The machine learning platform allows computer systems to learn without the need for predefined programming. It is a branch of Artificial Intelligence and is applicable in different fields to analyze data and make decisions which are real time without the need for human interference.
According to MarketIntelReports' “Machine Learning as a Service (MLaaS) Market by Component (Software Tools, Services), Organization Size, Application (Marketing, Risk Analytics & Fraud Detection, Predictive Maintenance, Network Analytics), Service and Region - Global Forecast to 2021”:
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Machine learning algorithms teach computers to learn from the environment and generate new data. It uses different techniques for finding patterns.
With the advantage from Machine Learning as a Service Market, companies can generate high productivity. Machine learning techniques provide solutions to organisations without the requirement for in house infrastructure.
Scope & Regional Forecast of the Machine Learning as a Service Market
The growing adoption of Internet of Things boosts the Machine Learning as a Service Market. Growth of the IT expenditure in emerging economies and advancements in workflow optimization enhance the demand for big data and machine learning.
Penetration of cloud based solutions is also an asset for the market.
North America has its major share in machine learning analytics. This is attributed to the increasing demand from big enterprises in the region.
Western Europe and Asia Pacific follow North America.
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The end user industries like retail, telecom, BFSI, and manufacturing are expected to show a high growth in the machine learning system. Healthcare and life sciences contribute to the market due to the need for machine learning for integrating structured and unstructured data.
The need for highly skilled personnel for developing cloud ml hampers the market growth. However, adoption cloud technologies by the companies worldwide enhances the market growth in Middle East and Latin America.
Segmentations & Key Players Involved in the Machine Learning as a Service Market
The Machine Learning as a Service Market can be broken down into various segments as follows
- Component- Software tools, Data storage and archiving, Modeler and processing, Cloud and web-based Application Programming Interface (APIs), Others (model validator, decision report/predictor/training, and report storage).
- Service- Professional services and Managed services.
- Region- North America, Europe, Asia-Pacific (APAC).
Some of the key players involved in the Machine Learning as a Service Market are as follows:
- Amazon Web Services
- Ersatz Labs
- Sift Science
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