Fort Collins, Colorado, April 18, 2024 (GLOBE NEWSWIRE) --
Growing popularity of machine learning as a service is projected to drive the industry growth.
Machine Learning as a Service (MLaaS) is a cloud-based offering that furnishes businesses and developers with machine learning tools and infrastructure. The MLaaS market has experienced rapid growth in recent years, fueled by the desire of more companies to integrate AI and machine learning capabilities into their products and services without extensive in-house expertise or infrastructure. Typically, MLaaS platforms offer pre-trained models, tools for data preparation and model training, and application programming interfaces (APIs) for seamlessly integrating machine learning capabilities into applications.
Several factors contribute to the growth of the MLaaS market, including the increasing adoption of cloud computing, the rising demand for intelligent applications, and the scarcity of in-house artificial intelligence expertise. MLaaS finds applications across various industries, such as healthcare, finance, retail, and manufacturing, for fraud detection, predictive maintenance, and customer sentiment analysis.
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Segmentation Overview:
The machine learning as a service market has been segmented into component, organization size, application, end-use, and region.
IT and Telecom dominated the machine learning as a service industry
- Based on the end-use, the market segmentation includes IT & telecom, automotive, healthcare, aerospace & defense, retail, government, BFSI, and others. The IT and telecom sector holds a substantial share of the end-use segment of the machine learning as a service market. This can be attributed to the increasing adoption of artificial intelligence and machine learning technologies in the IT and telecom industry to improve network optimization, predictive maintenance, and customer experience.
Predictive maintenance to drive the segment growth
- Based on application, the market is segmented into augmented reality, marketing & advertising, risk analytics & fraud detection, network analytics & automated traffic management, and predictive maintenance. Predictive maintenance holds a significant share of the application segment of the machine learning as a service market. This is because predictive maintenance has become increasingly crucial for businesses across various industries. It helps optimize asset performance, reduce downtime, and minimize maintenance costs.
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Machine Learning as a Service Market Report Highlights:
- The machine learning as a service market growth is anticipated at a CAGR of 39.1% by 2032.
- Emerging applications of Industry 4.0 drive the industry growth.
- North America is a leading market player attributed to the substantial market share in the forecast period.
- Some prominent players in the machine learning as a service market report include Amazon Web Services (AWS), Google Cloud Platform (GCP), Microsoft Azure, IBM Watson, Salesforce Einstein, Oracle AI, H2O.ai, Alteryx, Dataiku, C3 AI, DataRobot, Databricks, and others.
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