Machine Learning as a Service Market: Snapshot
Owing to the rapid technological advancements and the stronger need to understand the behavior of customer, the machine learning as a service market is expected to witness an exponential boom in the years to come. Machine learning as a service is a span of services that provides tools for machine learning as a part of cloud computing services. The providers of machine learning for service offers various tools such as API, natural language processing, data visualization, deep learning and predictive analytics. Generally, Machine Learning is an Artificial Intelligence programmed application. Major factors boosting the growth of the machine learning as a service market are the adoption of cloud based technologies and technological advancements into the computing world. Moreover, the increase in demand for understanding customer behavior in terms of machine learning is also propelling the market.
The global machine learning as a service market is estimated to be valued at USD 3755.0 mn by the end of 2023. The forecast period is set from 2017 to 2023 and the CAGR is seen to be 43.7%. As per the 2016 records the market value was worth USD 613.4 mn, thus showing a remarkable rate of growth in the years to come.
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Healthcare and Life Sciences Sector to Dominate Market with Organized Health Record Keeping
The global machine learning as a service market is categorized on the basis of component, application, organization size, and vertical. Based on segmentation by component, the global market is divided into services and software where further segmentation of software tools is Cloud and Web-Based Application Programming Interface, Data Storage and Archiving, and Modeler and Processing, and further segmentation of services includes managed services, and professional services.
Based on classification by application, the market is grouped into Network Analytics and Automated Traffic Management, Marketing and Advertising, Predictive Maintenance, Augmented Reality, and Fraud Detection and Risk Analytics. With respect to organization size, the market is categorized into Large Enterprises, medium and small enterprises. On the basis of vertical, the market is categorized into telecom, media and entertainment, defense, education, healthcare and life sciences, e-commerce and retail. Transportation and automotive, financial services and banking, and insurance. Among these, the healthcare and Lifesciences sector is witnessed to be dominating the market. This is owing to the increasing need for machine learning in the healthcare and medical sector in order to keep records of patients in a structural way.
North America to Dominate Market Revenue with Internet of Things Popularity
The global machine learning as a service market is studied on the basis of key geographies North America, Asia Pacific, Middle East and Africa, Europe, and South America. The market is projected to be dominated by the North American region because of the booming demand for machine learning as a service with large amount of data and other innovative technologies along with the rising demand for Internet of Things (IoT). Besides, North America is home to most of the prominent player’s base camps in the countries of Canada and the U.S., which further accelerates the market in the long run.
Important players of the machine learning as a service market are Google Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, and FICO.
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Rapid Pace of Digitalization to Drive Sales across the Global Machine Learning as a Service Market
The total volume of revenues floating into the global machine learning as a service market is set to increase in the years to follow. The application of machine learning in all leading-edge technologies has paved way for the development of new automation systems and nodes. Besides, several researchers and scientists concur with the potential of machine learning in overhauling the functional dynamics of complex industries. The pace of digital transformation in the contemporary scenario has accelerated by leaps and bounds. This is a formidable driver of demand within the global machine learning as a service market. This is because machine learning has played a vital role in digitalizing office spaces, company functions, and residential applications.
- The COVID-19 pandemic has furthered the demand for machine learning services as the world practices social distancing technologies. Use of thermal cameras and crowd detection systems has become commonplace across airports, train stations, and other places of public visit. This has brought machine learning as a service under the spotlight of attention. Moreover, the use of machine learning for detecting the presence of people across restricted zones in hospitals and COVID care centers has also aided the growth of the global machine learning as a service market. The algorithms used for machine learning and analysis have improved by a respectable chase in recent years. This is also a key dynamic of growth for the vendors operating in the machine learning as a service market.
The use of machine learning technologies in the field of maternal healthcare and disease diagnosis is redefining the dynamics of market growth. In addition to this, the collaborative efforts of scientists in procuring the combined benefits of machine learning and artificial intelligence has also brought machine learning as a service in the limelight. These are important considerations while evaluating the growth dynamics of the machine learning as a service market.