Machine Learning as a Service (MLAAS) Market – Global Industry Analysis, Growth, Trends, Forecast Upto 2024
Machine Learning is a subfield of computer science by which computers have the ability to learn without being explicitly programmed. Machine learning is a method used to develop complex models and algorithms that lend themselves to prediction. Machine learning is deployed where the system deals with large scale of data. Deployments of machine learning leads to improved speed and accuracy of the functions performed by the system. Machine learning is majorly deployed for solving classification and regression problems. Moreover, machine learning ensures better profiling of customers to understand their needs and serve customers in a better and efficient manner.
The digitalization and revolution of connecting the world virtually has led to the generation of huge amounts of data in the IT industry. This generation of huge amount of data is boosting the adoption of machine learning consequently fueling the market growth. Moreover, machine learning as a service market has been experiencing massive growth in the recent years in North America region owing to increasing need for integration of machine learning as a service with big data, Internet of Things (IoT), and other advanced technologies in this region. However, governance and compliance issues, and lack of skilled workforce and limited knowledge among end users is expected to hinder the market growth during the forecast period. Also, the maintenance of machine learning as a service solutions demands skilled data scientists with prior experience in managing machine learning solutions. Owing to this lack of skilled people, low adoption for machine learning has been observed. Moreover, limited understanding of the machinery of classifiers and problem of over fitting if model fitted on small dataset is expected to restrain the market growth. High investment in new technologies in North America region is expected to create new opportunities for the industry during the forecast period. Also, with falling of human labor cost along with high demand for machine learning is expected to produce growth opportunity in the recent.
The global machine learning as a service market is segmented on the basis of component, service type, enterprise application, organization size and region. In terms of component, the market can be segmented into software tools, cloud and web-based application programming interface (APIs) and others including model validator, decision report/predictor/training, and report storage. The market is also classified on the basis of service into professional services and managed services.
On the basis of enterprise application, the market is classified into marketing and advertising, risk analytics and fraud detection, predictive maintenance (pattern recognition & generation and anomaly detection), augmented reality (pattern recognition & generation, object recognition, automated simulation, and prediction/recommendation), Network analytics and automated traffic management. In terms of organization size, the market can be segmented into small and medium enterprises (SMEs) and large enterprises. The market segments in terms of geographical regions include North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). North America is expected to lead the machine learning as a service market due to high demand for deployment from well-established economies such as the U.S.
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Industry participants dominating the mass notification system market with the most significant developments are Microsoft Corporation, International Business Machines Corporation, Amazon Web Services, Inc., Google Inc., and BigML, Inc., AT&T, Inc., Fuzzy.ai, Yottamine Analytics, LLC, and Sift Science, Inc. among others.
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