According to a new market research report published by Credence Research “Machine Learning as a Service Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, Overall, machine learning as a service market worldwide was valued at US$ 1,117.9 million in 2018 and is set to grow at 35.4 per cent CAGR during the forecast period 2019 to 2027.
Rapid technological advancements and the growing adoption of cloud-based technologies worldwide are primarily driven by machine learning as a service market. Data visualization, predictive analysis, natural language processing, APIs and others are some of the tools offered by MLaaS providers that help market growth. Rising need to understand consumer behavior, which helps companies gain deeper insights into the consumer’s mind. Moreover, the understanding referred to above helps companies to offer new products and services that help machine learning to grow as a service market. The integration of MLaaS with Big Data and the increase in IoT are also driving the market growth. Subsequently, we predict that the market will grow significantly during the forecast period.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/machine-learning-as-a-service-market
Based on end-use, the market for MLaaS is segmented into BFSI, Retail, Telecom, Healthcare, Manufacturing, Others (Aerospace & Defense, Government, etc.). The retail segment has the highest share in 2018, accounting for around 30% of the global market share of revenues in the same year. Due to the growing retail industry and the penetration of digitization in the industry, the retail segment was dominant in 2018. Retail companies such as Amazon, eBay, and others are witnessing the rapid implementation of machine learning. On the other hand, the healthcare segment will show the fastest growth during the forecast period due to the growing need for machine learning in the sector.
Based on geography, North America was the market leader for MLaaS in 2018. North America contributed nearly 50% of the world’s revenue share in the same year. North America is dominated by the rapid adoption of machine learning as a service to IoT (Internet of Things), Big Data and other technologies. The presence of major market players such as Google, Inc., Microsoft Corporation and others is another factor in North America’s dominance. We, therefore, expect North America to remain dominant during the forecast period. On the other hand, we predict that the Asia Pacific will be the fastest-growing region in the coming years due to rapid technology growth and growing investment in new technology in the region.
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List of Companies Covered:
- Google Inc.
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services
- Yottamine Analytics
- Ersatz Labs Inc.
- Predictron Labs Ltd
By Deployment Model Type
By Application Type
• Marketing & Advertising
• Predictive Maintenance
• Augmented Reality
• Fraud Detection and Risk Analytics
• Network Analytics and Automated Traffic Management
• Others (Data Classification, Sales Lifecycle Management, etc.)
By End-user Type
• Others (Aerospace & Defense, Government, etc.)
By Geography Segment
• North America (the U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)
Key questions answered in this report
- What was the market size of machine learning as a service in 2018 and forecast up to 2027?
- Which is the largest regional market for machine learning as a service?
- What are the major trends followed in overall machine learning as a service across different regions?
- Who is the key machine learning as a service company leading the market?
- What are the key strategies adopted by the leading machine learning as a service companies in market?
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