At a CAGR of 43.7% | Machine Learning as a Service Market worth 3,755.0 Million USD by 2021

(IT-NEWSWIRE.COM, February 18, 2020 ) According to report "Machine Learning as a Service Market by Component (Software Tools, Services), Organization Size, Application (Marketing, Risk Analytics & Fraud Detection, Predictive Maintenance, Network Analytics), Service and Region - Global Forecast to 2021", the market size is estimated to grow from USD 613.4 Million in 2016 to USD 3,755.0 Million by 2021, at a CAGR of 43.7% from 2016 to 2021.

The major forces driving this market are the adoption of cloud-based technologies and strong need to understand customer behavior. The high demand for private clouds among enterprises is also promoting cloud-based applications that help boost the adoption of MLaaS solutions in the networking market.

The major vendors in the MLaaS market include:

• Microsoft

• Amazon Web Services (AWS)

• Hewlett Packard Enterprises (HPE)

• Google, Inc.

• BigML Inc.

• FICO

• IBM Corporation.

SMBs prefer MLaaS as the data provided by the machine learning application is dynamic. With the help of predictive analytics machine learning, algorithms not only give real-time data but also predict the future. SMBs can use machine learning solutions for fine-tuning their supply chain by predicting a product demand and providing suggestions on the timing and quantity of supplies required in order to meet customers’ expectations.

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 a level of security and safety. Professional services include designing, planning, upgrading, and consulting services. The growth of the professional services segment is mainly governed by the complexity of operations and increasing deployment of machine learning solutions. Professional services are categorized into three types, namely, deployment & integration, support & maintenance, and consulting services.

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.

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At a CAGR of 43.7% | Machine Learning as a Service Market worth 3,755.0 Million USD by 2021