Machine Learning as a Service global market projected to reach $36.2 billion by 2028

Machine Learning as a Service global market projected to reach $36.2 billion by 2028

According to ResearchAndMarkets’ report, Machine Learning as a Service Market By 2028, market size is projected to reach $36.2 billion, growing at a CAGR of 31.6% over the forecast period. Without explicit programming, machine learning is a method of data analysis that incorporates statistical data analysis to provide desired prediction output.

It employs algorithms to understand the connection between datasets to achieve the intended outcome. Artificial intelligence (AI) and cognitive computing features are built into it. A series of cloud computing services known as machine learning as a service (MLaaS) offer machine learning technologies.

The MLaaS sector is primarily driven by growth in the cloud computing market as well as developments in AI and cognitive computing. The market for Machine Learning as a Service is being affected by an increase in the demand for cloud-based solutions like cloud computing, an increase in the adoption of analytical solutions, the growth of the artificial intelligence & cognitive computing market, an increase in the number of application areas, and a shortage of qualified professionals.

The demand for effective data organization increases as more firms move their data from on-premise to cloud storage. Since MLaaS platforms are essentially cloud providers, they make it simpler for data engineers to access and process the data by enabling solutions to manage it effectively for machine learning experiments and data pipelines.

Fueling artificial intelligence systems with machine learning

Artificial intelligence (AI) systems use machine learning to support reasoning, learning, and self-correction. Examples of AI applications include expert systems, speech recognition, and machine vision. AI is becoming increasingly popular due to big data infrastructure and cloud computing initiatives.

Leading businesses from a variety of sectors, such as Google, Microsoft, and Amazon (Software & IT); Bloomberg, American Express (Financial Services); Tesla and Ford (Automotive), have identified AI and cognitive computing as a key strategic driver and have started investing in machine learning to create more sophisticated systems.

These leading companies have also given fledgling start-ups financial assistance to develop innovative new technology.


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