The report “Machine Learning as a Service (Mlaas) Market – Size, Outlook, Trends and Forecasts (2018 – 2024)”
The Global Machine learning market is estimated to grow to USD 4.01 Billion in 2024 from USD 0.4 Billion in 2017 with a CAGR of 44.3% during forecast period (2018-2024). The growth of Machine learning market is mainly due to the internet revolution and rapid increase in the technological advancements and data generation.
With the increase in modernised technology, innovative applications and new learning patterns tend to increase the market of machine learning. Machine learning helps to incorporate robotics and analytics in many industries.
The industry heads are encouraging to lift the knowledge on artificial intelligence in employees.
In the forecast period, Managed service segment is estimated to grow at high CAGR
Considering professional service segment, it is expected to be the large contributor in the forecast period. The professional service segment is mainly controlled by the complexity of operations.
The managed service segment is growing rapidly due to which it helped organizations to increase the efficiency, controls economically and save costs for managing machine learning services. These managed service also looks on software and hardware functions where as organizations are responsible only for installing and updating business applications and configurations.
In Banking, Financial Services and Insurance sectors Machine learning market is high
For eradicating the fraud and risk management, this machine learning applications is used in banking, financial services and Insurance sectors. Also companies have chances of risk and they can recover safely.
The machine learning market is adopted in many areas like Health care, Manufacturing, Retail and Telecom Industries. In health care the usage of machine learning technology is high due to its helps storing patient’s records digitally.
The market of machine learning in life sciences and health care is high because due to the need and demand. Machine learning as a service market is divided into private cloud and public cloud.
The public cloud has more installations than private cloud and leads to economic benefits to the organizations. This machine learning also increases the quality of decision making and forming new strategies to the company.
North America is expected to hold the largest market for Machine learning in 2024
In North America the Machine learning market is high due to the adoption of new tools and technologies. In this region the usage of Internet of Things (IOT) is high, so this drives the market of Machine learning.
The Machine learning as a service with big data increases the demand in the forecast period. In many regions like Asia Pacific, Europe, Africa and Mid East the machine learning market is high because it is used in various verticals like health care and life sciences.
The growth of market in North America is driven by Canada and U.S because head offices of grown companies like Microsoft, Google, IBM and Amazon are built there.
The vital players in the Machine learning market are
IBM Corporation (New York, US), Google, Inc. (California, US), Microsoft Corporation (Washington, US), Amazon Web Services Inc.
(Washington, US), Baidu, Inc. (Beijing, China), Intel Corporation (California, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US).
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Scope Of The Report
• Competitive Analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.
• Monitoring the external and internal factors which affect the market dynamics with the aid of PESTLE analysis.
• The Regional and Global Variety is taken care of in the report.
• Year on Year basis generation of revenue is studied.
• Porter's Five Forces analyze the intensity of competition in an industry and its profitability level.
• The overview and the sustainability of the market are analyzed through SWOT.
• DROC is recognized in the current market scenario and see how its effect on market dynamics.
• The segment-level analysis in terms of type and technology.
• The value chain analysis, value that's created and captured by a company is the profit margin. Value
• Created and Captured – Cost of Creating that Value = Margin
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