Machine Learning as a Service Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2032

Machine Learning as a Service Market Insights

According to the report published by Zion Market Research, the global Machine Learning as a Service Market size was valued at USD 29.41 Billion in 2023 and is predicted to reach USD 283.91 Billion by the end of 2032. The market is expected to grow with a CAGR of 28.65% during the forecast period. The report analyzes the global Machine Learning as a Service Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Machine Learning as a Service industry.

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Global Machine Learning as a Service Market: Overview

Machine learning as a service (MLaaS) is a broad term used to define a spectrum of services that provides machine learning tools as a factor of cloud computing services. The providers of the MLaaS offer several tools which include natural language processing (NLP), APIs, data visualization, predictive analytics, face recognition, deep learning, and so on. The major attraction of MLaaS is that the user can immediately start with machine learning without any installation of software. The data center of the providers handles all the actual computation.

Global Machine Learning as a Service Market: Growth Factors

The global machine learning as a service market is growing at a significant rate. Factors such as the rise in adoption of automation systems & IoT in the majority of the industries, increase in the use of cloud-based applications at a substantial rate, and growing need to understand customer behavior are propelling the growth of the global machine learning as a service market. Some of the benefits that are been attracting the organizations to adopt machine learning as a service include no need to hugely invest in the computing power & storage facilities, no need to build in-house infrastructure right from the scratch, low-cost & fast compute options, and hiring of any expensive data scientist or machine learning engineer is not required.

In addition to this, the platform of MLaaS is the best choice for startups, freelance data scientists, and organizations where ML is not an important activity. Thus, the rise in demand for the MLaaS is surging the growth of the global market. Furthermore, technological advancements are anticipated to fuel the growth of the global machine learning as a service market during the forecast period. However, to deliver machine learning services there is an unavailability of skilled professionals which may limit the growth of the global machine learning as a service market.

The economic, political, and social aspects of life are been disrupted by the pandemic of Covid-19. Machine learning is influenced & connected directly by the real world and this is applicable for the businesses that have ML models to obtain intelligence for customer behavior, stock optimization, and sales forecasting. However, with the shutdown of the business sectors, there was a decline in the demand for the MLaaS that severely affected the growth of the market. However, the use of machine learning in the banking and healthcare sector supported the slow growth of the global machine learning as a service market amid the Covid-19 pandemic.

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Global Machine Learning as a Service Market: Segmentation

The global machine learning as a service market is categorized into service, organization size, enterprise application, software tools & services, end-user, and region.

Based on the service, the global machine learning as a service market is divided into managed services and professional services.

Based on the organization size, the global market is split into small & mid-sized enterprises and large enterprises.

The enterprise application segment is classified into network analytics & automated traffic management, predictive maintenance, marketing & advertising, augmented reality, risk analytics & fraud detection, and others.

Based on the software tools & services, the global market is bifurcated into cloud and web-based application programming interfaces (APIs), data storage & archiving software tools, and others.

The end-user segment is fragmented into retail, BFSI, IT & telecom, healthcare, government, and others.

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Machine Learning as a Service Market: Report Scope

Global Machine Learning as a Service Market: Regional Analysis

North America is anticipated to account for the maximum share in the global machine learning as a service market. It is also expected to maintain its dominance during the forecast period. The rise in adoption of machine learning as a service, the increase in the use of cloud-based applications, and the presence of major players are the key factors that are augmenting the growth of the market. In addition to this, the increase in technological advancements is also equally contributing to the growth of the market in this region. The market in the Asia Pacific region is expected to grow with the highest CAGR due to expanding IT sector and growing penetration of IoT, artificial intelligence, and machine learning in several business sectors, especially healthcare and retail.

Global Machine Learning as a Service Market: Competitive Players

• Yottamine Analytics
• Amazon Web Services
• Microsoft
• BigML Inc.
• Google, Inc.
• Hewlett Packard Enterprises
• Sift-Science
• IBM Corporation
• IBM Corporation
• Ersatz Labs

are some of the major players that are operating in the global machine learning as a service market.

Global Machine Learning as a Service Market: Segment Analysis

Based on the service

• Managed services
• Professional services

Based on the organization size

• Small & mid-sized enterprises
• Large enterprises

By enterprise application segment

• Network analytics & automated traffic management
• Predictive maintenance
• Marketing & advertising
• Augmented reality
• Risk analytics & fraud detection
• Others

Based on the software tools & services

• Cloud
• Web-based application programming interfaces (APIs)
• Data storage & archiving software tools
• Others

By end-user segment

• Retail
• BFSI
• IT & telecom
• Healthcare
• Government
• Others

Global Machine Learning as a Service Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa

What Reports Provide

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.