WASHINGTON, March 16, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Machine learning as a service Market Size, Share & Trends Analysis Report by Software Tool and Services (Software Tools, Data Storage and Archiving, Cloud and Web-based Application Programming Interface (APIs), Others (Model Validator, Decision Report/Predictor/Training, and Report Storage), by Service (Professional Services, Managed Services), by Enterprise Applications (Marketing and Advertising, Risk Analytics and Fraud Detection, Predictive Maintenance (Pattern recognition & generation, anomaly detection), Augmented Reality (Pattern recognition & generation, object recognition, automated simulation, prediction/recommendation), by Organization Size (SMEs, Large Enterprises), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Machine learning as a service Market is expected to grow from USD 2,958.50 Million in 2021 to USD 21803.03 Million by 2028 at a CAGR of 39.50% during the forecast period.
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Machine learning is an artificial intelligence programming application. A major consideration helping the development of the Machine learning as a service Market is the acceptance of cloud-based advancements and innovative advancements into the digital scene. The Machine learning as a service Market is expected to witness significant growth over the next few years, as can be extrapolated from rapid mechanical advancements and a more fundamental need to understand customer behavior. Machine learning as a service is a set of management that delivers machine learning to devices as part of a cloud computing service. Service machine learning vendors offer different tools such as APIs, natural language processing, data visualization, deep learning, and prescient analytics. This is another factor expected to augment growth of the target market. Additionally, in terms of machine learning, the expansion sought to understand customer behavior is driving the global Machine learning as a service Market during the forecast period.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Machine learning as a service market is predicted to grow at a CAGR of roughly 39.50% during the forecast period.
- The Machine learning as a service market was estimated to be worth roughly USD 2,958.50 Million in 2021 and is expected to reach USD 21803.03 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Machine learning as a service market.
List of Prominent Players in the Machine learning as a service Market:
- Microsoft (Washington, US)
- Amazon Web Services (Washington, US)
- Hewlett Packard Enterprises (California, US)
- Google, Inc. (California, US)
- Big ML Inc. (Oregon, US)
- FICO (California, US)
- IBM Corporation (New York, US)
- AT&T (Dallas, US)
- Fuzzy.ai (Montreal, Canada)
- Yottamine Analytics (Washington, US)
- Ersatz Labs (California, US)
- Sift-Science (California, US)
Market Dynamics:
Drivers-
The COVID-19 pandemic has facilitated the interest for machine learning as the world practices social distancing technologies. Incorporation of Machine learning as a service Market should be possible through both software and services relying upon the level and nature of integration. Utilization of warm cameras and group identification frameworks has become typical across air terminals, train stations, and different spots of public visit. This has brought Machine learning as a service Markets under the spotlight of consideration, which in turn is expected to augment the target market. Additionally, the utilization of AI for recognizing the presence of individuals across confined zones in clinics and COVID care focuses have a positive impact on the global machine learning as an service market. The calculations utilized for AI and investigation have improved by a decent pursue lately which creates a dynamic opportunity for the players/suppliers operating in the Machine learning as a service Market.
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Challenges:
Lack of skilled labor to install Machine learning as a service Market is a key factor that may hamper growth of the global Machine learning as a service Market to a certain extent. Additionally, businesses need professional services to customize specific functions to implement on their MLaaS platforms. Stringent compliance issues is another factor expected to restrain the target market.
Regional Trends:
In 2021, North America is relied upon to contribute the biggest share of the overall industry and will keep on developing at a significant rate. North America has been the most forward towards embracing machine learning services. Besides, this area has been incredibly responsive towards taking on the most recent innovative headways like combination advances with cloud, Big Data inside machine learning services. North America is principal in sending machine learning services into numerous applications and areas.
Furthermore, rapid advancements and innovations are taking place in enabling technologies and various solution providers have done a lot of work in these particular areas. For example, Affectiva recently launched its emotion analytics technology, which has the largest data repository of over 2 million facial videos, enabling its customers to achieve high precision with unparalleled insights. In addition, other small and domestic players such as Emotient, Cognitec System, Saffron, Gesturetek, and Palantir have made significant progress in face recognition, gesture recognition, cognitive computing, and neuron analysis which in turn is expected to drive growth of the target market in the next coming years.
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Recent Developments
In April 2021, Microsoft Company expressed an open dataset for transportation, general prosperity, and genome sequencing, business and economy, populace and security, extra help and normal datasets, correlative and predominant datasets, and supplemental and famous arrangements of information to upgrade the accuracy of AI models using a freely accessible dataset.
The report on the Machine learning as a service Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Machine learning as a service Market Size, Share & Trends Analysis Report by Software Tool and Services (Software Tools, Data Storage and Archiving, Cloud and Web-based Application Programming Interface (APIs), Others (Model Validator, Decision Report/Predictor/Training, and Report Storage), by Service (Professional Services, Managed Services), by Enterprise Applications (Marketing and Advertising, Risk Analytics and Fraud Detection, Predictive Maintenance (Pattern recognition & generation, anomaly detection), Augmented Reality (Pattern recognition & generation, object recognition, automated simulation, prediction/recommendation), by Organization Size (SMEs, Large Enterprises), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/machine-learning-as-a-service-market-market-538680
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Machine learning as a service Market?
- How will the Machine learning as a service Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Machine learning as a service Market?
- What is the Machine learning as a service market drivers and restrictions?
- What will be the CAGR and size of the Machine learning as a service Market throughout the forecast period?
This market titled “Machine learning as a service Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 2,958.50 Million |
| Projected Market Size in 2028 | USD 21803.03 Million |
| CAGR Growth Rate | CAGR of 39.50% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Software Tool and Services ° Software Tools ° Data Storage and Archiving ° Cloud and Web-based Application Programming Interface (APIs) ° Others (Model Validator, Decision Report/Predictor/Training, and Report Storage) • Service ° Professional Services ° Managed Services • Enterprise Applications ° Marketing and Advertising ° Risk Analytics and Fraud Detection ° Predictive Maintenance (Pattern recognition & generation, anomaly detection) ° Augmented Reality (Pattern recognition & generation, object recognition, automated simulation, prediction/recommendation) ° Network Analytics and Automated Traffic Management (SDN and NFV/ automated traffic generation/ etc.) ° Others (data classification, recommendation engines, social media and customer analytics, sales lifecycle management) • Organization Size ° SMEs ° Large Enterprises |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Microsoft (Washington, US) • Amazon Web Services (Washington, US) • Hewlett Packard Enterprises (California, US) • Google, Inc.(California, US) • BigML Inc. (Oregon, US) • FICO(California, US) • IBM Corporation (New York, US) • AT&T (Dallas, US) • Fuzzy.ai (Montreal, Canada) • Yottamine Analytics (Washington, US) • Ersatz Labs (California, US) • Sift-Science (California, US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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