The Global Machine learning as a Service Market size is expected to reach $36.2 billion by 2028, rising at a market growth of 31.6% CAGR during the forecast period – GlobeNewswire

New York, June 29, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Machine learning as a Service Market Size, Share & Industry Trends Analysis Report By End User, By Offering, By Organization Size, By Application, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06289268/?utm_source=GNW
It is designed to include artificial intelligence (AI) and cognitive computing functionalities. Machine learning as a service (MLaaS) refers to a group of cloud computing services that provide machine learning technologies.

Increased demand for cloud computing, as well as growth connected with artificial intelligence and cognitive computing, are major machine learning as service industry growth drivers. Growth in demand for cloud-based solutions, such as cloud computing, rise in adoption of analytical solutions, growth of the artificial intelligence & cognitive computing market, increased application areas, and a scarcity of trained professionals are all influencing the machine learning as a service market.

As more businesses migrate their data from on-premise storage to cloud storage, the necessity for efficient data organization grows. Since MLaaS platforms are essentially cloud providers, they enable solutions to appropriately manage data for machine learning experiments and data pipelines, making it easier for data engineers to access and process the data.

For organizations, MLaaS providers offer capabilities like data visualization and predictive analytics. They also provide APIs for sentiment analysis, facial recognition, creditworthiness evaluations, corporate intelligence, and healthcare, among other things. The actual computations of these processes are abstracted by MLaaS providers, so data scientists don’t have to worry about them. For machine learning experimentation and model construction, some MLaaS providers even feature a drag-and-drop interface.

COVID-19 Impact

The COVID-19 pandemic has had a substantial impact on numerous countries’ health, economic, and social systems. It has resulted in millions of fatalities across the globe and has left the economic and financial systems in tatters. Individuals can benefit from knowledge about individual-level susceptibility variables in order to better understand and cope with their psychological, emotional, and social well-being.

Artificial intelligence technology is likely to aid in the fight against the COVID-19 pandemic. COVID-19 cases are being tracked and traced in several countries utilizing population monitoring approaches enabled by machine learning and artificial intelligence. Researchers in South Korea, for example, track coronavirus cases using surveillance camera footage and geo-location data.

Market Growth Factors

Increased Demand for Cloud Computing and a Boom in Big Data

The industry is growing due to the increased acceptance of cloud computing technologies and the use of social media platforms. Cloud computing is now widely used by all companies that supply enterprise storage solutions. Data analysis is performed online using cloud storage, giving the advantage of evaluating real-time data collected on the cloud. Cloud computing enables data analysis from any location and at any time. Moreover, using the cloud to deploy machine learning allows businesses to get useful data, such as consumer behavior and purchasing trends, virtually from linked data warehouses, lowering infrastructure and storage costs. As a result, the machine learning as a service business is growing as cloud computing technology becomes more widely adopted.

Use of Machine Learning to Fuel Artificial Intelligence Systems

Machine learning is used to fuel reasoning, learning, and self-correction in artificial intelligence (AI) systems. Expert systems, speech recognition, and machine vision are examples of AI applications. The rise in the popularity of AI is due to current efforts such as big data infrastructure and cloud computing. Top companies across industries, including Google, Microsoft, and Amazon (Software & IT); Bloomberg, American Express (Financial Services); and Tesla and Ford (Automotive), have identified AI and cognitive computing as a key strategic driver and have begun investing in machine learning to develop more advanced systems. These top firms have also provided financial support to young start-ups in order to produce new creative technology.

Market Restraining Factors

Technical Restraints and Inaccuracies of ML

The ML platform provides a plethora of advantages that aid in market expansion. However, several parameters on the platform are projected to impede market expansion. The presence of inaccuracy in these algorithms, which are sometimes immature and underdeveloped, is one of the market’s primary constraining factors. In the big data and machine learning manufacturing industries, precision is crucial. A minor flaw in the algorithm could result in incorrect items being produced. This would exorbitantly increase the operational costs for the owner of the manufacturing unit than decrease it.

End User Outlook

Based on End User, the market is segmented into IT & Telecom, BFSI, Manufacturing, Retail, Healthcare, Energy & Utilities, Public Sector, Aerospace & Defense, and Others. The retail segment garnered a substantial revenue share in the machine learning as a service market in 2021. E-commerce has proven to be a key force in the retail trade industry. Machine intelligence is used by retailers to collect data, evaluate it, and use it to provide customers with individualized shopping experiences. These are some of the factors that influence the retail industries’ demand for this technology.

