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Machine Learning-as-a-Service Market Expected to Reach $5,537 Million by 2023

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Growing IT spending in emerging countries and advances in technology for optimizing workflows are fueling the demand for advanced analytical systems.

PORTLAND, PORTLAND, OR, USA, March 3, 2022 /EINPresswire.com/ — According to a new report from Allied Market Research, titled, Machine Learning as a Service Market By Component, Organization Size, End-Use Industry, and Application: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global Machine Learning-as-a-Service market was valued at USD 571 million in 2016 and is projected to reach $5,537 million by 2023, growing at a CAGR of 39.0% from 2017 to 2023. BFSI segment has maximum potential, which is expected to create lucrative opportunities for players in the industry.

Machine learning is designed to integrate the features of artificial intelligence (AI) and cognitive computing involving a series of algorithms and is used to understand the relationship between sets of data to achieve a desired result. Machine learning as a service (MLaaS) incorporates a range of services that offer machine learning tools through cloud computing services.

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The current business scenario has witnessed an increase in the adoption of machine learning as a service in both developed and developing regions, owing to technological innovations in product offerings, increased need for improved performance and operational efficiency, increase in demand for analytical systems and increase in application areas among end users. Additionally, factors such as the growth associated with IoT, cognitive computing, neural networks, deep learning technologies, and artificial intelligence (AI) are expected to provide ample opportunities for growth. However, the lack of trained professionals is expected to limit the growth of the machine learning as a service market over the forecast period.

The services segment dominated the machine learning-as-a-service market in 2016, with approximately 73% global market revenue share. This is attributed to improved IT infrastructure and increased cloud-related spending to cater to untapped markets in developing countries.

The IT and telecommunications segment dominated the global machine learning-as-a-service market with a share of around 20% in 2016, followed by the BFSI segment. Additionally, the public sector segment is expected to grow at the highest CAGR of 42.1%, owing to the widespread adoption of advanced solutions and increasing IT spending.

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North America was the largest revenue contributor in 2016, with a share of around 43%. However, Asia-Pacific is expected to grow at the highest CAGR of 45.5% during the forecast period.

The report presents the competitive scenario of the Machine Learning as a Service market and provides a comprehensive analysis of significant growth strategies adopted by key players. Major players operating in the market are Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML, Inc., Microsoft Corporation, Predictron Labs Ltd. and IBM Corporation.

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