloud/Virtual Private Cloud) By End-use Application (Manufacturing, Retail, Healthcare & Life Sciences, Telecom, Banking, Financial services and Insurance (BFSI), Others (Energy & Utilities, Government, Education, etc.) by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Machine learning as-a-service a plethora of services that offer machine learning capabilities as a part of cloud computing services. MLaaS providers offer various machine learning tools including API, predictive analytics, deep learning, data visualization, natural language processing, etc. A number of cloud computing service providers offer machine learning as a service including Amazon, IBM Corporation, and Microsoft Corporation. Moreover, MLaaS is offered on a limited trial basis for a developer to evaluate before committing to a particular platform. The major advantage that MLaaS offers to businesses is that it enables them to get started quickly with machine learning without undergoing tedious software installation processes.
The global machine learning as a service (MLaaS) market was valued US$ 5,228.3 Mn in 2021 and is expected to grow at a CAGR of 38.8% over the forecasted period 2022-30
Key Developments
- In December 2021, Amazon Web Services (AWS), a provider of an on-demand cloud computing platform and APIs, announced six new Amazon SageMaker features. This makes machine learning more accessible and beneficial. It also brings together powerful new capabilities, which include a no-code environment for building accurate machine learning predictions and more accurate data labeling with highly skilled annotators.
Global Machine Learning as a Service Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has benefited the machine learning as a service (MLaaS) industry globally. Since, it has the capacity to perform data transformations and visualizations, predictive analytics, and data modeling APIs, machine learning as a service is frequently utilized in cloud computing services. Since the epidemic has caused unpredicted growth in service demand, many firms have accelerated their migrations to public cloud solutions. Consequently, during the pandemic, the market for machine learning as a service (MLaaS) expanded globally.
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https://www.coherentmarketinsights.com/market-insight/machine-learning-as-a-service-market-3718
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Key Trends and Analysis of the Global Machine Learning as a Service (MLaaS) Market:
- Retail and e-commerce are two major sectors where machine learning is being increasingly adopted. Retail owners and e-commerce business owners are focused on implementing machine learning tools to understand their customers, their preferences, and their spending habits. These insights would help e-commerce business owners and retailers to strategically change their marketing strategy and gain a competitive edge in the market. Moreover, machine learning can be used to facilitate smooth functioning in supply chain and warehouse facilities and enhance overall productivity of the business.
- In many countries, governments are increasingly adopting machine learning tools, in order to manage traffic in a better manner. Machine learning tools can help transport authorities to understand traffic patterns, traffic density, enhance road safety, and other factors affecting mobility of traffic. As a result of this, traffic management capabilities can be enhanced, especially during peak hours.
- Major players operating in the global chemical sensors market include H2O.ai, Google Inc., Predictron Labs Ltd, IBM Corporation, Ersatz Labs Inc., Microsoft Corporation, Yottamine Analytics, Amazon Web Services Inc., FICO, and BigML Inc.
