Worldwide Machine Learning as a Service Industry to 2028: Rising Adoption of Cloud-based Services Drives Growth

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Dublin, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The "Machine Learning as a Service Market- Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028F Segmented By Component (Solution, Service), By Organization Size, By Application, By End User, By Region, Competition" report has been added to ResearchAndMarkets.com's offering.

Global machine learning as a service market is anticipated to grow at double digit CAGR through 2028 on account of rising adoption of cloud-based solutions and increasing application of big data.

Companies Mentioned

• Google Inc

• SAS Institute Inc

• Fair Isaac Corporation

• Hewlett Packard Enterprise Development LP

• Yottamine Analytics Inc.

• Amazon Web Services

• BigML, Inc.

• Microsoft Corporation

• IBM Corporation

• Broadcom Corporation

Additionally, it is estimated that the limited availability of skilled labour and a lack of data security can hamper the growth of the machine learning as a service (MLaaS) market globally throughout the forecasted period. The term "Machine Learning as a Service" (MLaaS) refers to a group of services which includes several cloud-based platforms using machine learning techniques to offer dedicated solutions.

Furthermore, MLaaS reduces infrastructure-related issues such as data pre-processing, model training, model evaluation, and, ultimately, predictions.

Rising adoption of cloud-based services

Several industry verticals utilize major cloud-based solutions to manage business operations. With cloud-based technologies being majorly used in various organizations and enterprises; data interchange is facilitated by the simplicity with which these connections are established.

This makes it possible to access the information within the organization, increasing the latter's cost-effectiveness. For instance, Infosys Ltd launched industry cloud platform for organizations in 2022 to increase innovation and business value in the cloud across the financial services industry.

Lack of skilled resources

Developers can now design efficient cloud-based business operation solutions with the expanding adoption of cloud technologies and desirable delivery techniques across numerous industry verticals. To speed up the ML integration process, SMEs in the MLaaS industry prefer cloud-based services. Eliminating tedious work improves an organization's efficiency without adding more people.

Though, lack of trained consultants, compliance problems, and regulatory limitations are some obstacles preventing this market's expansion. Therefore, in order to improve uniformity in the market environment, market participants should collaborate with governmental and regulatory agencies to improve the uniformity in the market environment.

Growing IoT in business operations

The information technology industry is expanding due to the increasing popularity of social media platforms and cloud computing technologies. Today, cloud computing services are extensively used by various companies that offer enterprise storage solutions. The ability to analyze real time data online using cloud storage is a benefit. Thanks to cloud computing, data analysis is now possible at any time and location.

Businesses may also digitally access critical data from linked data warehouses and save money on infrastructure and storage costs by utilizing cloud and ML, which includes trends in customer behaviour and purchasing.

The growth of cloud computing has led to the development of MLaaS industry. AI systems employ ML to speed up learning, self-correction, and reasoning. AI applications include expert systems, speech recognition, and machine vision, to name a few. Hence, AI is becoming increasingly popular as a result of modern initiatives like big data infrastructure and cloud computing.

Recent Developments

• Inflection AI received one of the largest fundraising rounds for artificial machine learning in June 2022, amounting to USD 225 million. It is said to be a startup for AI and machine learning. Venture capitalists have provided it with equity financing worth USD 225 million.

• Vertex AI, a new managed machine learning platform that enables users to maintain and deploy AI models based on client needs, was announced by Google Cloud in May 2021.

Report Scope:

In this report, Global Machine Learning as a Service Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Machine Learning as a Service Market, By Component:

• Solution

• Service

Machine Learning as a Service Market, By Organization Size:

• Small and Medium-Sized Enterprises

• Large Enterprises

Machine Learning as a Service Market, By Application:

• Marketing & Advertising

• Fraud Detection & Risk Management

• Computer vision

• Security & Surveillance

• Predictive analytics

• Natural Language Processing

• Augmented & Virtual Reality

• Others

Machine Learning as a Service Market, By End User:

• IT and Telecom

• Automotive

• Healthcare

• Aerospace and Defense

• Retail

• Government

• BFSI

Machine Learning as a Service Market, By Region:

• North America

• United States

• Canada

• Mexico

• Asia-Pacific

• China

• Japan

• India

• South Korea

• Australia

• Rest of Asia-Pacific

• Europe

• Germany

• UK

• France

• Italy

• Spain

• Rest of Europe

• MEA

• Saudi Arabia

• UAE

• South Africa

• Rest of MEA

• South America

• Brazil

• Argentina

• Colombia

• Rest of South America

For more information about this report visit https://www.researchandmarkets.com/r/jyqxyk-learning?w=12

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