PUBLISHER: Allied Market Research | PRODUCT CODE: 1239591
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239591
MLOps is a method based on adapting DevOps practices to machine learning development processes. MLOps is useful in transitioning from running a couple of ML models manually to using ML models in the entire company operation. Overall, MLOps helps to improve delivery time, reduce defects, and make data science more productive. This provides lucrative opportunities for the market growth during the forecast period.
Moreover, MLOps is the missing bridge between machine learning, data science, and data engineering. It has emerged as the link that unifies these functions more seamlessly than ever before. MLOps helps professionals and advanced systems to consistently deploy machine learning algorithms and solutions for enhanced productivity and effectiveness. The technology is based on the combination of an operating framework for people and technology, as well as, on an abidance for the best set of practices and proven architectural principles. MLOps is the technology that empower production-level machine learning. On the contrary, latest MLOps trends and predictions are emerging to meet the evolving challenges in scaling machine learning. The emerging advanced MLOps applications can solve a variety of human error and quality issues. Hence, many organizations such as healthcare, IT, retail, and other sectors are adopting MLOps due to its benefits. This factor creates lucrative growth opportunities in the market.
Surge in digital and internet penetration around the world is positively impacting the growth of the market. In addition, increase in adoption of MLOps technology across enterprises to enhance operation & productivity, strengthens the growth of the market for future. Furthermore, increase in investments in the healthcare sector is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, MLOps helps reduce costs over the entire machine learning lifecycle, create numerous opportunities for the market growth in the upcoming years. However, inaccessible data and data security, rigid business models and lack of engineering skills, hamper the growth of the market.
The MLOps market is segmented into component, deployment mode, organization size, industry vertical, and region. By component, it is bifurcated into platform and services. By deployment mode, it is divided into on-premise and cloud. By organizational size, the market is segregated into small & medium-sized enterprises and large enterprises. By industry vertical, the market is classified into BFSI, manufacturing, IT & telecom, retail & e-commerce, energy & utility, healthcare, media and entertainment and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the MLOps market are Akira AI, Alteryx, Amazon Web Services, Inc., Cloudera, Inc., Databricks, Inc., DataRobot, Inc., GAVS Technologies, Google LLC, IBM Corporation and Microsoft Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the MLOps market globally.