Machine learning as a service or MLaaS refers to a variety of services which provide machine learning tools as a division of cloud computing services. These tools contain predictive analytics, data visualization, face recognition, APIs, natural language processing, and deep learning. It is well associated to deal with the complexities of the industrialized industry. The main benefit of MLaaS is that consumer can get started fast with machine learning without downloading & installing some software at their end.
According to study, “Machine Learning as a Service Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” some of the major companies that are currently working in the machine learning as a service market are Amazon Web Services Inc., Microsoft Corp., Google Inc., Predistron Labs Ltd., IBM Corporation, Fair Isaac Corp. FICO, BigML Inc., AT & T, SAS Institute Inc., H2O.ai, Iflowsoft Solutions Inc., Yottamine Analytics, Fuzzy Ai, Hewlett Packard Enterprise, Sift Science Inc., PurePredictive, Ersatz Labs Inc. Vendors are providing machine learning solutions on a subscription based form, making it easier for the customers to take the benefit of this technology. In addition, companies can improve their product quality, reduce time to market, ensure supply chain efficiency, fulfill reliability standards, and as a result, improve their customer base by the application of machine learning.
Based on component, machine learning as a service market is segmented into cloud based APIs, software tools and web based APIs. Based on deployment mode, market is alienated into on premise deployment mode and on-cloud deployment mode. Based on organization size, market is segmented into large enterprises, medium enterprise and small enterprise. Based on application type, the market is identified as predictive maintenance, risk analytics & fraud detection, security & surveillance, network analytics, computer vision, natural language processing, marketing & advertising and augmented & virtual reality. In addition, based on the end-user industry, market is segmented into manufacturing, energy & utilities, aerospace & defense, public sector, IT & telecom, Banking Financial Services & Insurance (BFSI), retail, healthcare and others.
The machine learning as a service market is primarily driven by rise in consumer behavior analysis, followed by the integration of machine learning with increase in usage of big data and the other technologies, increase in adoption of cloud-based services, high volume of structured and unstructured data, increased application of advanced analytics in manufacturing, the rise importance of predictive & preventive maintenance, and increasing adoption of IoT & automation. Apart from benefits, some of the challenges include need for skilled professional, the dearth of skilled data scientists, and privacy & data security concerns. In addition, an increased application areas and increased adoption of analytical solutions.
The Americas holds the prime market share followed by Asia-Pacific region and Europe, due to rise in demand of enterprise mobility & cloud-based solutions and high implementation rate of machine learning in the manufacturing methods. However, deployment of new technologies and shifting focus toward automation, is expected to reduce cost are expected to drive the APAC region at a more rapidly growth rate. Furthermore, the region has witnessed a remarkable increase in the number of start-ups concerned in the business, which is further increasing the market growth. The global MLaaS market is projected to register a CAGR of regarding 43.46% during 2018-2023 (the estimated period), to reach a worth of US $8.3 billion, by 2023. In near future, it is projected that the future of the market is expected to grow significantly due to presence of large companies, and their immediate market penetration.
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Ankur Gupta, Head Marketing & Communications