Artificial Intelligence Is Fastest Growing Segment Fueling The Growth Of Machine Learning As A Service (Mlaas) Market

https://www.coherentmarketinsights.com/market-insight/machine-learning-as-a-service-market-3718
Machine Learning As A Service (Mlaas) Market



Market Overview:

Machine learning as a service (MLaaS) provides machine learning models, prediction services and related APIs to customers. It allows enterprises to use machine learning capabilities without investing heavily in setting up and maintaining computing infrastructure, data science teams and AI researchers. The pay-as-you-go pricing model of MLaaS makes it affordable for small and medium enterprises as well.

Market key trends:
The adoption of domain-specific machine learning models for customer retention, predictive maintenance and fraud detection is one of the key trends witnessed in the MLaaS market. Domain-specific ML models focus on specific use cases and perform better compared to general predictive models. For example, ML models tailored for customer churn prediction in telecom sector perform better than generalized models. This improves customer satisfaction and reduces operational costs for businesses adopting MLaaS.
Here is the segment analysis and key takeaways for the given MLaaS market:

The global Machine Learning as a Service (MLaaS) Market Size is estimated to be valued at US$ 10,072.55 Mn in 2023 and is expected to exhibit a CAGR of 38.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The global MLaaS market is segmented by type, organization size, application, and end-use industry. By type, the cloud API segment dominates the market as most MLaaS providers offer cloud APIs and web services to build and deploy machine learning models in the cloud without having to manage complex ML infrastructure.

By organization size, the large enterprises segment holds the largest share in the market. Large organizations are adopting MLaaS solutions as it reduces CAPEX and OPEX significantly by removing the necessity to build and maintain expensive ML infrastructure.

Key Takeaways
The global MLaaS market is expected to witness high growth, exhibiting a CAGR of 38% over the forecast period from 2023 to 2030, due to increasing demand for scalable machine learning solutions without significant investment in infrastructure.

North America dominates the global MLaaS market currently and is expected to continue its dominance over the forecast period. This is attributed to strong adoption of cloud-based machine learning solutions among large enterprises as well as SMEs across industries such as BFSI, retail, and healthcare in the US and Canada. Asia Pacific is expected to be the fastest growing regional market for MLaaS.

Key players operating in the MLaaS market are H2O.ai, Google Inc., Predictron Labs Ltd, IBM Corporation, Ersatz Labs Inc., Microsoft Corporation, Yottamine Analytics, Amazon Web Services Inc., FICO, and BigML Inc. IBM offers Watson Machine Learning and Amazon provides machine learning services like SageMaker, Comprehend, and Lexicons.

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