Global Machine Learning as a Service (MLaaS) Market By Component (Software Tools, Services), Application (Marketing & Advertising, Fraud Detection & Risk Analytics, Predictive Maintenance, Augmented Reality, Network Analytics & Automated Traffic Management. Others), Organization Size (Small & Medium Enterprises, Large Enterprises), End User (Education, Banking & Financial Services, Insurance, Automation & Transportation, Healthcare, Defense, Retail, E-Commerce, Media & Entertainment, Telecom, Government, Aerospace), Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa) – Industry Trends and Forecast to 2026
Global Machine Learning as a Service (MLaaS) Market is set to witness a healthy CAGR of 44.53% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market value can be attributed due to the advancement in data science and artificial intelligence and an increasing need to understand the desires and needs of the customers.
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Major Market Competitors/Players
Few of the major competitors currently working in the global machine learning as a service (MLaaS) market are Microsoft, IBM CORPORATION, Amazon Web Services, Inc., Google Inc.., BigML, Inc., Fair Isaac Corporation, Hewlett Packard Enterprise Development LP, AT&T Intellectual Property, Yottamine Analytics, LLC, SAS Institute Inc., PurePredictive, Inc, H20.ai., Tamr, PREDICTRON Labs, LogDNA, DeepMind Technologies Limited, Figure Eight Inc., Amplero, Inc., Darktrace, Iflowsoft Solution Inc., among others.
Key Developments in the Market:
- In July 2019, Amazon Web Services Inc., has introduced Predictive Maintenance using the machine learning solution that automates the detection of potential equipment failure and will prove the recommendations to take an action for it.
- In April 2019, Microsoft had created a platform which will integrate machine teaching which will assist deep reinforcement learning algorithms for confronting the real world problems. The scientists and product developers at Microsoft have originated a new approach known as machine teaching. This depends on the expertise and knowledge of the people to chunk out a problem in to simpler set of tasks and enabling the machine learning models and various clues for finding the solution.
Machine learning as a service refers to a number of services cloud providers are offering. MLaaS providers offer tools including data visualization, APIs, face recognition, natural language processing, predictive analytics and deep learning. It has its wide application in education, banking and financial services, insurance, automotive and transportation, healthcare, defense, retail and e-commerce, media and entertainment, telecom, others. Adoption of cloud-based technologies and technological advancement may act as the major driver in the growth of machine learning as a service market. On the other hand, lack of skilled consultants to deploy machine learning services may hamper the market.
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Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
The report for machine learning as a Service (MLaaS) market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others. The report also measures technology life line curve and market time line to analyze and do more affective investments.
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The global machine learning as a service (MLaaS) market is segmented on the basis of component into software tools, services. The software tools segment is further sub segmented into data storage and archiving, modeler and processing, cloud and web-based application programming interface, others. The services segment is further sub segmented into professional services, and managed services.
On the basis of application, the global machine learning as a service (MLaaS) market is segmented into marketing and advertising, fraud detection and risk analytics, predictive maintenance, augmented reality, network analytics and automated traffic management, and others.
On the basis of organization size, the global machine learning as a service (MLaaS) market is segmented into small and medium enterprises, and large enterprises.
On the basis of vertical, the global machine learning as a service (MLaaS) market is segmented into education, banking and financial services, insurance, automotive and transportation, healthcare, defense, retail and e-commerce, media and entertainment, telecom, others.
On the basis of geography, the global machine learning as a service (MLaaS) market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
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