Increasing Adoption of Cloud Computing to Boost MLaaS Market Growth

New York, US, July 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Machine Learning as a Service Market Analysis by Component (Software tools, Cloud APIs, Web-based APIs), By Application (Network analytics, Predictive maintenance, Augmented reality), By Deployment, By End-User (Manufacturing, Healthcare, BFSI, Transportation, Government, Retail)- Forecast 2030” valuation is poised to reach USD 302.66 Billion by 2030, registering an 36.2% CAGR throughout the forecast period (2021–2030).

MLaaS Market Overview

Technological developments coupled with the increase in innovation and research activities across the globe will offer robust opportunities for the Mlaas market over the forecast period.

Machine Learning as a Service Market Report Scope:

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Drivers 
Increasing Adoption of Cloud Computing to Boost Market Growth 
The increasing adoption of cloud computing technology coupled with the use of social media platforms will boost market growth over the forecast period. 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 the analysis of data from any location and any time. Furthermore, using the cloud to execute machine learning allows businesses to get useful data, such as consumer behaviour and purchasing trends, virtually from linked data warehouses, lowering infrastructure and storage costs. As a result, the sector for machine learning as a service sector is growing as cloud computing technology becomes more widely adopted.

Compliance Issues to act as Market Restraint 
Compliance and government issues and dearth in the availability of skilled consultants for deploying machine learning services may act as market restraints over the forecast period.

Lack of Knowledge to Remain Market Challenge 
The lack of knowledge and stringent compliance difficulties may act as market challenges over the forecast period.

Machine Learning as a Service Market Segments

The machine learning as a service market is bifurcated based on component, application, deployment, end user, and organization size.

By component, the machine learning as a service market is segmented into web-based APIs, cloud APIs, and software tools.

By application, network analytics will lead the market over the forecast period.

By deployment, the machine learning as a service market is segmented into on premise and cloud.

By end user, retail will dominate the market over the forecast period.

By organization size, the SME will spearhead the market over the forecast period.

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Machine Learning as a Service Market Regional Analysis 

North America to Head MLaaS Market 
Because of increased growth in nations like Canada and the United States, the North American area holds the highest proportion of the Mlaas business. These countries are home to a diverse range of small and large start-ups. As a result, the market for machine learning as a service in North America is growing. North America is the fastest-developing region in the global machine learning as a service business in terms of technology advances and utilization. It has the infrastructure and financial resources to invest in machine learning as a service. In addition, higher defence spending and technological advancements in the telecommunications industry are expected to drive market growth throughout the forecast period.

Government data security requirements are predicted to be a major driver of the machine learning services market. The market is predicted to be fueled by services like security information & cloud applications. Furthermore, the presence of industry titans such as IBM, Google, Microsoft, & Amazon Web Services, as well as a diverse product offering, has boosted demand for machine learning in this region. Furthermore, the market players are likely to benefit from the expansion of artificial intelligence and cognitive computing by leveraging various industry applications like natural language processing, predictive analytics, fraud detection and management, and computer vision.

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Because of the robust innovation ecosystem, which is fueled by strategic federal investments in advanced technology and complemented via the presence of entrepreneurs and visionary scientists coming together from renowned research institutions, North America is expected to grasp a significant share of the market. A huge expansion of 5G, internet of things, and linked devices is also occurring in the region. Because each of the major technology companies has a sizable public cloud infrastructure and machine learning platforms, machine learning-as-a-service is now a reality for those looking to use AI for everything from customer service to the robotic process automation, analytics, marketing, and predictive maintenance, among other things.

APAC to Have Admirable Growth in Machine Learning as a Service Market 

With the greatest CAGR, Asia-Pacific is predicted to be the quickest developing regional segment over the forecast period. 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 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 the area. Furthermore, government organizations have taken important steps to accelerate the adoption of machine learning & related technologies in this region. During the forecast period, Asia-Pacific is expected to have the highest CAGR. This is due to an increase in the use of security services, particularly in the BFSI sector, as well as increased awareness and long-term expansion of the IT sector in the region.

COVID-19 Analysis 
Artificial intelligence 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. Researchers in South Korea, for example, track coronavirus cases using surveillance camera footage & geo-location data. Data scientists use machine intelligence algorithms for anticipating the location of the next outbreak and notify the appropriate authorities, allowing for real-time illness tracking. During the projection period, such active endeavours are projected to increase need for machine intelligence solutions.

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Machine Learning as a Service Market Competitive Analysis

Dominant Key Players on Machine Learning as a Service Market Covered are:

• Apple Inc. (US)

• IBM Corporation (US)

• BAE Systems (UK)

• LG Electronics (South Korea)

• Google Inc. (US)

• Microsoft Corporation (US)

• Digital Reasoning Systems Inc. (US)

• ABB Limited (Switzerland)

• General Electric Co. (US)

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