|04-15-2019 07:46 PM CET - IT, New Media & Software||
Machine Learning as a Service Market Growth rate by 2023 - Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services
Press release from: Allied Market Research
The global machine learning as a service market was valued at $571 million in 2016, and is projected to reach at $5,537 million by 2023, growing at a CAGR of 39.0% from 2017 to 2023. BFSI segment possesses maximum potential, which is expected to create lucrative opportunities for industry players.
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Machine learning is designed to incorporate the functionalities of artificial intelligence (AI) and cognitive computing involving a series of algorithms and is used to understand the relationship between datasets to obtain a desired output. Machine learning as a service (MLaaS) incorporates range of services that offer machine learning tools through cloud computing services.
The current business scenario has witnessed surge in adoption of machine learning as a service in the developed and the developing regions, owing to the technological innovations in product offerings, increased need to improve performance and operational efficiency, rise in demand for analytical systems, and increase in application areas among end users. Furthermore, factors such as growth associated with IoT, cognitive computing, neural networks, deep learning technologies, and artificial intelligence (AI) are expected to provide numerous growth opportunities. However, lack of trained professionals is expected to restrict the growth of the machine learning as a service market during the forecast period.
Top Impacting Factors
The global machine learning as a service market is influenced by several factors that include growth in demand for increased application areas, growth associated with artificial intelligence (AI) & cognitive computing market, dearth of trained professionals, and impact of developing economies. All these factors collectively create opportunities for market growth. However, each factor is expected to have a definite impact on the MLaaS market share.
The services segment dominated the machine learning as a service market in 2016, with around 73% revenue share of the global market. This is attributed to the improved IT infrastructure and increased cloud-related expenditures to cater to the untapped markets among the developing nations.
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The IT and telecom segment dominated the global machine learning as a service market, with around 20% share in 2016, followed by BFSI segment. Furthermore, public sector segment is estimated to grow at the highest CAGR of 42.1%, owing to widespread adoption of advanced solutions and increased IT spending.
North America was the highest revenue contributor in 2016, accounting for around 43% share. However, Asia-Pacific is projected to grow at the highest CAGR of 45.5% during the forecast period.
The report features the competitive scenario of machine learning as a service market and provides a comprehensive analysis of the significant growth strategies adopted by major players. The key players operating in the market include Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML, Inc., Microsoft Corporation, Prediction Labs Ltd., and IBM Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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