Global Machine Learning as a Service (MLaaS) Market overview of the industry including its definition, size, share, growth, applications and manufacturing technology Machine learning as a service (MLaaS) is a range of services that offer machine learning tools as part of cloud computing services, as the name suggests. MLaaS providers offer tools including data visualization, APIs, face recognition, natural language processing, predictive analytics and deep learning. The provider’s data centers handle the actual computation.
The Global Machine Learning as a Service (MLaaS) Market accounted for USD 821.1 million in 2016 growing at a CAGR of 40.3% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Global Machine Learning as a Service (MLaaS) Market, By Geography; Component (Software Tools, Services); Application (Marketing and Advertising, Fraud Detection and Risk Analytics, Predictive Maintenance, Augmented Reality, Network Analytics and Automated Traffic Management); Organization Size; Vertical – Industry Trends and Forecast to 2024
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Market Definition:
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.
Competitive Analysis:
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.
Major market drivers and restraints:
- Adoption of cloud-based technologies
- Strong need to understand customer behavior
- Technological advancement
- Government and compliance issues
- Lack of skilled consultants to deploy machine learning services
Market Segmentation:
On the basis of component:- Software tools, services.
The software tools sub segment:- Data storage and archiving, modeler and processing, cloud and web-based application programming interface, others.
The services segment is further sub segmented:- Professional services, and managed services.
On the basis of application:- 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:- Small and medium enterprises, and large enterprises.
On the basis of vertical:- 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:- 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.
Top Competitors:
- Microsoft,
- IBM Corporation,
- Amazon Web Services, Inc.,
- Google, Inc.,
- BigML, Inc.,
- Fair Isaac Corporation,
- Hewlett Packard Enterprise Development LP,
- others.
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