Global Machine Learning as a Service (MLaaS) Market By Component (Software Tools, Services), Application (Marketing & Advertising, Fraud Detection & Risk Analytics, Predictive Maintenance, Augmented Reality, Network Analytics & Automated Traffic Management. Others), Organization Size (Small & Medium Enterprises, Large Enterprises), End User (Education, Banking & Financial Services, Insurance, Automation & Transportation, Healthcare, Defense, Retail, E-Commerce, Media & Entertainment, Telecom, Government, Aerospace), Geography(North America, South America, Europe, Asia-Pacific, Middle East & Africa) – Industry Trends and Forecast to 2026
Major Market Competitors/Players
Few of the major competitors currently working in the global machine learning as a service (MLaaS) market are Microsoft, IBM CORPORATION, Amazon Web Services, Inc., Google Inc.., BigML, Inc., Fair Isaac Corporation, Hewlett Packard Enterprise Development LP, AT&T Intellectual Property, Yottamine Analytics, LLC, SAS Institute Inc., PurePredictive, Inc, H20.ai., Tamr, PREDICTRON Labs, LogDNA, DeepMind Technologies Limited, Figure Eight Inc., Amplero, Inc., Darktrace, Iflowsoft Solution Inc., among others.
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Market Analysis: Global Machine Learning as a Service (MLaaS) Market
Global machine learning as a service (MLaaS) market is set to witness a healthy CAGR of 44.53% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market value can be attributed due to the advancement in data science and artificial intelligence and an increasing need to understand the desires and needs of the customers.
Market Definition: Global Machine Learning as a Service (MLaaS) Market
Machine learning as a service (MLaaS) refers to an array of services that cloud providers are offering like data visualization, API’s, face recognition, predictive analysis, deep learning, and natural language processing and risk analytics. Its user interface is easy through which a customer can get caught easily without any installation required. It uses various algorithms to find the data patterns and then new models are made to make predictions using the new gathered data.
- Surge in the adoption rate of cloud based technology globally, is driving the growth of the market
- Strong desire among the companies to understand the behavioral pattern and needs and desires of their customers, which is boosting the market growth
- Advancement in technology like artificial intelligence and data sciences, is driving the growth of the market
- Increase in demand for machine learning in various end user industries, is driving the growth of the market
- Advent of IoT and automation in the market, is driving the growth of the market
- Various issues related to compliances and guidelines, is hindering the growth of the market
- Shortage of skilled technology experts who can deploy machine learning, is restricting the growth of the market
- Issues related to data privacy, is restricting the growth of the market
Segmentation: Global Machine Learning as a Service (MLaaS) Market
- Software Tools
- Data Storage and Archiving
- Modeler and Processing
- Multiplayer Perceptron
- K-Nearest Neighbors
- Decision Tree
- Support Vector Regressions
- Cloud and Web-Based Application Programming Interface
- Model Validator
- Decision Report
- Report Storage
- Professional Services
- Managed Services
- Marketing and Advertising
- Fraud Detections and Risk Analytics
- Predictive Maintenance
- Augmented Reality
- Network Analytics and Automate Traffic Management
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By End User
- Banking and Financial Services
- Automotive and Transportation
- Media and Entertainment
Key Developments in the Market:
- In July 2019, Amazon Web Services Inc., has introduced Predictive Maintenance using the machine learning solution that automates the detection of potential equipment failure and will prove the recommendations to take an action for it.
- In April 2019, Microsoft had created a platform which will integrate machine teaching which will assist deep reinforcement learning algorithms for confronting the real world problems. The scientists and product developers at Microsoft have originated a new approach known as machine teaching. This depends on the expertise and knowledge of the people to chunk out a problem in to simpler set of tasks and enabling the machine learning models and various clues for finding the solution.
Global machine learning as a service (MLaaS) market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of machine learning as a service (MLaaS) market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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Research Methodology: Global Machine Learning as a Service (MLaaS) Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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