According to the report, the global machine learning as a service market generated $13.95 billion in 2020, and is expected to reach $302.66 billion by 2030, witnessing a CAGR of 36.2% from 2021 to 2030.
Rise in demand for cloud computing, increase in implementation of technologies such as artificial intelligence and cognitive computing, and surge in adoption of analytical solutions drive the growth of the global machine learning as a service market. However, the scarcity of trained and experienced professionals restrains the market growth. On the other hand, rise in application areas and the growth associated with end-use industries among developing nations present new opportunities in the coming years.
Machine Learning as a Service Market Segmental Review:
In 2021, on the basis of component, the service segment dominated the machine learning as a service market, and is expected to maintain its dominance in the upcoming years. This is attributed to factors such as increase in application areas and growth associated with end-use industries among developing economies, which is expected to drive the market growth for machine learning services. Industry players are focused on the implementation of technologically advanced solutions to increase adoption of machine learning services. The use of machine learning services in the healthcare industry for detection of cancer as well as to check ECG, MRI will increase the market in the healthcare sector.
Benefits offered by machine learning services such as cost reduction, demand forecasting, real-time data analysis, and growth in adoption of cloud market are expected to unlock major opportunities in the machine learning as a service market. For instance, in April 2021, Microsoft Corporation announced an open Dataset for transportation, health & genomics, labor & economics, population & safety, and supplemental & common datasets to improve accuracy of machine learning models with publicly available datasets. This also allows companies to deliver insights at hyperscale using Azure Open Datasets with Azure’s machine learning and data analytics solutions that boosts sales MLaaS of companies.
Based on end user industry, the IT & telecom segment is the fastest growing segment of ML as a Service, and is projected to keep its hold on the market in the next years. Moreover, a number of IT & telecom organizations use machine learning as a service to predict the effects of forthcoming promotional strategies and sift through and utilize this refined data to find the most profitable customers. Machine learning used in analytics provides business intelligence to various telecommunication organizations, which helps in increasing their sales, predicting churn rates, improving fraud management, and decreasing operational costs.
Rise in adoption of analytics in the telecom industry is to improve its core operations and internal processes to establish trends and to enable future forecasts. The IT and telecom industry has a wide array of growth opportunities, owing to data generated from phone calls, phone applications, social media, and data network. Applications of machine learning, such as real-time data analytics, also provide marketing and sales opportunities, while offering customized customer services. Companies are focused on implementation of machine learning capabilities to gain a competitive edge in the market.
Based on application, the fraud detection and risk management segment accounted for the highest market share in 2020, contributing to around one-fourth of the global machine learning as a service market, and is expected to maintain its leadership status during the forecast period. This is due to rise in applications and services on digital platforms that prevent fraud taking place online through different sources. However, the marketing and advertising segment is expected to witness the highest CAGR of 39.9% from 2021 to 2030, owing to its usefulness in product advertising and final dispatch.
Based on region, North America contributed the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global machine learning as a service industry, and is expected to maintain its dominance in terms of revenue by 2030. This is due to rise in investment in the defense sector along with technological advancements in the telecommunication industry. However, Asia-Pacific is projected to manifest the fastest CAGR of 39.1% during the forecast period. This is attributed to high growth in the deployment of security services especially in the BFSI sector.
Asia-Pacific is expected to observe highest growth rate during the forecast period. Increase in investments for machine learning as a service solution among countries such as China, Japan, India, Australia, South Korea, and rest of Asia-Pacific fuel growth of the machine learning as a service market. Moreover, leading players are focusing on Asia-Pacific to increase their business as the region is expected to witness high growth in the deployment of security services, especially in the banking, financial services, and insurance (BFSI) sector. Asia-Pacific is expected to be the fastest-growing regional segment during the forecast period, with the highest CAGR.
Leading Machine Learning as a Service Market Players
- Google Inc.
- SAS Institute Inc.
- FICO
- Hewlett Packard Enterprise
- Yottamine Analytics
- Amazon Web Services
- BigML, Inc.
- Microsoft Corporation
- Predictron Labs Ltd.
- IBM Corporation
This study includes Machine Learning as a Service Market share, trends, machine learning as a service market analysis, and future estimations to determine the imminent investment pockets.
Covid-19 Scenario
- Several countries are utilizing machine learning as a service for population surveillance to track and trace the prevalence of Covid-19 cases. For instance, researchers from South Korea utilized surveillance camera footage and data related to geo-locations to track patients infected with Covid-19.
- In addition, data scientists leveraged machine intelligence algorithms for predictions regarding the locations of the next outbreak. They are tracking the spread in real-time and informing the corresponding authorities about to spread to take preventive measures.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current machine learning as a service market trends, estimations, and dynamics of the machine learning as a service market analysis from 2020 to 2030 to identify the prevailing machine learning as a service market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the MLaaS market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global MLaaS market trends, key players, market segments, application areas, and market growth strategies.
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