Global Machine Learning as a Service Market Report 2022: Demand for Cloud-Based Solutions Drives Growth

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Feb 22, 2023, 10:10 ET

DUBLIN, Feb. 22, 2023 /PRNewswire/ -- The "Global Machine Learning as a Service Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Component, Application, Enterprises, End-user and Region" report has been added to ResearchAndMarkets.com's offering.

MLaaS is used in processes such as risk analytics, fraud detection, manufacturing, and supply chain optimization among others. It offers the freedom to build in-house infrastructure from scratch and provides management and storage of data. It has a synergistic value in engaging data with the cloud and can revolutionize a paradigm of ML for a specific result.

According to this analysis, the Machine Learning as a Service (MLaaS) Market was valued at US$ 5 bn in 2017. It is estimated to capture a market size of US$ 10 bn by 2022 and is projected to reach US$ 30 Bn by 2028. It is expected to record a CAGR of ~20% during the forecast period, due to an increase in demand for cloud computing, as well as growth connected with artificial intelligence (AI) and cognitive computing.

ML is driven by the demand for cloud-based solutions, artificial intelligence, and the cognitive computing market. Machine learning's primary pattern in IoT data is analyzing massive volumes of data using strong algorithms.

According to research conducted by Microsoft Corporation in 2020, 85% of businesses have at least one IoT use case project. Nearly 94% of the respondents started pursuing IoT initiatives in 2021 leading to the creation of additional growth opportunities for Machine Learning as a Service (MLaaS) vendors in the market.

The low availability of technically skilled personnel is expected to hamper the Global Machine Learning as a Service (MLaaS) Market growth during the forecast period along with the lack of data security faced by the organizations.

Several organizations are unwilling to adopt ML technologies due to concerns regarding data security. For many regulated industry sectors such as banking, insurance, healthcare, and government, data security is crucial and any failure in data security may result in major problems.

OneSpan, in a Global Financial Regulations report observed nearly half of surveyed banks focus on reducing and preventing cyberattacks and frauds, along with protecting sensitive data, as their top challenges. The overall fintech investments have reached US$ 98 billion in the first half of 2021, compared to US$ 121.5 billion in 2020

COVID-19 caused an acceleration in the migration of public cloud solutions and some of the applications of AI to help in tracing patients during the pandemic. Since cloud service elasticity could meet the unexpected rise in demand, the need for AI services had seen growth, and many cloud providers offered Machine Learning as a Service (MLaaS). Several countries used population surveillance methods to track and trace COVID-19 cases.

In South Korea, researchers used surveillance camera footage and geo-location data to track coronavirus patients. Using this data, scientists leveraged ML algorithms to predict the location of the next outbreak and inform the responsible authorities, helping to track diseases in real-time.

Scope of the Report

By Components

Software Tools
Services

By Application

Marketing & Advertising
Predictive Analytics
Automated Network Management
Fraud detection and risk Analytics
Network Analytics and Automated Traffic Management
Others

By Enterprises

SMEs
Large enterprises

By End-User

Banking, Financial, Services, and Insurance
IT and Telecom
Automotive
Healthcare
Aerospace and Defense
Retail
Government
Others

By Geography

North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Asia Pacific
China
Japan
India
AustraliaSouth Korea
LAMEA
Latin America
Middle East
Africa

Key Players

Amazon.com Inc
Google LLC
IBM Corporation
Microsoft Corporation
Oracle Corporation
HPE
SAS Institute, Inc
FICO
Yottamine Analytics, LLC
PREDICTRON LABS
BigML
Ersatz Labs, Inc

Key Trends by Market Segment

By Component: The service segment dominated the Machine Learning as a Service (MLaaS) Market in 2021 and is expected to maintain its dominance during the forecast period
The market for ML services is expected to grow due to increasing cloud applications and the growth of end-use industries in developing economies. To enhance the usage of ML services, industry participants focus on implementing technologically advanced solutions, for instance, the use of ML services in the healthcare sector for cancer detection, as well as checking ECG and MRI. ML services features, such as cost reduction, demand forecasting, real-time data analysis, and increased cloud use, are projected to open considerable prospects for the market

By Application: Network analytics and automated traffic management segment accounted for the majority share of the Global Machine Learning as a Service (MLaaS) Market in 2021 and is expected to showcase the highest growth rate during the forecast period (2022-2028).

Large amounts of data traverse network infrastructure on an everyday basis. The growth of this segment is attributed to ML's capabilities and characteristics to tackle the exponential growth of datasets and act as a pivotal tool for network analytics and automated traffic management across various verticals.

By Enterprises: SME segment is estimated to capture the largest market share of the Global Machine Learning as a Service (MLaaS) Market in 2021 and is expected to showcase the highest growth rate during the forecast period (2022-2028).

ML lets SMEs optimize their processes on a low budget in comparison with starting things from scratch. For SMEs the 'pay for what you use or 'pay as you grow system offered by most MLaaS providers makes it both budget-friendly and time-effective to integrate ML into their businesses while not requiring a team with specific technical capabilities. With the help of predictive analytics, machine learning algorithms not only provide real-time data but also predict future instances.

SMEs use ML solutions for fine-tuning their supply chain by predicting a product demand and providing suggestions on the timing and quantity of supplies required to meet customers' expectations.

By End Users: The healthcare segment holds the largest market share in Global Machine Learning as a Service (MLaaS) Market in 2021.

Growing adoption of ML solutions by various retail and healthcare service providers is expected to boost the Machine Learning as a Service market during the forecast period. Major market prospects are anticipated to be unlocked by the advantages provided by ML services, such as demand forecasting, cost reduction, real-time data analysis, and a rise in the use of the cloud market.

By Geography: North Americaaccounted for the largest share among all regions within the total Machine Learning as a Service (MLaaS) Market, accounting for total market revenue.

North America has been the most forward towards adopting ML services. The demand for MLaaS in the region can be attributed to the robust innovation ecosystem, strategic federal investments into advanced technology, and the presence of visionary entrepreneurs from globally renowned research institutions. Furthermore, this region has been extremely responsive to adopting the latest technological advancements such as integration technologies with the cloud, Big Data within ML Services.

Key Topics Covered in the Report

Snapshot of the Global Machine Learning as a Service (MLaaS) Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Machine Learning as a Service (MLaaS) Market
Historic Growth of the Overall Global Machine Learning as a Service (MLaaS) Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of Global Machine Learning as a Service (MLaaS) Industry
Overview, Product Offerings, and SWOT Analysis of Key Competitors
COVID-19 Impact on the Overall Global Machine Learning as a Service (MLaaS) Market
Future Market Forecast and Growth Rates of the Total Global Machine Learning as a Service (MLaaS) Market and by Segments
Market Size of Application/End User Segments with Historical CAGR and Future Forecasts
Analysis of the Machine Learning as a Service (MLaaS) Market
Major Production/Consumption Hubs in the Major within Each Region
Major Production/Supply and Consumption/Demand Hubs within Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region

A selection of companies mentioned in this report includes

Key Players
Amazon.com Inc
Google LLC
IBM Corporation
Microsoft Corporation
Oracle Corporation
HPE
SAS Institute, Inc.
FICO
Yottamine Analytics, LLC
PREDICTRON LABS
BigML
Ersatz Labs, Inc
AI.Reverie
Anodot
Arturoa
Comet.ml
Eightfold AI's

For more information about this report visit https://www.researchandmarkets.com/r/thm3a-machine?w=5

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