March 31, 2020
Machine Learning As A Service

Machine Learning As A Service Market: Industry Analysis with Top Leading Players

Overall, machine learning as a service market worldwide was valued at US$ 1,117.9 million in 2018 and is expected to grow by 35.4 per cent in the forecast period.

Rapid technological advancements and the growing adoption of cloud-based technologies worldwide are primarily driven by machine learning as a service market. Data visualization, predictive analysis, natural language processing, APIs and others are some of the tools offered by MLaaS providers that contribute to market growth. There is a growing need to understand consumer behavior, which helps companies gain deeper insights into consumer minds. In addition, this understanding helps companies to offer new products and services that help machine learning to grow as a service market. The integration of MLaaS with Big Data and the increase in IoT also boost market growth. Subsequently, we predict that the market will grow enormously during the forecast period.

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Based on end-use, the market for MLaaS is segmented into BFSI, Retail, Telecom, Healthcare, Manufacturing, Others (Aerospace & Defense, Government, etc.). The retail segment has the largest share in 2018, accounting for around 30% of the global market share of revenues in the same year. Due to the growing retail industry and the penetration of digitisation in the industry, the retail segment was dominant in 2018. Retail companies such as Amazon, eBay and others are witnessing the rapid application of machine learning. On the other hand, the healthcare sector will show the fastest growth during the forecast period due to the growing need for machine learning in the sector.

North America is driven by the rapid penetration of the market and the presence of large companies working on technology that influences the region’s market growth. Due to the rapid integration of machine learning as a service with big data, Internet of Things (IoT), and other advanced technologies, North America commands machine learning services over other key regions. The region has the headquarters of some of the top machine learning companies as a service, which is an advantage. Companies based in North America, for example, are increasingly publishing news organizations such as the Associated Press, instead of journalists, new articles and stories written by software. Google is also training its AI software, DeepMind, to detect two common types of eye diseases. For about a decade, Microsoft has been using AI to improve its online search engine.

In the digital space, the retail industry is booming. Prominent companies, such as Amazon and eBay, started the digital revolution. For the traditional retail business model, the popularity of digital business models has created challenges. It also has huge potential for retailers and consumers alike, however. The applicability of machine learning (ML) in driving improvements in customer service and operational efficiency is witnessed by retail and consumer goods companies. For example, the Azure cloud helps retail and consumer brands improve the customer’s shopping experience by ensuring that shelves are stored and that products are always available when, where and how consumers want to shop.

Key questions answered in this report

  • What was the market size of machine learning as a service in 2018 and forecast up to 2027?
  • Which is the largest regional market for machine learning as a service?
  • What are the major trends followed in overall machine learning as a service across different regions?
  • Who are the key machine learning as a service companies leading the market?
  • What are the key strategies adopted by the leading machine learning as a service companies in market?

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