Press release
Machine Learning as a Service Market Lucrative Opportunity in Various Segments
Apart from this, adoption of advanced analytics technologies from several industry verticals such as healthcare and life sciences, BFSI, retail, telecom, and manufacturing is contributing towards the growth of machine learning as a service market. Machine learning as a service solutions are also adopted across industry verticals to enhance the decision making capability of machines.
Serving as a roadblock to the growth of this market is lack of skilled professionals and concerns about data security.
As per estimations of Transparency Market Research, the global machine learning as a service market pegged an opportunity of US$1.07 bn in 2016. Expanding at a phenomenal CAGR of 38.40% between 2017 and 2025, the market is expected to attain a value of US$19.86 bn by the end of 2025.
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Manufacturing, retail, telecom, healthcare and life sciences, BFSI, and others are the segments into which the global machine learning as a service market is classified based upon end use.
Of them, the segment of healthcare and life sciences is the key contributor to the market mainly due to the rising need for machine learning in the sector to integrate structured and unstructured data. The data generated is mainly from electronic health record (EHR), genomic and claims data.
In the forthcoming years, other enManufacturing, retail, telecom, healthcare and life sciences, BFSI, and others are the segments into which the global machine learning as a service market is classified based upon end use. Of them, the segment of healthcare and life sciences is the key contributor to the market mainly due to the rising need for machine learning in the sector to integrate structured and unstructured data. The data generated is mainly from electronic health record (EHR), genomic and claims data.
In the forthcoming years, other end-use industries such as BFSI, retail, telecom, and manufacturing are anticipated to display demand for MLaaS in order to augment the decision making capability of machines that are used in these industry verticals.
On the basis of deployment type, the machine learning as a service market is segmented into public cloud and private cloud. In 2016, private cloud segment accounted for the leading revenue contribution to the global MLaaS market. However, public cloud segment is anticipated to rise at a relatively rapid rate than private cloud segment due to ease of installation and economic benefits to organizations.
North America to Continue to Stay in Lead
The key geographical segments into which the global MLaaS market is divided are North America, Europe, Asia Pacific, the Middle East and Africa, South America, and Europe. North America led among other regional segments in 2016 contributing US$362.7 bn to the overall market.
The region is expected to hold on its dominant position over the forecast period backed by the burgeoning demand for Internet of Things (IoT) and rapid integration of machine learning as a service with big data and other newer technologies. The growth of North America MLaaS market is mainly driven by the U.S. and Canada as they are home to some well-entrenched players such as Microsoft Corporation, Google Inc., Amazon Web Services Inc., and IBM Inc.
Asia Pacific is expected to display a significant growth rate in the upcoming years backed by the swift uptake of advance analytics technologies in the healthcare and life sciences industry.
The developments in the information technology sector is also working in favor of Asia Pacific MLaaS market.d-use industries such as BFSI, retail, telecom, and manufacturing are anticipated to display demand for MLaaS in order to augment the decision making capability of machines that are used in these industry verticals.
On the basis of deployment type, the machine learning as a service market is segmented into public cloud and private cloud. In 2016, private cloud segment accounted for the leading revenue contribution to the global MLaaS market. However, public cloud segment is anticipated to rise at a relatively rapid rate than private cloud segment due to ease of installation and economic benefits to organizations.
This report gives readers a comprehensive overview of the Machine Learning as a Service Market. Browse through to unlock the hidden opportunities in this market:
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=16907
North America to Continue to Stay in Lead
The key geographical segments into which the global MLaaS market is divided are North America, Europe, Asia Pacific, the Middle East and Africa, South America, and Europe. North America led among other regional segments in 2016 contributing US$362.7 bn to the overall market.
The region is expected to hold on its dominant position over the forecast period backed by the burgeoning demand for Internet of Things (IoT) and rapid integration of machine learning as a service with big data and other newer technologies.
The growth of North America MLaaS market is mainly driven by the U.S. and Canada as they are home to some well-entrenched players such as Microsoft Corporation, Google Inc., Amazon Web Services Inc., and IBM Inc.
Asia Pacific is expected to display a significant growth rate in the upcoming years backed by the swift uptake of advance analytics technologies in the healthcare and life sciences industry. The developments in the information technology sector is also working in favor of Asia Pacific MLaaS market.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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