Machine Learning as a Service (MLaaS) Market Size : Global Industry Demand, Growth, Trends, share & Forecast 2024

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COVID-19

Extensive insights into the Growth of Cancer Vaccines Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19. Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

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In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.

Machine Learning as a Service Market Overview

Machine learning refers to the artificial intelligence software which predicts the outputs without any explicit program. Instead of supervising the unsupervised program, machine learning learns from the environment and generates data accordingly. It is widely being used for predictive analysis, face recognition, big data analysis and other applications. Many companies are adopting machine learning to enhance their productivity and operational efficiency.

Market Size and Forecast

Global machine learning as a service market is anticipated to flourish at a robust CAGR of 40.2% during the forecast period. In 2012, global machine learning as a service market was estimated at a valuation of USD 0.5 Million. Further, the market of machine learning as a service was valued at USD 1.1 Billion in 2016 and is expected to garner USD 20.1 Billion by the end of 2024. Rising adoption of IoT across the globe is the dynamic factor behind the growth of the machine learning as a service market during the forecast period.

Geographically, North America accounted for more than 35% market share in 2016. Further, the region is expected to continue its dominance over the forecast period on the account of rising adoption of machine learning as a service. Furthermore, presence of major players in the region such as Google, Microsoft Corporation, IBM and Amazon webs services is envisioned to bolster the growth of the machine learning as a service market. In the North America region, U.S. captured the largest market share in 2016. This can be attributed to the wide scale adoption of machine learning as a service by many enterprises. CLICK TO DOWNLOAD FREE SAMPLE

Asia Pacific is projected to grow at a significant pace over the forecast period. Positive growth and development of information technology sector in the region is expected to swell the demand for the machine learning as a service. Apart from this, rising adoption of advanced analytics tools in healthcare is expected to fuel the growth of machine learning as a service market. Europe region is predicted to grow at a significant pace and create substantial demand for machine learning as a service market during the forecast period. Rising adoption of machine learning by the European banks to increase the product sales is expected to swell the demand for the machine learning in the region.

On the basis of deployment type, global machine learning as a service market has been segmented into public cloud and private cloud. Public cloud has been a leading segment in the recent years and is expected to continue its dominance over the forecast period.

Market Segmentation

Our in-depth analysis has segmented global machine learning as a service market into the following segments:

By Deployment Type

Public Cloud
Private Cloud

By End Use Application

Manufacturing
Retail
Healthcare & Life Sciences
BFSI
Travel & Hospitality
Other (Energy, Feedstock & Utilities)

By Region

Global machine learning as a service market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers & Challenges

Increasing adoption of advanced analytics tools by various industries is expected to escalate the growth of the machine learning as a service market. Furthermore, rising focus towards customer in order to increase the sales of the company is anticipated to trigger the growth of machine learning as a service market. Additionally, many companies are adopting machine learning to improve the performance and operational efficiency. These factors are anticipated to fuel the growth of machine learning as a service market.

Apart from this, rising trend of digitalization is fuelling the growth of the machine learning as a service market globally. Moreover, rise in adoption of cloud based platforms is expected to positively impact the growth of the machine learning as a service market.

In contrast, lack of qualified and skilled persons is believed to dampen the growth of the machine learning as a service market. Furthermore, rising concern toward data privacy is anticipated to restrain the development of machine learning as a service market.

Key Players