Machine Learning as a Service (MLaaS) Market is Dazzling Worldwide and Forecast to 2031

The Global MLaaS Market is anticipated to grow at a considerable CAGR of around 40.5% during the forecast period (2024-2031). The key factor to drive the market growth is the increasing cloud-based technologies among the industries due to the increasing digital transformation in industries, rising internet and mobile device penetration around the world, and increased consumption of big data. For instance, according to cloud computing statistics 2020, as per the findings of an analysis of over 135,000 organizations, global cloud adoption has reached 81% as measured by the use of cloud productivity platforms by enterprise organizations. And it appears to be a trend that is gaining speed with each passing year. Also, according to Gartner forecast, 90% of companies in the market will be using cloud services by 2022, generating a total value of $278.3 billion.

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Rising acquisitions, product approval, collaborations among the major players in the market also propel the growth of the market. For instance, in April 2019, Microsoft created a platform that employs machine learning to assist deep learning-based algorithms in solving real-world problems. The researchers and product developers have pioneered a complementary approach known as machine learning. This relies on human expertise to break down a problem into smaller tasks and provide machine learning algorithms with important clues about how to find a solution more quickly.

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Market Coverage

Segment Covered-
o ByApplication

o By Deployment

o By Vertical

o By Services

Regions Covered-
o North America

o Europe

o Asia-Pacific

o Rest of the World

Competitive Landscape- Hewlett Packard Enterprise Co, Google LLC, IBM Corp., Microsoft Corp, Amazon Web Services Inc., and others
Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
Global MLaaS Market Report Segment

By Application

Advertising and Marketing
Natural Language Processing
Automated Network Management
User Behavior Analytics
Others (Risk Detection and Analysis, Predictive Maintenance)

By Deployment

Software Tools
Cloud and Web-Based Application Programming Interface

By Vertical

Education
Banking and Financial Services
Defense
Others (Government, Healthcare and life sciences, Information Technology, Media and entertainment)
By services

Professional Services
Managed Services
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