Growth Accelerated by Increased Adoption of Cloud-Based Solutions in Various Global Machine Learning As A Service (Mlaas) Market

Global Machine Learning As A Service (Mlaas) Market Size 

Machine learning as a service (MLaaS) allows developers and organizations to query data and build machine learning models without having to deploy machine learning algorithms and models themselves. MLaaS offers capabilities like predictive analytics and forecasting insights that are advantageous for industries like banking, retail, healthcare, and transportation. The expansion of cloud computing and its various cloud-based services have increased the adoption of MLaaS tools in different industry sectors.

The global Machine Learning as a Service (MLaaS) Market is estimated to be valued at US$ 10072.55 Mn in 2023 and is expected to exhibit a CAGR of 26.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the MLaaS market is the increasing adoption of cloud-based solutions across various industry verticals. MLaaS tools hosted on the cloud eliminate the need for businesses to purchase expensive hardware and reduce overhead costs associated with developing machine learning capabilities in-house. Cloud deployment also allows MLaaS providers to easily scale resources as per fluctuating demands. This has accelerated the adoption of cost-effective cloud-based ML solutions among SMBs and large enterprises alike. Mlaas tools hosted on private, public, and hybrid clouds are increasingly being utilized for advanced analytics and insights.

Segment Analysis
Machine Learning as a service (MLaaS) market can be segmented on the basis of deployment, technology and application. The public cloud dominating the MLaaS market as it offers low installation and maintenance cost and provides scalability. Applications such as marketing and advertising remains the dominating sub-segment currently as ML tools help analyze customer behavioral data and provide personalized recommendations.

Key Takeaways
Global Machine Learning As A Service (Mlaas) Market Size is expected to witness high growth.

Regional analysis: North America region currently dominating the MLaaS market owning to higher technology adoption, presence of major players and availability of required infrastructure and skilled workforce. USA and Canada are major countries contributing to the regional market growth. However, Asia Pacific region is expected to grow at fastest pace during the forecast period with China, India and other developing nations rapidly adopting cloud based advanced technologies.

Key players related content comprises Key players operating in the Machine Learning as a Service (MLaaS) market are Fitbit Incorporation, Garmin International, Pebble Incorporation, Xiaomi, Samsung Electronics, NIKE Incorporation, Shanda Group, and Sony Corporation. These players are focusing on new product launches and partnerships to gain competitive advantage in the market.

 

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