Machine Learning As a Service Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

Global machine learning as a service market is on a significant rise because of the ongoing revolution of internet and its related services. Service category contributed a larger revenue to the global market in 2016 due to increase in the demand for advanced cloud based machine learning services across sectors. MLaaS refers to a range of services which offer machine learning tools as part of advanced cloud computing services. The tools in the MLaaS include data visualization, application program interface (API), face recognition, natural language processing, and predictive analytics and deep learning. The prime attraction of MLaaS is that consumers can get started easily with machine learning without the need to install software, or provision their own servers, just like any other cloud service. For decades, machine learning has been a field which was dominated by data scientists and few organizations that had enough computing power to run complex algorithms against huge datasets. In recent years, the world of machine learning and predictive analytics is opening up for small and medium level developers and companies of all sizes, as the providers are offering their products through a subscription-based model.

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The recent rise in demand to understand consumer behaviour and purchasing patterns across verticals is one of the prime factors for the growth of machine learning industry. Recommendation systems, which are now being used across a wide range of industries such as online shopping sites, help organisations to get a deeper insight about their customer behaviour and product buying pattern. This further enables them in discovering new and relevant product specific offers, which ultimately lead to a strong and healthy customer relationship, and further generate higher sales for the business. Also, machine learning as service helps leaders in making important decisions during real time operation with best outcome predictions.

North America has been the largest revenue contributor to the global machine learning as a service market . The market in the region is also expected to grow the fastest during the forecast period. The fastest growth is expected to be fuelled by the increase in the need for integration of MLaaS with big data, and rise in IoT and other advanced data oriented technologies. Another reason which is expected to escalate the demand for machine learning solutions is the rapid expansion of all sized enterprises in the region. On the other hand, the market in Asia-Pacific is also expected to witness significant growth in coming years. The high growth in Asia-Pacific is expected to be backed by rise in investment for analytics and predictive software development by regional players, growth in adoption of machine learning tools, and the ongoing e-commerce wave.

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Some of the prominent players operating in the global machine learning industry are IBM Corporation, Google Inc., Amazon Web Services, Microsoft Corporation, AT&T, FICO, Fuzzy.ai, Yottamine Analytics, Ersatz Labs Inc, Predictron Labs Ltd and SAS Institute.

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