Machine Learning As A Service Market Outlook 2024-2033: Trends and Projections
Machine Learning As A Service Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Machine Learning As A Service Market Analysis 2024: Size Forecast and Growth Prospects
Machine Learning As A Service Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Machine Learning As A Service Market Overview 2024: Size, Growth Rate, and Segments
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The machine learning as a service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Machine Learning As A Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The machine learning as a service market size has grown exponentially in recent years. It will grow from $8.18 billion in 2023 to $11.21 billion in 2024 at a compound annual growth rate (CAGR) of 37.0%. The growth in the historic period can be attributed to advancements in machine learning algorithms, increased data availability, rise in adoption of cloud computing, business need for predictive analytics, demand for automated machine learning.
The machine learning as a service market size is expected to see exponential growth in the next few years. It will grow to $38.94 billion in 2028 at a compound annual growth rate (CAGR) of 36.5%. The growth in the forecast period can be attributed to industry-specific solutions, emergence of explainable ai, focus on edge computing, expansion of natural language processing (nlp), ai integration with internet of things (iot). Major trends in the forecast period include global adoption of industry 4.0, integration with big data technologies, explainable ai (xai) integration, federated learning for privacy preservation, vertical-specific solutions.
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Scope Of Machine Learning As A Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Machine Learning As A Service Market Overview
Market Drivers –
The increasing demand for artificial intelligence (AI) is expected to propel the growth of machine learning as a service market going forward. Artificial intelligence (AI) is the development of computer systems that can do activities that normally require human intelligence. AI plays an important role in machine learning as a service (MLaaS) by enabling automated model training, prediction, and continuous optimization, enhancing the accessibility and efficiency of machine learning for diverse applications. For instance, in May 2022, according to the IBM Global AI Adoption Index 2022 by IBM, a US-based technology corporation, a poll conducted of 7,502 businesses found that, 35–36% of global companies were already implementing AI, and 42–64% were exploring its potential. 64% of businesses believe that AI will improve business productivity, and 42% believe it will streamline job processes. AI adoption is growing steadily, up 4% from 2021. Therefore, the increasing demand for artificial intelligence is driving the growth of the machine learning as a service market.
Market Trends –
Major companies operating in the machine learning as a service market are developing innovative products, such as the Watsonx platform, to gain a competitive edge in the market. Watson is a cognitive computing platform that uses artificial intelligence and machine learning to analyze large volumes of data and provide insights, predictions, and natural language interaction capabilities for a variety of applications. In July 2023, International Business Machines Corporation (IBM), a US-based technology company, launched the Watsonx platform, which is designed to power next-generation foundation models for businesses. The platform includes a studio for creating new models, generative AI and machine learning, a data store built on an open data lakehouse architecture, and a toolkit to speed up AI workflows. It allows organizations to train, adjust, and deploy AI models, including foundation models and machine learning capabilities, throughout their company with trusted data, speed, and governance, all in one location and across any cloud environment.
The machine learning as a service market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization: Small And Medium-Sized Enterprises, Large Enterprises
3) By Application: Marketing And Advertising, Fraud Detection And Risk Management, Computer Vision, Security And Surveillance, Predictive Analytics, Natural Language Processing, Augmented And Virtual Reality, Other Applications
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), IT And Telecom, Automotive, Healthcare, Aerospace And Defense, Retail, Government, Other Industry Verticals
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Regional Insights –
North America was the largest region in the machine learning as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine learning as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the machine learning as a service market report are Google LLC, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation (IBM), Oracle Corporation, Rockwell Automation, SAS Institute Inc., Fair Isaac Corporation (FICO), Hewlett Packard Enterprise, Databricks Inc., TIBCO Software Inc., Cloudera Inc., Dataiku, Domino Data Lab, CognitiveScale, Sift Science Inc., Iflowsoft Solutions Inc., Seldon Technologies Limited, BigML Inc., Monkeylearn Inc., Neural Designer, Datatron, H2O.ai Inc., Verta AI, Yottamine Analytics, Explorium, Paperspace
Table of Contents
1. Executive Summary
2. Machine Learning As A Service Market Report Structure
3. Machine Learning As A Service Market Trends And Strategies
4. Machine Learning As A Service Market – Macro Economic Scenario
5. Machine Learning As A Service Market Size And Growth
…..
27. Machine Learning As A Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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