The global Machine Learning as a Service (MLaaS) Market Growth Accelerated by Increased Adoption of ML in Various Industries

Global Machine Learning As A Service (Mlaas) Market Size

Machine learning as a service (MLaaS) helps organizations leverage machine learning capabilities without having to build and maintain required infrastructure and resources in-house. MLaaS can be used to develop intelligent applications for various tasks including computer vision, natural language processing, forecasting, predictive analytics, and others with simple API calls. The MLaaS tools help automate repetitive data science tasks and scale machine learning models easily.

The global Machine Learning as a Service (MLaaS) Market is estimated to be valued at US$ 10072.55 in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased adoption of ML in various industries such as healthcare, banking, manufacturing, and others is expected to boost the growth of the MLaaS market over the forecast period. ML techniques are gaining prominence for their utility in diagnosing diseases, detecting anomalies and frauds, predictive maintenance, personalizing customer experiences, and automating business processes. The availability of ML solutions over cloud as services helps businesses access these capabilities without significant investments and resource requirements. This has accelerated the adoption rate of MLaaS among organizations across industries. Moreover, continuous innovation and the development of advanced ML techniques such as deep learning and neural networks are expanding the scope of ML applications, thereby supporting the market growth of MLaaS.

Segment Analysis
The global MLaaS market is dominated by the Cloud segment. Majority of MLaaS vendors offer cloud-based ML services which give users access to Machine Learning models over the internet without having to build and maintain dedicated infrastructure. The cloud ML services allow data scientists, developers and enterprises to focus on algorithm development and data analysis rather than infrastructure management. This has made cloud services popular for tasks such as predictive analytics, image & speech recognition, marketing automation etc.

Key Takeaways:

The Global Machine Learning As A Service (Mlaas) Market Size  is estimated to be valued at US$ 10072.55 in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.

Regional analysis related content comprises:
North America currently dominates the global MLaaS market with the highest market share. This is attributed to heavy investments in AI technologies by US tech giants and the presence of major cloud service providers in the region offering advanced ML services. Asia Pacific is expected to be the fastest growing market for MLaaS during the forecast period. This is due to increasing adoption of advanced technologies among SMEs and large enterprises across industries in developing countries such as India and China.

Key players related content comprises:
Key players operating in the Machine Learning as a Service (MLaaS) market are BASF SE, SINOYQX, Puyang Green Yingli New Material Tech Co. Ltd, BEIJING GUOJIAN ANKE, ZHEJIANG LIN'AN YUNQING MELAMINE PLASTIC FOAM CO., PentaClick, Acoufelt, Clark Foam, Reilly Foam Corporation, Soundcoat, Festa.

 

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