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New report examines the machine learning as a service (MLaaS) market forecast to 2024

New report examines the machine learning as a service (MLaaS) market forecast to 2024

In computer science, there is a subdivision for machine learning through which the computers get the ability to assimilate or grasp without being clearly expressed or demonstrated.

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Introduction

Method of machine learning is used for developing complex models and algorithms which are useful in making assumptions or predictions.

When large scale data is dealt by system, machine learning is installed in them. Installing machine learning to a system gives greater speed and higher accuracy to the functions performed in a system.

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Machine learning helps majorly in resolving the issues related to regression as well as classification. To serve customers efficiently and segregating them according to the needs is also ensured by machine learning.

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Market Dynamics

Revolutions in connecting the world and digitalizing it has accumulated large number of data with IT industry. This boost in data accumulation in large number has led to the growth of market in adapting machine learning.

Tremendous growth has been experienced in recent times in North America for machine learning as service market leading to the increased mergers of Internet of Things, advanced technologies and big data with machine learning. Observation and administration issues and workforce with deficiency of skills and knowledge restrains the Growth Of Machine Learning a…ce (MLaaS) Market Make an Inquiry about this news from time to time.

Professional data handlers with initial exposure to the management of solutions in machine learning are demanded to maintain machine learning in assisting solutions. Moderate adaptation of machine learning has been witnessed due to insufficient expertise among individuals.

Additionally, restricted knowledge of classifiers and issues regarding over fitting of the model on smaller databases is anticipated to hinder the growth of market in coming years. More investment in novel technologies in North American region is predicted to generate new opportunities for the market in the next few years.

Also, depleting cost of human labour along with increasing demand for machine learning is anticipated to create ample growth opportunities for the industry.

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Market Classification and Segment Overview

The healthcare industry is anticipated to gain maximum traction in the market among the other end-user industries in the coming few years. The healthcare industry has the major application for MLaaS.

MLaaS in healthcare is used to understand the customer behaviour and originate in-depth vision into clinical performance. Also, it offers efficiency in forecasting future results of patients with the use of modern analytics technology.

The market for machine learning as a service is segmented based upon types of services, component, organization size, and enterprise application. Professional and managed are the types of services in this market.

In terms of components, the market is further divided into cloud & web based programming (APIs), software tools and others comprising report storage, decision training/predictor/report and model validator. Further the organization size can be classified into small, medium and large enterprises.

Whereas, the enterprise application can be sub-segmented into fraud detection, risk analytics, augmented reality (object recognition, automated simulation, pattern generation & recognition and prediction/recommendation), predictive maintenance (anomaly detection and pattern generation & recognition), automated traffic management and network analytics.

Geographically the market can be segmented into Asia-Pacific, North America, Latin America, Europe, and Middle East & Africa (MEA). Globally, North America is leading the market and is anticipated to continue is dominance over the forecast period.

The growth in North America is attributed by the growing demand for installation from economically developed countries like U.S.

Report Coverage

Market Global Machine Learning As A Service (MLaaS) Market
Analysis Period 2014 – 2024
Historic Data 2014 – 2015
Base Year 2016
Forecast Data 2017 – 2024
Market Stratification Services, Component, Organization Size, Enterprise Application, Geography
Regional Scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Report Coverage Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis


Market Participants

Some of the key players in this industry are Google Inc., Microsoft Corporation, Amazon Web Services, Inc., International Business Machines Corporation, Fuzzy.ai, Sift Science, Inc., AT&T, Inc., BigML, Inc. and Yottamine Analytics LLC among other.

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Market Segmentation

Market by Service

Professional

Managed

Market by Component

Cloud & web based programming (APIs)

Software tools

Others (Report storage, decision training/predictor/report and model validator)

Market by Organization Size

Small and medium enterprises (SMEs)

Large enterprises

Market by Enterprise Application

Fraud detection and risk analytics

Augmented reality (object recognition, automated simulation, pattern generation & recognition, prediction/recommendation)

Predictive maintenance (anomaly detection and pattern generation & recognition)

Automated traffic management

Network analytics

Market by Geography

North America

o US

o Canada

o Mexico

Europe

o UK

o Germany

o France

o Rest of Europe

Asia-Pacific

o China

o Japan

o India

o Philippines

o Rest of Asia-Pacific

Latin America

o Brazil

o Chile

o Rest of Latin America

Middle East and Africa (MEA)

o South Africa

o Saudi Arabia

o Rest of MEA

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News From

Acumen Research and ConsultingAcumen Research and Consulting
Category: Market Research Publishers and RetailersCompany profile: Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, ...

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