PUBLISHER: Orion Market Research | PRODUCT CODE: 1123091
PUBLISHER: Orion Market Research | PRODUCT CODE: 1123091
Global Machine Learning as a Service (MLaaS) Market Size, Share & Trends Analysis Report By Application (Advertising and Marketing, Natural Language Processing, Automated Network Management, User Behavior Analytics, and Others), By Deployment (Software Tools, Cloud and Web-Based Application Programming Interface), and By Vertical (Education, Banking and Financial Services, Defense, and Others) and By Services (Professional Services and Managed Services) Forecast, 2021-2027
The global market for MLaaS is projected to have a considerable CAGR of around 40.5% during the forecast period. Machine learning is a technology that provides computers with the ability to learn and modify their analytical features when exposed to new data sets that are been programmed. The increasing adoption of cloud-based technology is the major factor contributing to the growth of machine learning as a service market. The immense advancement in technology, as well as the need to understand customer behavior, are also responsible for the global expansion of the machine learning as a service (MLaaS) market. On the contrary, there is a significant shortage of skilled consultants for deploying machine learning services, along with compliance issues, which limits the growth of the machine learning as a service (MLaaS) market in the global market. However, Growth opportunities are also provided by an increase in data from internet of things (IoT) platforms and improved connectivity.
Impact of COVID-19 on MLaaS Market
The impact of the COVID-19 pandemic is expected to drive the MLaaS Market in the forecast period as an increasing number of people are working from home. Additionally, more than 90% of organizations around the world have implemented a work-from-home policy to keep their operations running smoothly which has increased the adoption of cloud applications. Moreover, as a result of lockdown initiatives in all major economies, demand for online shopping and video streaming is increasing. This is driving the cloud expenditure, as broadcasters, retailers, and government gateways expand their eCommerce and front-end platforms to meet rising demand. There are many cloud verticals, such as retail, manufacturing, and consumer goods, where all operations were delayed. However, organizations' priorities have shifted, such as organizations utilizing cloud automation and boosting their online presence by developing e-commerce websites on cloud platforms to limit the effects of COVID-19 on productivity and operational efficiency. Therefore, these factors are propelling the demand for the MLaaS during the COVID-19.
Segmental Outlook
The global MLaaS market is segmented based on application, deployment, vertical, and services. Based on the application, the market is further classified into advertising and marketing, natural language processing, automated network management, user behavior analytics, and others (Risk Detection and Analysis, Predictive Maintenance). Based on deployment, the market is further segregated into software tools, cloud, and web-based application programming interfaces. Further, based on vertical, the market is classified into education, banking and financial services, defense, and others (Government, Healthcare and life sciences, Information Technology, Media and entertainment). And based on services the market classified as professional services, managed services.
Global MLaaS Share by deployment, 2020(%)
Global MLaaS Share by deployment
The cloud and web-based application programming interface segment is estimated to have a significant share in the global MLaaS market
Among deployment, the cloud and web-based application programming interface segment are projected to have a considerable share in the market owing to the rise in digitalization and favorable government initiatives, particularly in developing countries, to adopt cloud services are major factors driving the growth of the segment. Furthermore, the ongoing modernization of applications, as well as the rise in demand for easy access by applications from anywhere among individuals, is also driving the growth of the segment. The cloud and web-based application programming interface enable the company to perform infrastructure management and deployment processes according to the business requirements and therefore this flexibility feature provided by the segment is propelling its growth in the market.
Regional Outlook
Geographically, the global MLaaS is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is projected to dominate the market share of MLaaS attributing to the factor such as the presence of large corporations engaged in technological research, rapid machine learning as a service integration with big data, Internet of Things (IoT), and other modern technologies. Moreover, increasing R&D investment in IT in the US and a rise in the demand for machine learning as a service with a large amount of data are the factors also contributing to the growth of the market in the region.
Global MLaaS Growth, by Region 2021-2027
Global MLaaS Growth, by Region
Asia-Pacific is estimated to be the fastest-growing region in the global MLaaS Market
Geographically, Asia-Pacific is projected to be one of the fastest-growing regions in the global MLaaS market. The major factors that contributing to the market include the availability of a large data set, the adoption of machine learning techniques in traditional industries, and the strengthening of the pipeline of collaborators with exceptional talent that is driving the Asia-Pacific machine learning market. Furthermore, the growing demand for intelligent business processes is also propelling the region's machine learning as a service market forward. Other factors such as government initiatives promoting artificial intelligence, rising machine learning adoption, and the emergence of many other machine learning start-ups in the region are propelling the growth of Asia pacific machine learning as a service market. Oracle Corporation, Tibco Software Inc., Microsoft Corporation, Teradata Corporation, and Intel Corporation are among the largest provider of machine learning as a service in the following region.
Market Players Outlook
The key players in the MLaaS contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Hewlett Packard Enterprise Co., Google LLC, IBM Corp., Microsoft Corp, Amazon Web Services Inc., among others. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. In November 2019, IBM launched its cybersecurity platform, Cloud Pak. This is an open-source technology for hunting threats, also it gives a speed response to cyberattacks, and it can run in any environment. This platform can translate security data from various sources, also it is extensible, so further additional features can be added.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global MLaaS
Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where in the market.