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(EMAILWIRE.COM, March 26, 2019 ) Machine learning is an innovative buzzword across enterprises, who are using it and technology vendors, who are developing and implementing it. With massive digital transformations and technological disruptions being witnessed across diverse industry sectors, machine learning technology is surprising even the technology experts with new commercially viable use cases and a plethora of diverse industrial applications that it brings along with it
Machine Learning as a Service (MLaaS) market size is expected to grow USD 3755.0 million by 2021, at a Compound Annual Growth Rate (CAGR) of 43.7% during the forecast period. The major growth driver for the growth of the market are adoption of cloud-based technologies, strong need to understand customer behaviour, and advancements in technologies.
North America has been the most forward towards adopting Machine Learning Services. Furthermore, this region has been extremely responsive towards adopting the latest technological advancements such as integration technologies with cloud, Big Data within Machine Learning Services. North America is foremost in deploying machine learning services into many applications and domains.
The major vendors in the MLaaS market include:
• Microsoft
• Amazon Web Services (AWS)
• Hewlett Packard Enterprises (HPE)
• Google, Inc.
• BigML Inc.
• FICO
• IBM Corporation.
Over the last decade, machine learning technologies have evolved into “algorithms” formulated from diverse fields including statistics, mathematics, neuroscience, and computer science, making them commercially viable and computationally robust. Many applications available today such as speech recognition, fraud detection, and network optimization use a variety of machine learning techniques based on classification, regression, and estimation to process structured data sets.
The MLaaS market is segmented by components (software tool and services), application, organization size, vertical, and region. Among the various software tools, cloud and web-based API is expected to grow with the highest CAGR, as cloud and web-based API can analyze data and add several application features related to machine learning algorithms, such as customer sentiment analysis, spam detection, recommendation systems, and many more.
In the services segment, professional segment is expected to hold the largest market share in the MLaaS market during the forecast period. Most of the companies do not have the expertise to successfully manage infrastructure and hence, they outsource these services to third-party partners to maintain the level of security and safety. Professional services include designing, planning, upgrades, and consulting services. The growth of the professional services segment is mainly governed by the complexity of operations and increasing deployment of manufacturing machine learning solutions. Professional services are categorized into three types, namely, deployment & integration, support & maintenance, and consulting services
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Source: EmailWire.com
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