Press release
Machine Learning as a Service Market Size Predicts Advancements in AI Adoption | Growing at CAGR of 36.2%
The market for machine learning as a service was expected to be worth $13.95 billion in 2020 and is anticipated to rise to $302.66 billion by 2030, at a CAGR of 36.2%.The demand for cloud computing, the adoption of analytical solutions, the market for artificial intelligence and cognitive computing, and the expansion of application areas are some of the factors affecting the global market for machine learning as a service. But there are limitations, such as a shortage of qualified experts.
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The machine learning as a service market is driven by several key factors. Firstly, the increasing demand for predictive analytics and advanced data insights fuels the adoption of machine learning as a service solutions. Organizations seek to leverage machine learning algorithms to gain actionable insights, enhance decision-making, and drive business growth. Secondly, the need for cost-effective and scalable machine learning solutions drives the market. Machine learning as a service offers businesses the ability to access powerful machine learning capabilities without the need for extensive infrastructure investments.
Lastly, the growing emphasis on automation and efficiency across industries propels the adoption of machine learning as a service, enabling organizations to automate processes, optimize workflows, and improve operational efficiency.
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Several trends are shaping the machine learning as a service market. Firstly, the integration of machine learning with cloud computing is a significant trend. Cloud-based machine learning services provide organizations with scalability, accessibility, and cost-effectiveness. Secondly, the rise of explainable AI and transparent machine learning models is gaining momentum.
Organizations are seeking machine learning solutions that provide interpretable results and comply with ethical and regulatory guidelines. Lastly, the increasing adoption of AutoML (Automated Machine Learning) is a notable trend. AutoML platforms automate the process of building machine learning models, democratizing machine learning capabilities and making it more accessible to non-experts.
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Some of the key Machine learning as a Service Industry players profiled in the report include Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML, Inc., Microsoft Corporation, Predictron Labs Ltd., and IBM Corporation. This study includes Machine Learning as a Service Market share, trends, machine learning as a service market analysis, and future estimations to determine the imminent investment pockets.
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