Machine learning as a service Market incorporates a comprehensive range of services and solutions and techniques interrelated closely to artificial intelligence (AI), which performs statistical analysis of input data to understand its current or future relationship and performance. Machine learning makes use of massive amount of input data to deliver improved analytical output while optimizing workflow for varied industry verticals. Machine learning as a service (MLaaS) incorporates range of services that offer machine learning tools through cloud computing services.
Growth in IT expenditure in the emerging nations and technological advancements for workflow optimization fuels the demand for advanced analytical systems, thereby driving the MLaaS market growth. In addition, rise in penetration of cloud-based solutions, growth associated with artificial intelligence and cognitive computing market, and increase in market for prediction solutions also fuel the demand for machine learning as a service market. However, dearth of trained professionals is expected to restrain the MLaaS market growth during the forecast period. Furthermore, increased application areas for MLaaS is expected to create lucrative opportunities for market expansion.
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Improved productivity, diversified application areas, increased customer satisfaction, and big data integration drive the artificial intelligence (AI) market. Cognitive computing, with the help of different technologies such as natural language processing, machine learning and automated reasoning, translates unstructured data to sense, infer, and predict the best solution. Cognitive computing is majorly used in BFSI, healthcare, security, retail, e-commerce, and other sectors. Increase in volume of unstructured data and advancements in technology majorly drive the cognitive computing market. AI has different application areas across media & advertising, finance, retail, healthcare, automotive & transportation, agriculture, law, educational institutions, oil & gas, and other industries. The impact of this factor is expected to be higher in future, since machine-learning algorithms are anticipated to be used for preventing payment frauds and cyberterrorism. Furthermore, AI is estimated to have a strong impact on healthcare advancements and lead to more accurate treatments and prevention of medical conditions.
Machine Learning as a Service Market Key Segments:
By Organization Size
Small & Medium Enterprises
By End-Use Industry
Aerospace & Defence
IT & Telecom
Energy & Utilities
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Marketing & Advertising
Fraud Detection & Risk Management
Augmented & Virtual reality
Natural Language processing
Security & surveillance
Rest of the World (RoW)
The prominent players in the Machine Learning Market are – Google Inc. (U.S.), Facebook (U.S), ,IBM Watson (U.S.), Baidu (China), Apple (U.S), Microsoft (U.S.), Cisco(U.S.), Wipro(India), and Nuance Communications(U.S.) , Amazon (U.S) , Intel (U.S.).
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