Global Machine Learning as a Service Market: Snapshot
The global machine learning as a service (MLaaS) market is rising expeditiously mainly due to the Internet revolution. The process of connecting the world virtually has generated vast amount of data which is boosting the adoption of machine learning solutions. This is because deployment of machine learning improves the speed and accuracy of functions performed by the system.
Apart from this, adoption of advanced analytics technologies from several industry verticals such as healthcare and life sciences, BFSI, retail, telecom, and manufacturing is contributing towards the growth of machine learning as a service market. Machine learning as a service solutions are also adopted across industry verticals to enhance the decision making capability of machines.
Serving as a roadblock to the growth of this market is lack of skilled professionals and concerns about data security.
As per estimations of Transparency Market Research, the global machine learning as a service market pegged an opportunity of US$1.07 bn in 2016. Expanding at a phenomenal CAGR of 38.40% between 2017 and 2025, the market is expected to attain a value of US$19.86 bn by the end of 2025.
Healthcare and Lifesciences Leading End-use Segments due to Digitalization of Patient Records
Manufacturing, retail, telecom, healthcare and life sciences, BFSI, and others are the segments into which the global machine learning as a service market is classified based upon end use. Of them, the segment of healthcare and life sciences is the key contributor to the market mainly due to the rising need for machine learning in the sector to integrate structured and unstructured data. The data generated is mainly from electronic health record (EHR), genomic and claims data.
In the forthcoming years, other end-use industries such as BFSI, retail, telecom, and manufacturing are anticipated to display demand for MLaaS in order to augment the decision making capability of machines that are used in these industry verticals.
On the basis of deployment type, the machine learning as a service market is segmented into public cloud and private cloud. In 2016, private cloud segment accounted for the leading revenue contribution to the global MLaaS market. However, public cloud segment is anticipated to rise at a relatively rapid rate than private cloud segment due to ease of installation and economic benefits to organizations.
North America to Continue to Stay in Lead
The key geographical segments into which the global MLaaS market is divided are North America, Europe, Asia Pacific, the Middle East and Africa, South America, and Europe. North America led among other regional segments in 2016 contributing US$362.7 bn to the overall market. The region is expected to hold on its dominant position over the forecast period backed by the burgeoning demand for Internet of Things (IoT) and rapid integration of machine learning as a service with big data and other newer technologies. The growth of North America MLaaS market is mainly driven by the U.S. and Canada as they are home to some well-entrenched players such as Microsoft Corporation, Google Inc., Amazon Web Services Inc., and IBM Inc.
Asia Pacific is expected to display a significant growth rate in the upcoming years backed by the swift uptake of advance analytics technologies in the healthcare and life sciences industry. The developments in the information technology sector is also working in favor of Asia Pacific MLaaS market.
IBM Corporation, Google Inc., Amazon Web Services, Big MI Inc., Microsoft Corporation, FICO, Ersatz Labs Inc., Yottamine Analytics, Predictron Labs Ltd., Fuzzy.ai, Sift science Inc., Hewlett Packard Enterprise, H20.ai, and Datoin are the key players operating in the global machine learning as a service market.
Global Machine Learning as a Service Market: Overview
This report on the global machine learning as a service market provides analysis for the period 2015–2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global machine learning as a service market growth during the said period. Technologies that are playing a major role in the driving the global machine learning as a service market have also been covered in the study. The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of revenue estimates (in US$ 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:
Global Machine Learning as a Service Market, By Deployment Type
- Public Cloud
- Private Cloud
Global Machine Learning as a Service Market, By End Use Application
- Healthcare & Life Sciences
- Others (Energy & Utilities, Education, Government etc.)
Global Machine Learning as a Service Market, By Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America