Offering Outlook

Based on Offering, the market is segmented into Services Only and Solution (Software Tools). The services only segment acquired the largest revenue share in the machine learning as a service market in 2021. The market for machine learning services is expected to grow due to factors such as an increase in application areas and growth connected with end-use industries in developing economies. To enhance the usage of machine learning services, industry participants are focusing on implementing technologically advanced solutions. The use of machine learning services in the healthcare business for cancer detection, as well as checking ECG and MRI, is expanding the market. Machine learning services’ benefits, such as cost reduction, demand forecasting, real-time data analysis, and increased cloud use, are projected to open up considerable prospects for the market.

Organization Size Outlook

Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The small and medium enterprises segment procured a substantial revenue share in the machine learning as a service market in 2021. This is because implementation of machine learning lets SMEs optimize its processes on a tight budget. AI and machine learning are projected to be the major technologies that allow SMEs to save money on ICT and gain access to digital resources in the near future.

Application Outlook

Based on Application, the market is segmented into Marketing & Advertising, Fraud Detection & Risk Management, Computer vision, Security & Surveillance, Predictive analytics, Natural Language Processing, Augmented & Virtual Reality, and Others. The marketing and advertising segment acquired the largest revenue share in the machine learning as a service market in 2021. The goal of a recommendation system is to provide customers with products that they are currently interested in. The following is the marketing work algorithm: Hypotheses are developed, tested, evaluated, and analyzed by marketers. Because information changes every second, this effort is time-consuming and labor-intensive, and the findings are occasionally wrong. Machine learning allows marketers to make quick decisions based on large amounts of data. Machine learning allows businesses to respond more quickly to changes in the quality of traffic generated by advertising efforts. As a result, the business can spend more time developing hypotheses rather than doing mundane tasks.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region garnered a significant revenue share in the machine learning as a service market in 2021. Leading companies are concentrating their efforts in Asia-Pacific to expand their operations, as the region is likely to see rapid development in the deployment of security services, particularly in the banking, financial services, and insurance (BFSI) sector. To provide better customer service, industry participants are realizing the significance of providing multi-modal platforms. The rise in AI application adoption is likely to be the primary trend driving market growth in this area. Furthermore, government organizations have taken important steps to accelerate the adoption of machine learning and related technologies in this region.

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Machine learning as a Service Market. Companies such Amazon Web Services, Inc., SAS Institute, Inc., IBM Corporation are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hewlett-Packard Enterprise Company, Oracle Corporation, Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), IBM Corporation, Microsoft Corporation, Fair Isaac Corporation (FICO), SAS Institute, Inc., Yottamine Analytics, LLC, and BigML.

Recent Strategies deployed in Machine learning as a Service Market

Partnerships, Collaborations and Agreements:

Mar-2022: Google entered into a partnership with BT, a British telecommunications company. Under the partnership, BT utilized a suite of Google Cloud products and services—including cloud infrastructure, machine learning (ML) and artificial intelligence (AI), data analytics, security, and API management—to offer excellent customer experiences, decrease costs, and risks, and create more revenue streams. Google aimed to enable BT to get access to hundreds of new business use-cases to solidify its goals around digital offerings and developing hyper-personalized customer engagement.

Feb-2022: SAS entered into a partnership with TecCentric, a company providing customized IT solutions. SAS aimed to fasten TecCentric’s journey towards discovery with artificial intelligence (AI), machine learning (ML), and advanced analytics. Under the partnership, TecCentric aimed to work with SAS to customize services and solutions for a broad range of verticals from the public sector, to banking, education, healthcare, and more, granting them access to the complete analytics cycle with SAS’s enhanced AI solution offering as well as its leading fraud and financial crimes analytics and reporting.

Feb-2022: Microsoft entered into a partnership with Tata Consultancy Services, an Indian company focusing on providing information technology services and consulting. Under the partnership, Tata Consultancy Services leveraged its software, TCS Intelligent Urban Exchange (IUX) and TCS Customer Intelligence & Insights (CI&I), to enable businesses in providing hyper-personalized customer experiences. CI&I and IUX are supported by artificial intelligence (AI), and machine learning, and assist in real-time data analytics. The CI&I software empowered retailers, banks, insurers, and other businesses to gather insights, predictions, and recommended actions in real-time to enhance the satisfaction of customers.

Jun-2021: Amazon Web Services entered into a partnership with Salesforce, a cloud-based software company. The partnership enabled to utilize complete set of Salesforce and AWS capabilities simultaneously to rapidly develop and deploy new business applications that facilitate digital transformation. Salesforce also embedded AWS services for voice, video, artificial intelligence (AI), and machine learning (ML) directly in new applications for sales, service, and industry vertical use cases.

Apr-2021: Amazon formed a partnership with Basler, a company known for its product line of area scan, line scan, and network cameras. The partnership began as Amazon launched a succession of services for industrial machine learning, including its latest Lookout for Vision cloud AI service for factory inspection. Customers can integrate AWS Panorama SDK within its platform, and thus utilize a common architecture to perform multiple tasks and accommodate a broad range of performance and cost. The integration of AWS Panorama empowered customers to adopt and run machine learning applications on edge devices with additional support for device management and accuracy tracking.

