Machine Learning-as-a-Service (MLaaS) Market Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2023-2030
Analysis from GMI Research finds that the Machine Learning-as-a-Service Market earned revenues of USD 39.4 billion in 2022 and forecast to touch USD 402.3 billion in 2030 will grow at a CAGR of 33.7% from 2023-2030
Machine Learning-as-a-Service Market Overview
Machine Learning as a Service (MLaaS) is the range of services that offer machine learning tools based on cloud computing services. MLaaS vendors provide a model for distributing, operating, and monetizing ML algorithms using a cloud-based platform such as Amazon Web Service Machine Learning, Microsoft Azure Machine Learning Studio, IBM Watson, and others. MLaaS vendors offer developers services that involve predictive analytics, data modeling APIs, data transformations, face recognition, natural language processing, data visualizations, and machine deep learning algorithms.
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Major Machine Learning-as-a-Service Market Drivers
The major factors that are responsible for the growth of the global machine learning-as-a-service market are the increasing adoption of cloud-based technology among organizations and the growing requirement to understand the behavioral of the customer. In addition to this, MLaaS are being widely adopted by enterprise across the industries to enhance customer experience, which is also contributing to the growth of the market. The ML is helping to gain insights about customer behavior, buying pattern, and interest as it provides effective data management.
Additionally, advancement in technologies such as Artificial Intelligence (AI) and Machine Learning (ML) and learning and analytics technologies and increase in affordability of data storage is further opening new doors for the market growth. Internet of Things (IoT), deep learning, cognitive computing, and other technologies are creating numerous growth opportunities in the global machine learning-as-a-service market. With the increasing adoption of IoT and automation systems across the industries, there has been an increase in the demand for MLaaS as the IoT, smart and connected technologies are generating a massive amount of data, which can be analysed and used to retrieve profitable insights. Moreover, major key players are offering machine learning services and providing various option to run ML algorithms using a cloud-based platform. However, the lack of skilled professionals to deploy ML services and government & compliance issues may hamper the global machine learning-as-a-service market’s growth.
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Based on the component, the service segment is expected to dominate the market during the forecast period. The service segment is segmented into two major segments, professional services, and managed service. The professional service segment is expected to dominate the market owing to the growing deployment of machine learning solutions and the complexity of the operation. It comprises designing, planning, updating, and consulting services.
Based on the organization size, small and medium-sized enterprises segment is expected to grow at a higher CAGR during the forecast period. SMEs are extensively using MLaaS as the machine learning application provides dynamic data, and uses predictive analytic ML, algorithms offer real-time data. Additionally, SME uses MLaaS to meet customer expectations by providing them product demand predictions and suggestions. MLaaS offer the company with faster insights and allows better and quick decision making.
Based on the vertical, the retail segment is expected to grow at a faster CAGR during the forecast period. The retail industry is rapidly shifting into digital space. Companies such as Amazon, eBay, among others, are the prominent player in the digital revolution. Retail and E-commerce sector are adopting machine learning as-a-service to improve their customer experience and enhance operational efficiency.
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Regional – Segment Analysis
Based on the region, North America is expected to witness a higher CAGR during the forecast period. North America region has a higher penetration rate of machine learning services and high adoption towards the latest advancement in technologies such as integration of bigdata within machine learning services. Moreover, the presence of major players such as Amazon Web Services, Google, IBM, Microsoft, BigML, among others, is also contributing to the growth of the MLaaS market in this region.
Top Market Players
Various notable players in the Machine Learning-as-a-Service (MLaaS) market include Microsoft Corporation, International Business Machine Corporation, Google LLC, Amazon Web Services, BigML, Inc., FICO, Hewlett Packard Enterprise Development LP, SAS Institute Inc., Yottamine Analytics, LLC, DataRobot, Inc., and Algolytics, among others.
Key Developments:
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- In Sep 2019, Hewlett Packard Enterprise (HPE) announced a launch of the container-based software solution “HPE ML Ops” to support the complete machine learning model lifecycle for the public and hybrid cloud environment and on-premises environments. The company also introduced the DevOps-like process with a new solution to standardize machine learning workflows and quicken AI deployments.
- In May 2018, Microsoft Corporation announced the acquisition of Semantic Machines, a California-based company that deals with conversational AI. With this acquisition, the company will establish a conversational AI center of excellence in Berkeley to expand the presence and advance AI technology.
