Global internet revolution and rapid deployment of IoT systems has driven the growth of machine learning as a service market.
The progression of connecting the world virtually over internet led to the generation of huge data which is the major factor for boosting the adoption of machine learning services. Implementation of machine learning solutions improves the accuracy and efficiency of the system. Furthermore, growth of artificial intelligence and deep learning technologies anticipated to provide vast opportunities for the growth of the market.
Global machine learning as a service market is segmented into deployment types such as private cloud and public cloud based deployment. Private cloud accounts for the major revenue share in global machine learning as a service market. Big enterprises in different verticals are proffering private cloud based solutions over public cloud, due to data security and threat of data breach.
The global machine learning as a service market accounted for USD 0.9 billion in 2016 and further the market is estimated to reach USD 16.4 billion by the end 2024. Global machine learning as a service market is expected to expand at a CAGR of 43.7% over the forecast period i.e. 2016-2024. Geographically, North-America and Europe are showcasing the fastest adoption rate of AI technology and deployment of IoT systems. North America is expected to maintain its dominance in global machine learning as a service market over the forecast period owing to rising number of new start-up companies and presence of established market players. Asia-Pacific is anticipated to be fastest growing region, owing to rapid urbanization and penetration of advance technology in developing countries.
Growing Internet Penetration and Deployment of IoT systems: Major Impel
With growing IT and telecomm sector, deployment of IoT in systems have grown significantly in past few years. The demand for extraction of knowledge is growing along with huge data generated by sources such as social media, mobile apps and IoT systems. Companies are focusing on connect all these data and to extract valuable information for various purposes. Machine learning as a service has gained much attention in data mining, to find new solutions for their business efficiency and productivity.
Global Machine Learning as a Service Market Outlook 2024 contains detailed overview of the global machine learning as a service market in terms of market segmentation by services type, by deployment type, by applications type, by end users type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Machine Learning as a Service Market Report also includes competitive outlook of some of the major players of the global machine learning as a service market which includes profiling of companies such as IBM corp., Microsoft Corp., IBM corp. Amazon Web Services, Google Inc., BigML Inc., Hewlett Packard Inc., FICO, PurePredictive Inc., SAS Institute Inc. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global machine learning as a service market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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