Machine learning as a service (MLaaS) market size reached US$ 5.7 billion in 2022, according to the most recent analysis by IMARC Group, “Machine Learning as a Service (MLaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. Looking ahead, IMARC Group projects that the market will develop at a compound annual growth rate (CAGR) of 31.2% between 2023 and 2028, reaching US$ 31.0 billion.
By using Machine Learning as a Service (MLaaS), a cloud-based service, organisations may access machine learning (ML) algorithms and models without having to spend money on specialised infrastructure, personnel, or tools. Building, deploying, and managing ML models and applications is made possible by the pre-built algorithms, tools, and data processing resources it offers enterprises. The use of it for recommendation engines, fraud detection, picture recognition, natural language processing (NLP), and predictive analytics is widespread at the moment.
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Machine Learning as a Service (MLaaS) Market Trends and Drivers:
One of the main factors driving global demand for MLaaS is the growing demand for machine learning (ML) to gain insights and guide business decision-making and the increasing availability of cloud computing infrastructure. In addition, new ML algorithms, tools, and techniques are constantly being developed, providing MLaaS providers with lucrative growth opportunities for constantly updating their services and making ML more accessible to businesses of all sizes.
In addition, they offer interoperability with a wide range of tools and platforms, including programming languages and development frameworks, as well as programmable models and algorithms that can be implemented for specific requirements and use cases. Besides, the rising spotlight on expanding income, lessening costs, and further developing consumer loyalty, is animating the market development around the world.
Competitive Analysis and Segmentation of the Market for Machine Learning as a Service (MLaaS) from 2023 to 2028:
Situation of Competition:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- com Inc.
- Bigml Inc.
- Fair Isaac Corporation
- Google LLC (Alphabet Inc.)
- ai Inc.
- Hewlett Packard Enterprise Development LP
- Iflowsoft LLC
- International Business Machines Corporation
- Microsoft Corporation
- Sas Institute Inc.
- Yottamine Analytics Inc.
The report has segmented the market based on component, organization size, application and end user.
Breakup by Component:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Marketing and Advertising
- Fraud Detection and Risk Management
- Predictive Analytics
- Augmented and Virtual Reality
- Natural Language Processing
- Computer Vision
- Security and Surveillance
Breakup by End User:
- IT and Telecom
- Aerospace and Defense
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Along with the analyses of the key players’ profiles, the industry’s competitive environment has also been looked at.
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