Machine Learning as a Service Market - Healthcare and Lifesciences Leading End-use Segments due to Digitalization of Patient Records

The global machine learning as a service (MLaaS) market is rising expeditiously mainly due to the Internet revolution. The process of connecting the world virtually has generated vast amount of data which is boosting the adoption of machine learning solutions. This is because deployment of machine learning improves the speed and accuracy of functions performed by the system.

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.

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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.

North America to Continue to Stay in Lead

The segment of private cloud depending upon deployment type led the global MLaaS in 2016 revenue-wise. However, public cloud segment is expected to gain market share due to ease of installation and as a cost effective solution for organizations.

Healthcare and life sciences are the key application segments anticipated to contribute the leading revenue share and expand at a significant growth rate between 2017 and 2025.

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North America commands the MLaaS market over other key regions on account of rapid integration of machine learning as a service with big data, Internet of Things (IoT), and other advanced technologies. The region being home to topnotch companies for machine learning as a service adds to its benefit. The region contributed US$362.7 bn to the global market in 2016.

Need to Make Vast Amount of Data Utilizable Boosts Adoption

“Digitalization and the Internet revolution has led to a mounting volume of structured and unstructured data in enterprises, which needs to be made utilizable for organizational growth. This is the key factor driving adoption of machine learning solutions thus fueling the global MLaaS market, as per a TMR analyst. Further, the rising uptake of IoT connected devices is predicted to present new opportunities for machine as a service market. This is because machine learning capabilities are expected to be integrated with more platforms and applications for organizations to take advantage of them.

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Besides this, the increasing uptake of cloud-based technologies is stoking growth of the MLaaS market worldwide, as an increasing number of companies are switching to cloud computing solutions to access machine learning services. The adoption of advanced analytics technology by a number of end-use industries such as BFSI, telecom, retail, and manufacturing among others to enhance the decision making capability of machines is having a positive impact on the growth of machine learning as a service market.

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