Machine learning as a service market to Reach 21803.03 USD Million by 2028

The Global Machine learning as a service Market is expected to reach 21803.03 USD Million by 2028, growing at a CAGR of 39.40% from 2022 to 2028. The increasing adoption of cloud-based technologies coupled with the rising trend of digitalization is anticipated to augment the growth of the market during the forecast period.

Key Findings:

• The services segment held a significant share in 2021. This is attributable to the increasing deployment of machine learning solutions in various applications. Furthermore, these services help various industries to make important and informed decisions and enhance operation workflow.
• The network analytics and automated traffic management application are projected to grow at a significant CAGR during the forecast period. This is owing to the exceptional growth of the data across all the verticals.
• The large enterprise segment held a significant share in 2021. This is attributable to the increasing adoption of technologies like artificial intelligence and computer vision to add predictive insights into business operations.
• The healthcare industry segment is projected to grow at a significant CAGR during the forecast period. This is owing to the rising adoption of this technology in emerging healthcare areas for better diagnosis and prevents diseases effectively.
• Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the growing adoption of machine learning in emerging economies such as India, and China in the region. Furthermore, the increasing start-ups based on AI technology in the region along with increasing adoption of IoT and automation is also anticipated to support the regional growth of the market.

Some of key players in Machine learning as a service market include Microsoft (Washington, US), Amazon Web Services (Washington, US), Hewlett Packard Enterprises (California, US), Google, Inc.(California, US), BigML Inc. (Oregon, US), FICO(California, US), IBM Corporation (New York, US), AT&T (Dallas, US), Fuzzy.ai (Montreal, Canada), Yottamine Analytics (Washington, US), Ersatz Labs (California, US), Sift-Science (California, US).

The increasing adoption of IoT is anticipated to augment the growth of the Machine learning as a service market during the forecast period. IoT and machine learning help provide insights that are hidden in data for rapid and improved decision-making. Machine learning integrated with IoT is very helpful to estimate forthcoming trends, detect anomalies, and augment intelligence by taking images, video, and audio. With machine learning in IoT, one can transform data into a consistent format, valuable insights, build a machine learning model, and deploy this machine learning model on the cloud, edge, and device. As the demand for seamless real-time remote services is increasing consistently, IoT devices are also growing. The data collected through these devices can be transformed, analyzed, visualized, and embedded across the entire ecosystem edge devices, gateways, and data centers with AI-powered capabilities.

However, the rising government and compliance issues and lack of skilled consultants to deploy machine learning services are expected to hamper the growth of the market in the years to come. Moreover, increasing investments in the healthcare industry along with improved connectivity and an increase in data from IoT platforms are expected to create immense opportunities for the growth of the market within the forecast period.

North America held the largest shares in 2021. The US held the largest share in North America for the Machine learning as a service market. This is attributable to the increasing strategic federal investments into advanced technology in the region. Furthermore, the growing integration of 5G, IoT, and connected devices are also expected to fuel the regional growth of the market. Additionally, the presence of key technology firms is also expected to support the growth of the Machine learning as a service market in the region.