Machine learning as a service market

Machine Learning as a Service (MLaaS) Market, By Deployment (Public Cloud, Private Cloud/Virtual Private Cloud) By End-use Application (Manufacturing, Retail, Healthcare & Life Sciences, Telecom, Banking, Financial services and Insurance (BFSI), Others (Energy & Utilities, Government, Education, etc.), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Jan 2023
CMI3718
130 Pages
Excel & Pdf
Information and Communication Technology

Summary

Machine learning as-a-service refers to various types of services that offer machine learning abilities as a part of cloud-computing services. MLaaS assists its customers to gain advantage from machine learning without additional cost, risk, and time for creating an in-house internal machine learning team. MLaaS offers various advantages such as data pre-processing, model evaluation, model training, and predications. Many service providers offer API, predictive analytics, deep learning, data visualization, natural language processing, etc. The major advantage that MLaaS offers to businesses is that it enables them to get started quickly with machine learning without undergoing tedious software installation processes. Companies can enhance their product capabilities and offerings, enhance regular business operation efficiency, make interaction with consumers easier, and use AI prediction capabilities.

The global machine learning as a service (MLaaS) market was valued at US$ 5,228.3 Mn in 2021.

Recent Developments:

On 29^th September 2022, Amazon Web Services (AWS), a provider of an on-demand cloud computing platform and APIs, and SK Telecom, the telecommunication operator announced the partnership to develop the latest version of Computer Vision AI Services. Through this partnership, customers will be able to more easily and affordably develop, use, and scale computer vision resolutions that will increase productivity, maintain equipment and increase facility safety.
On 28^th October 2021, H2O.ai, A visionary company in democratizing AI, and AT&T Intellectual Property, a telecommunications service provider company collaborated and launched an Artificial Intelligence feature store for ventures. As this delivers a repository for sharing, collaborating, reusing, and discovering machine learning features to speed up AI project infrastructure.

Restraint:

Low availability of skilled personnel is expected to hamper the global machine learning as a service (MLaaS) market growth during the forecast period
Lack of data security is expected to hinder the global machine learning as a service (MLaaS) market growth over the forecast period

Machine Learning as a Service Market Report Coverage

Report Coverage	Details
Base Year:	2021	Market Size in 2021:	US$ 5,228.3 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	38.8%	2030 Value Projection:	US$ 98,532.9 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Deployment: Public Cloud, Private Cloud/Virtual Private Cloud By End-use Application: Manufacturing, Retail, Healthcare & Life Sciences, Telecom, Banking, Financial services and Insurance (BFSI), Others (Energy & Utilities, Government, Education etc)
Companies covered:	H2O.ai, Google Inc., Predictron Labs Ltd, IBM Corporation, Ersatz Labs Inc., Microsoft Corporation, Yottamine Analytics, Amazon Web Services Inc., FICO, and BigML Inc
Growth Drivers:	Exponential growth of big data is expected to drive growth of the global machine learning as a service (MLaaS) market during the forecast period Rising acceptance of cloud-based technologies is expected to propel the global machine learning as a service (MLaaS) market growth over the forecast period
Restraints & Challenges:	Low availability of skilled personnel is expected to hamper the global machine learning as a service (MLaaS) market growth during the forecast period Lack of data security is expected to hinder the global machine learning as a service (MLaaS) market growth over the forecast period

Global Machine Learning as a Service Market - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 pandemic has positively affected the global machine learning as a service (MLaaS) market. Moreover, Machine learning as a Service is widely used in Cloud Computing Services as they have the capability of data transformations, visualizations, predictive analytics, and data modeling APIs. But, due to the pandemic, many organizations accelerated their migrations to public cloud solutions, since cloud service elasticity meets unexpected growth in service demand.

Therefore, the global machine learning as a service (MLaaS) market witnessed high growth during the pandemic.

North America held a dominant position in the global machine learning as a service (MLaaS) market in 2021

Statistics:

North America region dominated the global machine learning as a service (MLaaS) market in 2021, accounting for a 32.8% share in terms of value, followed by Europe, Asia Pacific, and Latin America, respectively

Figure 1: Global machine learning as a service (MLaaS) Market Share (%), By Region, 2021

North America and Europe were the two leading markets in terms of revenue in 2021, and are expected to hold their dominant position over the forecast period. The market growth in these regions is attributed to the growing technological industry. For instance, machine learning as a service (MLaaS) is majorly used for Cloud Computing Services, etc. in the technology industry, which is expected to drive demand for machine learning as a service (MLaaS) over the forecast period. Moreover, increasing demand for machine-learning tools as part of Cloud Computing Services in the machine learning as a service (MLaaS) is expected to facilitate the growth of the machine learning as a service (MLaaS) market in North America.

Figure 2: Global machine learning as a service (MLaaS) Market (US$ Mn) Analysis and Forecast, 2022 - 2030

The global machine learning as a service (MLaaS) market was valued at US$ 5,228.3 Mn in 2021 and is expected to reach US$ 98,532.9 Mn by 2030, growing at a CAGR of 38.8% between 2022 and 2030.

Major players operating in the global machine learning as a service (MLaaS) market are H2O.ai, Google Inc., Predictron Labs Ltd, IBM Corporation, Ersatz Labs Inc., Microsoft Corporation, Yottamine Analytics, Amazon Web Services Inc., FICO, and BigML Inc.

Table of Content

Table of Contents

*Browse 60 market data tables and 40 figures on "Global Machine Learning as a Service (MLaaS) Market- Global forecast to 2030”.

Segmentation

Detailed Segmentation

- Frequently Asked Questions -

What is the expected market size of the global machine learning as a service (MLaaS) market in 2030?

The global machine learning as a service (MLaaS) market is expected to reach US$ 98,532.9 million by 2030.

What is the expected compound annual growth rate (CAGR) of the market during the forecast period (2022-2030)?

The market is expected to witness a CAGR of 38.8% during the forecast period (2022-2030).

What is the primary factor contributing to the growth of the market?

Exponential growth of big data is expected to drive the growth of the market during the forecast period.

Based on Type, which segment held the largest market share in the mMarket in 2021?

Private Cloud/VPCs segment of the market held the largest market share among type segments in 2021.

Which region held the largest market share in the market in 2021?

North America held the largest share in the market in 2021.

Who are the key players operating in the market?

The market are H2O.ai, Google Inc., Predictron Labs Ltd, IBM Corporation, Ersatz Labs Inc., Microsoft Corporation, Yottamine Analytics, Amazon Web Services Inc., FICO, and BigML Inc.