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Apr 29, 2023
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Machine Learning as a Service (MLaaS) Market 2023 – Size, Share and Forecast 2028

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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.

For more in-depth market information, download a PDF sample: https://www.imarcgroup.com/machine-learning-as-a-service-market/requestsample

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
  • MonkeyLearn
  • Sas Institute Inc.
  • Yottamine Analytics Inc.

The report has segmented the market based on component, organization size, application and end user.

Breakup by Component:
  • Software
  • Services
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
  • Others
Breakup by End User:
  • IT and Telecom
  • Automotive
  • Healthcare
  • Aerospace and Defense
  • Retail
  • Government
  • BFSI
  • Other
Breakup by Region:
  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Request Customization and view the full report with TOC and Figures: https://www.imarcgroup.com/machine-learning-as-a-service-market

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.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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