Machine Learning as a Service Market
Machine Learning as a Service Market (Deployment Type - Public Cloud and Private Cloud; End Use - Manufacturing, Retail, Healthcare & Life Sciences, Telecom, and BFSI) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Press Release :
Machine Learning as a Service Market: Snapshot
Owing to the rapid technological advancements and the stronger need to understand the behavior of customer, the machine learning as a service market is expected to witness an exponential boom in the years to come. Machine learning as a service is a span of services that provides tools for machine learning as a part of cloud computing services. The providers of machine learning for service offers various tools such as API, natural language processing, data visualization, deep learning and predictive analytics. Generally, Machine Learning is an Artificial Intelligence programmed application. Major factors boosting the growth of the machine learning as a service market are the adoption of cloud based technologies and technological advancements into the computing world. Moreover, the increase in demand for understanding customer behavior in terms of machine learning is also propelling the market.
The global machine learning as a service market is estimated to be valued at USD 3755.0 mn by the end of 2021. The forecast period is set from 2017 to 2021 and the CAGR is seen to be 43.7%. As per the 2016 records the market value was worth USD 613.4 mn, thus showing a remarkable rate of growth in the years to come.
Healthcare and Life Sciences Sector to Dominate Market with Organized Health Record Keeping
The global machine learning as a service market is categorized on the basis of component, application, organization size, and vertical. Based on segmentation by component, the global market is divided into services and software where further segmentation of software tools is Cloud and Web-Based Application Programming Interface, Data Storage and Archiving, and Modeler and Processing, and further segmentation of services includes managed services, and professional services.
Based on classification by application, the market is grouped into Network Analytics and Automated Traffic Management, Marketing and Advertising, Predictive Maintenance, Augmented Reality, and Fraud Detection and Risk Analytics. With respect to organization size, the market is categorized into Large Enterprises, medium and small enterprises. On the basis of vertical, the market is categorized into telecom, media and entertainment, defense, education, healthcare and life sciences, e-commerce and retail. Transportation and automotive, financial services and banking, and insurance. Among these, the healthcare and Lifesciences sector is witnessed to be dominating the market. This is owing to the increasing need for machine learning in the healthcare and medical sector in order to keep records of patients in a structural way.
North America to Dominate Market Revenue with Internet of Things Popularity
The global machine learning as a service market is studied on the basis of key geographies North America, Asia Pacific, Middle East and Africa, Europe, and South America. The market is projected to be dominated by the North American region because of the booming demand for machine learning as a service with large amount of data and other innovative technologies along with the rising demand for Internet of Things (IoT). Besides, North America is home to most of the prominent player’s base camps in the countries of Canada and the U.S., which further accelerates the market in the long run.
Important players of the machine learning as a service market are Google Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, and FICO.
Rapid Pace of Digitalization to Drive Sales across the Global Machine Learning as a Service Market
The total volume of revenues floating into the global machine learning as a service market is set to increase in the years to follow. The application of machine learning in all leading-edge technologies has paved way for the development of new automation systems and nodes. Besides, several researchers and scientists concur with the potential of machine learning in overhauling the functional dynamics of complex industries. The pace of digital transformation in the contemporary scenario has accelerated by leaps and bounds. This is a formidable driver of demand within the global machine learning as a service market. This is because machine learning has played a vital role in digitalizing office spaces, company functions, and residential applications.
- The COVID-19 pandemic has furthered the demand for machine learning services as the world practices social distancing technologies. Use of thermal cameras and crowd detection systems has become commonplace across airports, train stations, and other places of public visit. This has brought machine learning as a service under the spotlight of attention. Moreover, the use of machine learning for detecting the presence of people across restricted zones in hospitals and COVID care centers has also aided the growth of the global machine learning as a service market. The algorithms used for machine learning and analysis have improved by a respectable chase in recent years. This is also a key dynamic of growth for the vendors operating in the machine learning as a service market.
The use of machine learning technologies in the field of maternal healthcare and disease diagnosis is redefining the dynamics of market growth. In addition to this, the collaborative efforts of scientists in procuring the combined benefits of machine learning and artificial intelligence has also brought machine learning as a service in the limelight. These are important considerations while evaluating the growth dynamics of the machine learning as a service market.
Global Machine Learning as a Service Market: Overview
This report on the global machine learning as a service market provides analysis for the period 2015-2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global machine learning as a service market growth during the said period. Technologies that are playing a major role in the driving the global machine learning as a service market have also been covered in the study. The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of revenue estimates (in US$ Mn), across different geographies.
The report also includes key developments in the machine learning as a service market form 2006 onwards. Porter Five Force analysis which identifies bargaining power of supplier, bargaining power of buyer, threat from new entrant, threat from substitute and threat from competition in machine learning as a service market is also included in the report. Ecosystem analysis which identifies key stake holders in the machine learning as a service market is also covered in the report. The report also covers segment wise comparison matrix, market attractiveness analysis and market share analysis for all regions covered in the scope of study.
The report also includes competition landscape which include competition matrix, market share analysis of major players in the global machine learning as a service market based on their 2016 revenues and profiles of major players. Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are attributed to company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments carried out by the leading players.
Comparison matrix includes segment growth matrix, 2017 - 2025 (%), segment revenue contribution, 2017 - 2025 (%), and segment compounded growth matrix (CAGR %). Market attractiveness identifies and compares segments market attractiveness on the basis of CAGR and market share index.
Global Machine Learning as a Service Market: Market Segmentation
The machine learning as a service market has been segmented on the basis of deployment type and end use application. Based on deployment type, the market has been further classified into public cloud and private cloud. By end use application, the market is further classified into manufacturing, retail, healthcare & life sciences, telecom, BFSI and others (energy & utilities, education, government etc.)
Geographically, the report classifies the global machine learning as a service market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue generation. Furthermore, region wise prominent countries covered in the report include the following - the U.S, Canada, Germany, France, the U.K., China, India, Japan, Australia, UAE, Saudi Arabia, South Africa, Brazil and Argentina.
Global Machine Learning as a Service Market: Competitive Landscape
Company profiling includes company overview, major business strategies adopted, SWOT analysis and market revenues for year 2014 to 2016. The key players profiled in the global machine learning as a service market include IBM Corporation, Google Inc., Amazon Web Services, Microsoft Corporation, BigMl Inc., FICO, Yottamine Analytics, Ersatz Labs Inc, Predictron Labs Ltd and H2O.ai. Other players include ForecastThis Inc., Hewlett Packard Enterprise, Datoin, Fuzzy.ai, Sift Science, Inc. among others.
The global Machine Learning as a Service market is segmented as below:
By Deployment Type
By End Use Application