Segments covered in the Report:
The Global Machine Learning-as-a-Service (MLaaS) market has been segmented based on the component, application, organization size, vertical, and region. Based on the component market is categorized into software tools and services. Based on software tools, the market is further segmented into modeler and processing, cloud data storage and archiving, and web-based application programming interface, and others. Based on services, the market is further segmented into professional services and managed services. Based on the application, the market is segmented into fraud detection and risk analytics, augmented reality, marketing and advertising, network analytics and automated traffic management, predictive maintenance, and others. Based on the organization size, the market is segmented into small and medium enterprises and large enterprises. Based on vertical, the market is segmented into banking, BFSI, Automotive & transportation, defense, media & e-commerce, media & entertainment, telecom, retail & e-commerce, healthcare, and others.
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Report Coverage |
Details |
Market Revenues (2022) |
USD 39.4 billion |
Market Base Year |
2022 |
Market Forecast Period |
2023-2030 |
Base Year & Forecast Units |
Revenues (USD billion) |
Market Segment | By Component, By Application, By Organisation Size, By Vertical, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Microsoft Corporation, International Business Machine Corporation, Google LLC, Amazon Web Services, BigML, Inc., FICO, Hewlett Packard Enterprise Development LP, SAS Institute Inc., Yottamine Analytics, LLC, DataRobot, Inc., Algolytics, among others; A total of 10 Companies Covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Machine Learning-as-a-Service (MLaaS) Market by Component
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- Software Tools
- Data Storage and Archiving
- Modeler and Processing
- Cloud and Web-Based Application Programming Interface
- Others
- Services
- Professional Services
- Managed Services
- Software Tools
Global Machine Learning-as-a-Service (MLaaS) Market by Application
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- Marketing and Advertising
- Fraud Detection and Risk Analytics
- Predictive Maintenance
- Augmented Reality
- Network Analytics and Automated Traffic Management
- Others
Global Machine Learning-as-a-Service (MLaaS) Market by Organization Size
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- Small and Medium Enterprises
- Large Enterprises
Global Machine Learning-as-a-Service (MLaaS) Market by Vertical
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- Education
- Banking and Financial Services
- Insurance
- Automotive and Transportation
- Healthcare
- Defense
- Retail and E-Commerce
- Media and Entertainment
- Telecom
- Others
Global Machine Learning-as-a-Service (MLaaS) Market by Region
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-
North America Machine Learning-as-a-Service (MLaaS) Market (Option 1: As a part of the free 25% customization)
- by Component
- by Application
- by Organization Size
- by Vertical
- US Market All-Up
- Canada Market All-Up
-
Europe Machine Learning-as-a-Service (MLaaS) Market (Option 2: As a part of the free 25% customization)
- by Component
- by Application
- by Organization Size
- by Vertical
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Machine Learning-as-a-Service (MLaaS) Market (Option 3: As a part of the free 25% customization)
- by Component
- by Application
- by Organization Size
- by Vertical
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
RoW Machine Learning-as-a-Service (MLaaS) Market (Option 4: As a part of the free 25% customization)
- by Component
- by Application
- by Organization Size
- by Vertical
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating the Machine Learning-as-a-Service (MLaaS) (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Microsoft Corporation
- International Business Machine Corporation
- Google LLC
- Amazon Web Services
- BigML, Inc.
- FICO
- Hewlett Packard Enterprise Development LP
- SAS Institute Inc.
- Yottamine Analytics, LLC
- DataRobot, Inc.
- Algolytics
Frequently Asked Question About This Report
Machine Learning-as-a-Service (MLaaS) Market [UP811A-00-0620]
The key factors that are responsible for the growth of the machine learning-as-a-service market are the increasing adoption of cloud-based technology among organizations and the growing requirement to understand the behavioral of the customer.
The professional service segment is expected to dominate the market owing to the growing deployment of machine learning solutions and the complexity of the operation. It comprises designing, planning, updating, and consulting services.
The small and medium-sized enterprises segment is projected to grow at a higher CAGR during the forecast period. SMEs are extensively using MLaaS as the machine learning application provides dynamic data, and uses predictive analytic ML, algorithms offer real-time data.
The growth rate of Machine Learning-as-a-Service Market during forecast period is 33.7%.
- Published Date: Nov-2023
- Report Format: Excel/PPT
- Report Code: UP811A-00-0620
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Machine Learning-as-a-Service (MLaaS) Market Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2023-2030
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