Machine Learning as a Service Market Size, Industry Statistics, Growth Potentials and Trends

According to Market Research Future (MRFR), the global machine learning as a service (MLaaS) market is projected to grow at USD 4630 million at a CAGR of 40% between 2016 and 2022 (forecast period). The study contains a COVID-19 review of the global machine learning as a service (MLaaS) market and provides a broad analysis of market segments, current trends, growth projections, and market challenges to assess market opportunities.

Machine learning as a service refers to a variety of services that provide machine learning tools as part of cloud computing services, including data visualization, APIs, face recognition, natural language processing, predictive analytics, and deep learning.

Market Dynamics

The increased volume of data and the variety of data to be handled qualitatively are significant factors impelling the machine learning as a service (MLaaS) industry. Innovations in automation technology and the growing adoption of cloud-based systems are driving the growth of machine learning as a service industry. In addition to the availability of data storage at a cheaper rate, and the introduction of the Internet of Things (IoT), the market for machine learning as a service (MLaaS) is also expanding.

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Market Segmentation

The market for machine learning as a service (MLaaS) has been segmented based on component, application, organization size, deployment, and end-user.

By component, the global machine learning as a service (MLaaS) market has been segmented into software tools, cloud-based APIs, and web-based APIs.

By application, the global market has been segmented into network analytics, predictive maintenance, augmented reality, marketing, and advertising, risk analytics and fraud detection, and others.

By organization size, the global market has been segmented into SMBs and large enterprises.

By deployment type, the global market has been segmented into the cloud and on-premise.

By the end-user, the global market has been segmented into manufacturing, BFSI, healthcare, retail, transportation, government, telecom, and others.

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