Machine learning as a Service Market to reach USD 16.13 billion by 2025.
Machine learning as a Service Market valued approximately USD 0.87 billion in 2017 is anticipated to grow with a healthy growth rate of more than 43.9% over the forecast period 2018-2025. Machine learning as a service is a significant range of solutions and services that are offered by cloud service providers. The tools offered by service providers include APIs, data visualization, natural language processing, face recognition, deep learning, and predictive analytics.
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The Leading Market Players –
Google, IBM Corporation, Microsoft Corporation, Amazon Web Services, BigML, FICO, Yottamine Analytics, Ersatz Labs, Predictron Labs, H2O.ai, AT&T, Sift Science
The main benefit associated with these services is that the customers are able to quickly start with machine learning with no need to install or download any software on their servers. Enhancements in technology, growth in data volume and rise in IT spending in some of the developing regions are the major factors which are driving the growth in the global market. Additionally, growth in acceptance of cloud-based technologies and increasing need to know customer behavior are further boosting the demand for Machine learning as a service. Moreover, the high demand for private cloud in enterprises is likely to propel the growth of the market. Besides this, a rise in the area of application and growing investments in the healthcare sector represents significant growth opportunities for the market in the near future. However, scarcity of trained expertise and several security concerns are expected to hamper the market growth.
The regional analysis of Machine Learning as a Service Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. In region such as Asia-Pacific, Middle-East and Africa, rise in usage of passenger vehicles set the growth in Machine Learning as a Service Market over the forecasted period 2018-2025. Asia-Pacific is estimated to hold a prominent share of the Machine Learning as a Service market. Developing countries, such as India and China, are significant players boosting the demand for the Machine Learning as a Service Market. Europe, North America and the Middle East and Africa are continuously witnessing infrastructural growth which fueling the demand of Machine Learning as a Service Market over the coming years. Asia Pacific region is contributing towards the growth of global Machine Learning as a Service Market and anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
• Software Tools
• Cloud and Web-based Application Programming Interface (APIs)
• Healthcare & Life Sciences
• Others (Energy & Utilities, Education, Government)
• North America
• Asia Pacific
• Latin America
• Rest of the World
Furthermore, years considered for the study are as follows:
• Historical year 2015, 2016
• Base year 2017
• Forecast period 2018 to 2025
Target Audience of the Machine Learning as a Service Market in Market Study:
Key Consulting Companies & Advisors
• Large, medium-sized, and small enterprises
• Venture capitalists
• Value-Added Resellers (VARs)
• Third-party knowledge providers
• Investment bankers
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