With a CAGR of 41.35%, Machine Learning as a Service (MLaaS) Market is set to Witness Huge Demand by 2028

Market Analysis and Insights of Machine Learning as a Service (MLaaS) Market
Increasing need to understand the customer behaviour, growing adoption of machine learning as a service (MLaaS) solutions by small and medium scale organisations and surge in the focus towards advancements in data science technology are the major factors attributable to the growth of the machine learning as a service (MLaaS) market. Data Bridge Market Research analyses that the machine learning as a service (MLaaS) market will exhibit a CAGR of 41.31% for the forecast period of 2021-2028. This means that the machine learning as a service (MLaaS) market would stand tall at a market value of USD 38.81 billion by 2028.

Machine learning as a service (MLaaS) is considered as a sub category of cloud computing services. Machine learning as a service (MLaaS) is an array of services that offers a wide range of machine learning tools and components to undertake operations with greater efficiency and effectiveness.

Increased demand for internet of things technology will emerge as the major market growth driving factor. Growing advancements in artificial intelligence technology will further aggravate the growth of the market. Growth in the adoption of cloud based solutions by banking financial services and insurance (BFSI) enterprises, growing investments by the healthcare industry and rise in the demand for operational excellence are some other factors bolstering the growth of market.

However, stringent government regulations on compliances and guidelines will act as a growth restraint for the market. Dearth of skilled personnel or trained expertise and adequate IT infrastructure in developing and underdeveloped economies will yet again hamper the market growth rate. Data security and privacy concerns will also pose challenge to the growth of the market.

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