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MLOps Market Booms By 2032: Report Indicates Accelerated Adoption Across Industries

05-27-2024 11:30 AM CET | IT, New Media & Software

Press release from: Allied Market Research

MLOps Market

MLOps Market

A recent report titled "MLOps Market," published by Allied Market Research, reveals significant growth projections for the MLOps sector. The market, valued at $1.4 billion in 2022, is anticipated to soar to $37.4 billion by 2032, boasting a remarkable compound annual growth rate (CAGR) of 39.3% from 2023 to 2032.

The surge in digital and internet penetration around the world is positively impacting the growth of the market. In addition, increase in adoption of MLOps technology across enterprises to enhance operation & productivity strengthens the growth of the market for future. Furthermore, an increase in investments in the healthcare sector is expected to provide lucrative growth opportunities for the market during the forecast period. However, inaccessible data & data security, rigid business models, and lack of engineering skills hamper the growth of the market.

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MLOps stands for Machine Learning Operations. It's a set of practices aimed at streamlining the lifecycle of machine learning models in production environments. MLOps integrates aspects of DevOps, data engineering, and machine learning to ensure the seamless development, deployment, monitoring, and management of machine learning models at scale.

It encompasses various stages of the machine learning workflow, including data collection and preprocessing, model training and evaluation, model deployment and monitoring, and continuous integration/continuous deployment (CI/CD) pipelines specific to machine learning. MLOps helps organizations operationalize their machine learning projects, enabling efficient collaboration between data scientists, data engineers, and IT operations teams to deliver reliable and scalable AI solutions.

The IT and telecom sector emerged as the dominant vertical in the MLOps market in 2022 and is projected to maintain its prominence in the forecast period. Concurrently, the healthcare sector is poised for significant growth, with MLOps adoption aiding in navigating challenges related to security, regulations, finances, and standards amidst digital transformation initiatives.

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Based on end user, the IT and telecom segment held the highest market share in 2022, accounting for more than one-fourth of the MLOps market revenue, and is estimated to maintain its leadership status throughout the forecast period. The IT and Telecom industry are implementing MLOps, to make the best decisions for continuing to be successful in the marketplace. These factors will notably contribute towards the growth for MLOps in this industry. However, the government segment is projected to attain the highest CAGR of 41.9% from 2023 to 2032. The adoption of MLOps helps healthcare companies to address the issues such as securities, regulations, financial factors, and standards which are in the path of the digital transformation process

Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing more than two-thirds of the MLOps market revenue. The surge in adoption of MLOps in large businesses open numerous opportunities for market growth. However, the small and medium-sized enterprises segment is expected to attain the largest CAGR of 41.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Factors such as surge in digitalization and increase government initiatives through various digital SME campaigns throughout the world fuel the growth of the market.

Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for three-fifths of the MLOps market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety. Industries prefer on-premise model owing to high data security and less data breach as compared to cloud based deployment models, which further drive the demand for on-premise deployment model within the sectors. However, the cloud segment is projected to attain the highest CAGR of 42.2% from 2023 to 2032. Rise in the adoption of cloud based MLOps due to low cost and easier maintenance drives the growth of the market.

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Geographically, North America secured the largest market share in 2022, driven by the steady adoption of MLOps to meet evolving business demands and enhance customer experiences. Biopharmaceutical companies in this region are increasingly leveraging MLOps for research, drug discovery, and clinical trials, further propelling market growth. However, Asia-Pacific is anticipated to witness the highest growth during the forecast period, fueled by the escalating adoption of advanced technologies like AI/ML and big data, alongside increasing digitalization across business operations.

The COVID-19 pandemic exerted a positive influence on the MLOps market, spurring investments in advanced technologies such as AI, big data, DevOps, and machine learning to accommodate the rise in digitalization across various industries. Furthermore, the pandemic-induced challenges faced by the manufacturing sector, including supply chain disruptions and workforce shortages, underscored the importance of data-driven insights, thereby driving demand for MLOps solutions.

Moreover, there is significant potential for AI expansion across emerging sectors in China, including automotive, transportation, logistics, manufacturing, and healthcare, in the coming decade. Notably, industry leaders and experts convened in June 2023 for an online meetup to explore the latest trends in MLOps and Kubeflow, fostering collaboration and innovation in cloud-native technologies for MLOps.

The key players that operate in the MLOps market analysis are Akira AI, Alteryx, Amazon Web Services, Inc., Cloudera, Inc., Databricks, Inc., DataRobot, Inc., GAVS Technologies, Google LLC, IBM Corporation and Microsoft Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the MLOps industry.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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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. AMR 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 in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

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