Demand for cloud-based solutions fuels global machine learning as a service market growth

Manufacturing, supply chain optimization, fraud detection, risk analytics, and other activities employ Machine Learning as a Service (MLaaS). It can revolutionize an ML paradigm for a particular outcome and has synergistic value when interacting with data in the cloud. It allows us to create internal infrastructure from scratch and offers data management and archiving.

Research and Markets report estimates that the Machine Learning as a Service (MLaaS) industry was worth US$ 5 billion in 2017. By 2022, it is anticipated to achieve a market size of $10 billion and, by 2028, reaching $30 billion. It is expected to grow at a CAGR of around 20% throughout the projected period due to rising cloud computing demand and developments in artificial intelligence (AI) and cognitive computing.

The market for cognitive computing, artificial intelligence, and cloud-based solutions are the driving forces behind ML. The main pattern of machine learning with IoT data is the analysis of enormous amounts of data with powerful algorithms.

In 2020, Microsoft Corporation researched and found that 85% of companies were working on IoT use case projects. The IoT activities that nearly 94% of the respondents began pursuing in 2021 created more growth prospects for the industry for Machine Learning as a Service (MLaaS) companies.

Together with the businesses’ lack of data security, a shortage of technically competent labour is anticipated to restrain the growth of the global MLaaS market over the forecast period.

Several businesses are reluctant to use ML technologies because they are worried about data security. Data security is essential for many regulated industry sectors, including banking, insurance, healthcare, and government, and any failure could have serious consequences.

To aid in patient tracing during the pandemic, COVID-19 accelerated the transfer of public cloud technologies and some applications of AI. The demand for AI services has increased, and many cloud providers introduced Machine Learning as a Service because cloud service flexibility could handle the unanticipated increase in demand (MLaaS). The COVID-19 cases were tracked and traced using population surveillance techniques in several nations.

Key Players

Amazon.com Inc
Google LLC
IBM Corporation
Microsoft Corporation
Oracle Corporation
HPE
SAS Institute, Inc
FICO
Yottamine Analytics, LLC
PREDICTRON LABS
BigML
Ersatz Labs, Inc

WRITTEN BY

Team Eela

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