According to the latest report by IMARC Group, titled, “Machine Learning as a Service (MLaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global machine learning as a service (MLaaS) market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.0 Billion by 2028, exhibiting a growth rate (CAGR) of 31.2%during 2023-2028.
Machine Learning as a Service (MLaaS) is a cloud-based service that enables businesses to access machine learning (ML) algorithms and models without investing in expensive infrastructure, expertise, and tools. It provides pre-built algorithms, tools, and data processing resources that allow businesses to build, deploy, and manage ML models and applications. At present, it is employed for predictive analytics, natural language processing (NLP), image recognition, fraud detection, and recommendation engines across the globe.
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Machine Learning as a Service (MLaaS) Market Trends and Drivers:
The increasing availability of cloud computing infrastructure and the rising need for ML to gain insights and drive decision-making in businesses currently represent one of the key factors catalyzing the demand for MLaaS across the globe. In addition, ongoing developments in ML with new algorithms, tools, and techniques is offering lucrative growth opportunities to MLaaS providers for constantly updating their services and making ML more accessible to businesses of all sizes. They are also providing customizable models and algorithms that can be deployed for specific needs and use cases and offer interoperability with a wide range of tools and platforms, including programming languages and development frameworks. Furthermore, the rising focus on increasing revenue, reducing costs, and improving customer satisfaction, is stimulating the market growth worldwide.
Machine Learning as a Service (MLaaS) Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- com Inc.
- Bigml Inc.
- Fair Isaac Corporation
- Google LLC (Alphabet Inc.)
- ai Inc.
- Hewlett Packard Enterprise Development LP
- Iflowsoft LLC
- International Business Machines Corporation
- Microsoft Corporation
- Sas Institute Inc.
- Yottamine Analytics Inc.
The report has segmented the market based on component, organization size, application and end user.
Breakup by Component:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Marketing and Advertising
- Fraud Detection and Risk Management
- Predictive Analytics
- Augmented and Virtual Reality
- Natural Language Processing
- Computer Vision
- Security and Surveillance
Breakup by End User:
- IT and Telecom
- Aerospace and Defense
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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