Dec-2020: IBM teamed up with Mila, a Quebec Artificial Intelligence Institute. Under the collaboration, both organizations aimed to quicken machine learning using Oríon, an open-source technology. After the integration of Mila’s open-source Oríon software and IBM’s Watson Machine Learning Accelerator, IBM also enhanced the deployment of state-of-the-art algorithms, along with improved machine learning and deep learning capabilities for AI researchers and data scientists. IBM’s Spectrum Computing team based out of Canada Lab contributes substantially to Oríon’s code base.

Oct-2020: SAS entered into a partnership with TMA Solutions, a software outsourcing company based in Vietnam. Under the partnership, SAS and TMA Solutions aimed to fasten the growth of businesses in Vietnam through Artificial Intelligence (AI) and Data Analytics. SAS and TMA helped clients in Vietnam quicken the deployment and growth of advanced analytics and look for new methods to propel innovation in AI, especially in the fields of Machine Learning, Computer Vision, Natural Language Processing (NLP), and other technologies.

Product Launches and Product Expansions:

May-2022: Hewlett Packard launched HPE Swarm Learning and the new Machine Learning (ML) Development System, two AI and ML-based solutions. These new solutions increase the accuracy of models, solve AI infrastructure burdens, and improve data privacy standards. The company declared the new tool a “breakthrough AI solution” that focuses on fast-tracking insights at the edge, with attributes ranging from identifying card fraud to diagnosing diseases.

Apr-2022: Hewlett Packard released Machine Learning Development System (MLDS) and Swarm Learning, its new machine learning solutions. The two solutions are focused on simplifying the burdens of AI development in a development environment that progressively consists of large amounts of protected data and specialized hardware. The MLDS provides a full software and services stack, including a training platform (the HPE Machine Learning Development Environment), container management (Docker), cluster management (HPE Cluster Manager), and Red Hat Enterprise Linux.

May-2021: Google released Vertex AI, a novel managed machine learning platform that enables developers to more easily deploy and maintain their AI models. Engineers can use Vertex AI to manage video, image, text, and tabular datasets, and develop machine learning pipelines to train and analyze models utilizing Google Cloud algorithms or custom training code. After that the engineers can install models for online or batch use cases all on scalable managed infrastructure.

Mar-2021: Microsoft released updates to Azure Arc, its service that brought Azure products and management to multiple clouds, edge devices, and data centers with auditing, compliance, and role-based access. Microsoft also made Azure Arc-enabled Kubernetes available. Azure Arc-enabled Machine Learning and Azure Arc-enabled Kubernetes are developed to aid companies to find a balance between enjoying the advantages of the cloud and maintaining apps and maintaining apps and workloads on-premises for regulatory and operational reasons. The new services enable companies to implement Kubernetes clusters and create machine learning models where data lives, as well as handle applications and models from a single dashboard.

Jul-2020: Hewlett Packard released HPE Ezmeral, a new brand and software portfolio developed to assist enterprises to quicken digital transformation across their organization, from edge to cloud. The HPE Ezmeral goes from a portfolio consisting of container orchestration and management, AI/ML, and data analytics to cost control, IT automation and AI-driven operations, and security.

Acquisitions and Mergers:

Jun-2021: Hewlett Packard completed the acquisition of Determined AI, a San Francisco-based startup that offers a strong and solid software stack to train AI models faster, at any scale, utilizing its open-source machine learning (ML) platform. Hewlett Packard integrated Determined AI’s unique software solution with its world-leading AI and high-performance computing (HPC) products to empower ML engineers to conveniently deploy and train machine learning models to offer faster and more precise analysis from their data in almost every industry.

Scope of the Study

Market Segments covered in the Report:

By End User

• IT & Telecom

• BFSI

• Manufacturing

• Retail

• Healthcare

• Energy & Utilities

• Public Sector

• Aerospace & Defense

• Others

By Offering

• Services Only

• Solution (Software Tools)

By Organization Size

• Large Enterprises

• Small & Medium Enterprises

By Application

• Marketing & Advertising

• Fraud Detection & Risk Management

• Computer vision

• Security & Surveillance

• Predictive analytics

• Natural Language Processing

• Augmented & Virtual Reality

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Hewlett-Packard Enterprise Company

• Oracle Corporation

• Google LLC

• Amazon Web Services, Inc. (Amazon.com, Inc.)

• IBM Corporation

• Microsoft Corporation

• Fair Isaac Corporation (FICO)

• SAS Institute, Inc.

• Yottamine Analytics, LLC

• BigML

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06289268/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

__________________________


Spread the love

Leave a Reply

Your email address will not be published.