New York, USA, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview:
Global ModelOps market size was at USD 3.79 billion in 2023. The industry is anticipated to reach USD 70.07 billion by 2032, with a robust CAGR of 38.3% during the forecast period of 2024 - 2032.
What Is ModelOPs?
ModelOPs or model operations facilitate the implementation and management of the complete life cycle of artificial intelligence (AI) and decision models, including machine learning (ML), knowledge graphs, optimization, natural language processing (NLP), rules, and agents. At the enterprise level, the integration of AI techniques and machine learning needs operationalization in order to reduce manual effort and streamline the operational process of models. This is where the ModelOps framework plays a key role, making an enterprise a true enterprise AI organization.
In addition to orchestrating the models in production, ModelOps also evaluates and updates the final application as per the set of governance rules, covering both technical and business key performance indicators (KPI's). Overall, the model operations accelerate deployment and mitigate model drift, enabling easier monitoring and governing of onboard processes.
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ModelOPs Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 3.79 billion |
| Market value in 2032 | USD 70.07 billion |
| CAGR | 38.3% from 2024 – 2032 |
| Base Year | 2023 |
| Historical Data | 2019 – 2022 |
| Forecast Period | 2024 – 2032 |
Key Highlights of the Report:
- Various factors, including increasing integration of AI and ML into business processes, huge amount of data generation, and technological developments in automated machine learning (AutoML) platforms, are driving the market growth.
- The market is primarily segregated into offerings, model types, applications, verticals, and regions.
- On the basis of geography, North America accounted for the highest ModelOPs market share.
ModelOPs Market Key Players:
- Altair Engineering Inc.
- ai, Inc.
- Cloud Software Group, Inc.
- Databricks
- DataKitchen, Inc.
- Datatron
- Domino Data Lab, Inc.
- Giggso
- IBM
- LeewayHertz
- Minitab, LLC
- ModelOp
- Palantir Technologies Inc.
- SAS Institute Inc.
- Sparkling Logic
- Teradata
- Veritone, Inc.
- Verta
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Top Market Developments:
Growth Drivers and Trends:
- Reliance On AI and ML Across Industries: Organizations worldwide are integrating AI and ML into business processes to achieve competitive advantages, improve operational efficiency, and facilitate tailor-made customer experiences. Thus, the rising reliance on AI and ML across various industries fuels the ModelOPs market growth.
- High Data Volume: High data generation requires comprehensive data management strategies. Various digital platforms, including social media and e-commerce, with huge user interactions, develop a high volume of data that needs to be managed with advanced operational frameworks. ModelOps offers the best solution to manage this data. Thus, the increasing adoption of ModelOps and DataOps for managing the expanding data volumes further accelerates the industry expansion.
- Technological Advancements in Automated Machine Learning (Automl) Platforms: Businesses are increasingly leveraging AutoML platforms to automate crucial steps like preprocessing, model selection, hyperparameter tuning, and model validation. The market growth is further fueled by rising technological advancements in automated machine learning (AutoML) platforms.
- Global Footprint of IT/ITeS Companies: The rising growth of IT/ITeS sector augments the market growth rate. As IT/ITeS companies expand globally, strong data management solutions become essential. For example, CompTIA reported in 2019 that the U.S. had over 557,000 software and IT services companies.
Which Region Leads the ModelOPs?
- North America: Based on region, the North America ModelOps market dominated the market owing to the existence of several developed and emerging ModelOps firms, including ModelOp, Teradata, Verta, SAS Institute Inc., and IBM. These companies lead the way in innovation, creating advanced tools and platforms that simplify the deployment, monitoring, and management of machine learning models. Also, the region’s well-established infrastructure contributes the market growth.
- Aisa Pacific: Furthermore, the Asia Pacific is projected to register a significant CAGR during the forecast period. The key factors associated with this growth include the rising growth of industries such as BFSI, IT, manufacturing, retail and e-commerce, and telecommunications, as well as the increasing adoption of AI and machine learning technologies.
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Market Segmentation:
ModelOps Offering Outlook:
- Platforms
- By Type
- Development & Experimentation Platforms
- Monitoring & Observability Tools
- Automated Machine Learning (AutoML) Platforms
- Performance Tracking & Management Platforms
- Model Explainability & Interpretability Tools
- Serving & Deployment Tools
- Other types
- By Deployment Mode
- Cloud
- On-Premises
- Services
- Consulting Services
- Deployment & Integration
- System & Maintenance
ModelOps Model Type Outlook:
- Agent-Based Models
- Bring Your Own Models
- Graph-Based Models
- Linguistic Models
- ML Models
- Rule & Heuristic Models
- Others
ModelOps Application Outlook:
- Batch Scoring
- Continuous Integration/Continuous Deployment
- Dashboard & Reporting
- Governance, Risk and Compliance
- Model Lifecycle Management
- Monitoring & Alerting
- Parallelization & Distributed Computing
- Others
ModelOps Verticals Outlook:
- BFSI
- Energy & Utilities
- Government & Defense
- Healthcare & Life sciences
- IT/ITeS
- Manufacturing
- Retail & eCommerce
- Telecommunications
- Transportation & Logistics
- Others
ModelOps Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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