Market Research & Marketing Pvt. Ltd. in Chicago recently reported that the ModelOps market is expected to increase from USD 5.4 billion in 2024 to USD 29.5 billion by 2029, with a compound annual growth rate of 40.2%. ModelOps, or Model Operations, involves managing and operationalizing machine learning models in a production setting, covering tasks such as deployment, monitoring, maintenance, and governance to ensure optimal performance. Integrating ModelOps into workflows enhances the value of data-driven insights while maintaining oversight and control over machine learning initiatives.
Key drivers of the ModelOps market include enabling a seamless pipeline for developing, deploying, and monitoring ML models, as well as harmonizing workflows across IT operations and data science domains. However, challenges include achieving interpretability without compromising performance, especially for complex models like deep neural networks. Opportunities in the market include revolutionizing ML model operations and accelerating testing, validation, and implementation processes to reduce errors and speed up time to market.
Major players in the ModelOps market include IBM, Google, Oracle, AWS, and more, offering platforms and services tailored to different model types and deployment modes. The market segments models into categories such as ML models, graph-based models, and heuristic models, to optimize operational processes and deployment strategies. Applications of ModelOps span across continuous integration, batch scoring, governance, risk and compliance, and various verticals like BFSI, Retail, Healthcare, and Telecom.
North America is expected to lead the ModelOps market in 2024, followed by Europe, due to the region’s high concentration of technology companies and advanced analytics adoption. Strict regulatory frameworks and the need for reliable and compliant model deployment are also key drivers of ModelOps solutions in North America. MarketsandMarkets™, a leading management consulting firm, offers insights and strategies to drive growth through various service lines focused on helping clients monetize new revenue streams in the B2B space. Their expertise in emerging technologies and industry research positions them as a key player in shaping the future of the ModelOps industry.
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https://finance.yahoo.com/news/rise-modelops-market-29-5-140000470.html