Global “Machine Learning as a Service (MlaaS) Market” 2022 by Manufacturers, Regions, Type and Application, Forecast to 2028
The global Machine Learning as a Service (MlaaS) market is expected to register a significant CAGR 43.46% during the forecast period 2022-2028. According to Market growth reports latest research Machine Learning as a Service (MlaaS) Industry Know-how optimization stages are solutions which deliver an organization the ability to know the requirement of every individual customer and suggestion the best possible experience for them across all touch points.
The global MLaaS market is expected to register a CAGR of about 43.46% during 2022-2028 (the forecast period), to reach a value of USD 8.315 billion, by 2028, from USD 0.932 billion, as of 2022. The scope of this report is limited to the solutions that are offered by the major market players including service providers. The regions, considered in the scope of this report, include North America, Europe, and ‘others’. The study highlights the various applications of machine learning, such as predictive maintenance, risk analytics, and fraud detection, among various others.
With advancements in the data science and artificial intelligence technologies, the performance of machine learning has accelerated at a rapid pace. Companies are now identifying the potential of this technology, and therefore, the adoption rate of the same is expected to increase over the forecast period. Companies are offering machine learning solutions on a subscription-based model, making it easier for the consumers to take the advantage of this technology. MLaaS model is expected to dominate the market, with users having an option to choose from a wide variety of solutions that are focused on different business needs. Also, factors, such as the increasing adoption of cloud-based services, IoT, and automation, and the growing need for consumer behavior analysis are expected to drive the machine learning as a service market.
However, the security concerns and a lack of skilled personnel, to use these solutions, can act as the market restraints.
Increasing Adoption of IoT and Automation
The increasing rate of adoption for IoT and automation systems in industries is expected to drive the growth of adoption rate for MLaaS. Industrial automation already has over a billion connected devices deployed. Owing to IoT, the smart and connected technologies have increased the pace of data that is being created, exponentially. Thus, industries are finding opportunities to explore this data and devise new solutions, in order to improve the existing infrastructure and operating efficiencies. For instance, MLaaS providers, such as IBM, are providing utility IoT as a solution to implement analytics roadmap in support of asset health and reliability.
Growing Demand for Predictive Maintenance Solutions to Augment the Growth
Increasing deployment of IoT and smart sensors in the industry is enabling companies to deploy predictive maintenance models and eliminate the problems and faults before they could affect the equipment. Industries are now focusing on curbing additional costs and reducing downtime by eliminating failures. The sectors of manufacturing, energy and utility, and oil and gas are projected to be the largest consumers of this solution in the coming years. Manufacturing and production industry is likely to deploy IoT, in order to monitor the existing equipment and predict faults, thus enabling prior inspection and maintenance for eliminating failure.
North America to Witness the Highest Share
The swift market penetration and presence of large companies, working on the technology, are likely to influence the market growth. However, shifting focus toward automation and deployment of new technologies, to reduce costs, are likely to drive the APAC region at a faster growth rate. Moreover, the region has witnessed a tremendous increase in the number of start-ups involved in the business, which is further fuelling the market growth.
Who are some of the Top Manufacture operating in the Machine Learning as a Service (MlaaS) market and how high is the competition 2022?
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services
- Inc.
- Google Inc.
- Hewlett Packard Inc.
- Fair Isaac Corporation
- PurePredictive Inc
- Sift Science Inc
And More
{ Impressive Compound annual growth rate (CAGR) 43.46% With Multiple million USD }
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Machine Learning as a Service (MlaaS) Market Research Report provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.
The report covers the key players of the business including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin Sales with an exhaustive investigation of the market’s competitive landscape and definite data on vendors and thorough subtleties of elements that will challenge the development of significant market vendors.
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Key questions answered in this report: –
- What will the Machine Learning as a Service (MlaaS) market size be in 2028 and what will the growth rate be?
- What are the key Machine Learning as a Service (MlaaS) market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this Machine Learning as a Service (MlaaS) market space?
- What are the Machine Learning as a Service (MlaaS) market opportunities and threats faced by the key vendors?
Top countries data covered in this report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., France, Germany, Spain, Italy, Central and Eastern Europe, CIS)
- Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)
- Latin America (Brazil, Rest of L.A.)
- Middle East and Africa (Turkey, GCC, Rest of Middle East)
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With tables and figureshelping analyze Global Machine Learning as a Service (MlaaS) Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market
Detailed TOC of 2022- 2028 Machine Learning as a Service (MlaaS) Market Research Report – Regional Analysis, Top Players, Growth, Shares, Revenue
- Introduction
1.1 Study Deliverables
1.2 General Study Assumptions - Research Methodology
2.1 Introduction
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Modelling - Executive Summary
- Market Overview and Trends
4.1 Introduction
4.2 Market Trends
4.3 Porter’s Five Force Framework
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry - Market Dynamics
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.3.1 Growing Demand
5.3.2 Increasing Demand - Machine Learning as a Service (MlaaS) Market, Segmentation by Material Type
- Machine Learning as a Service (MlaaS) Market, Segmentation by Type
- Machine Learning as a Service (MlaaS) Market, Segmentation by Vehicle Type
- Machine Learning as a Service (MlaaS) Market, Segmentation by Geography
9.1 North America
9.1.1 United States
9.1.2 Canada
9.1.3 Mexico
9.1.4 Others
9.2 South America
9.2.1 Brazil
9.2.2 Argentina
9.2.3 Others
9.3 Asia-Pacific
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 Others
9.4 Europe
9.4.1 United Kingdom
9.4.2 Germany
9.4.3 France
9.4.4 Others
9.5 Africa and Middle East
9.5.1 UAE
9.5.2 South Africa
9.5.3 Saudi Arabia
9.5.4 Others - Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Developments of Key Players - Key Vendor Analysis (Overview, Products and Services, Strategies)
- Future Outlook of the Market
- Disclaimer
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