Machine Learning As A Service (MLaaS) Market: Market Trends, Growth Projections, and Competitive Landscape Analysis in Cloud Computing

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Machine Learning As A Service (MLaaS) Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The machine learning as a service (MLaaS) market size has grown exponentially in recent years. It will grow from $42.09 billion in 2023 to $57.88 billion in 2024 at a compound annual growth rate (CAGR) of 37.5%. The growth in the historic period can be attributed to big data growth, increased adoption of machine learning, advancements in deep learning, rise of data science and AI, and increased awareness of predictive analytics.

The machine learning as a service (MLaaS) market size is expected to see exponential growth in the next few years. It will grow to $203.10 billion in 2028 at a compound annual growth rate (CAGR) of 36.9%. The growth in the forecast period can be attributed to increasing industry-specific solutions, rise of explainable ai, expansion of autonomous systems, hybrid cloud deployments, and enhanced security and privacy features. Major trends in the forecast period include vertical-specific machine learning platforms, AI-enhanced automation, democratization of machine learning, collaborative machine learning, and continuous learning systems.

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Key Market Players:

Major companies operating in the machine learning as a service (mlaas) market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Intel Corporation , International Business Machines Corporation, Oracle Corporation, Mitsubishi Electric Corporation, SAP SE, Hewlett Packard Enterprise Company, NVIDIA Corporation, Tata Consultancy Services Limited, Infosys Limited, Wipro Ltd., Fair Isaac Corporation, Databricks Inc., TIBCO Software Inc., Cyient Ltd., Dataiku Ltd., H2O.ai Inc., Iflowsoft Solutions Inc., BigML Inc., AscentCore, MonkeyLearn Inc., Sift Science Inc., Yottamine Analytics LLC

Market Drivers:

The rising integration of cloud technologies is expected to propel the growth of the machine learning as a service (MLaaS) market going forward. The integration of cloud technologies refers to the process of connecting various cloud-based systems into an integral whole or joining cloud-based systems with on-premises systems. Cloud technologies use machine learning as a service (MLaaS) to empower users with accessible, scalable, and cost-effective machine learning capabilities, enabling them to harness pre-trained models and tools for various applications without the need for extensive expertise in machine learning or infrastructure management. For instance, in December 2023, as per Eurostat, a Luxembourg-based government agency, 42.5% of EU enterprises purchased cloud computing services, primarily for email, file storage, and office software, a 4.2 percentage point increase from 2021. Additionally, in December 2022, according to data from Augusta Free Press, a US-based news service company, global digital transformation spending was about $1.85 trillion, which is 16% more than the previous year. Therefore, the rising integration of cloud technologies is driving the growth of the machine learning as a service (MLaaS) market.

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The machine learning as a service (mlaas) market covered in this report is segmented -

1) By Component : Software Tools, Services
2) By Organization Size : Small And Medium Enterprises , Large Enterprises
3) By Application : Marketing And Advertisement , Predictive Maintenance, Automated Network Management, Fraud Detection And Risk Management, Other Applications
4) End User : BFSI , IT And Telecom , Automotive, Healthcare , Aerospace And Defense , Retail , Government , Other End User

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