Portland, OR, Oct. 09, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global machine learning as a service market was pegged at $768 million in 2017 and is projected to reach $5.54 billion by 2023, registering a CAGR of 39.0% from 2017 to 2023.

Rise in demand for cloud computing and increased growth associated with artificial intelligence and cognitive computing have boosted the growth of the global machine learning as a service market. However, dearth of trained professionals hampers the market growth. On the contrary, rise in the adoption of analytical solutions and increased application areas are expected to create lucrative opportunities in the near future.

The global machine learning as a service market is divided on the basis of component, organization size, end-user industry, application, and region. Based on component, the services segment dominated the market, contributing nearly three-fourths of the market. However, the software segment is projected to register the fastest CAGR of 41.3% during the forecast period.

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Based on organization size, the market is segmented into large enterprise and small and medium enterprise. The large enterprise segment held the largest share in 2017, accounting for around two-thirds of the market. Moreover, the segment is estimated to register the fastest CAGR of 39.8% during the forecast period.

On the basis of end-user industry, the market is bifurcated into aerospace & defense, IT & telecom, energy & utilities, public sector, manufacturing, BFSI, healthcare, retail, and others. The IT and telecom segment held the largest share in 2017, contributing more than one-fifth of the market. However, the public sector segment is estimated to register the fastest CAGR of 42.1% during the forecast period.

The global machine learning as a service market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated the market, contributing more than two-fifths of the market. However, the market across the Asia-Pacific is projected to portray the fastest CAGR of 45.5% during the forecast period.

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The global machine learning as a service market report offers an in-depth analysis of the major market players such as 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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