Growing Adoption of Cloud-based Technologies to boost the demand for Machine Learning as a Service Market

The machine learning as a service market worldwide is estimated to grow with a CAGR of 35.5% throughout the forecast period from 2023 to 2030, starting from US$ 2,308.4 Mn in 2021. Growing cloud-based technologies need to understand consumer behavior and rising technological advancements are the major factors driving the market growth. Massive technological disruptions along with digitization is another factor driving the market growth. Wide industrial applications of MLaaS is one of major reasons for the market growth. Growth of Big Data industry and Internet of Things (IoT) will also boost the demand for the market. Therefore, we assume that the machine learning as a service market will show tremendous growth throughout the forecast period.

Network Analytics and Automated Traffic Management Segment to be the Fastest Growing Segment

The machine learning as a service market by application is segmented into marketing & advertising, predictive maintenance, augmented reality, fraud detection & risk analytics, and network analytics & automated traffic management. The network analytics & automated traffic management segment will be the fastest growing segment during the forecast period. As machine learning is an essential tool for automated traffic management & network analytics due to which the segment will grow. Growth of IT infrastructure and introduction of Big Data analytics in the segment is another factor for the segment growth. Therefore, we expect that segment will show huge growth in years to come.

Asia Pacific to be the Fastest Growing

In 2021, North America dominated the machine learning as a service market. North America contributed to around 1/2 of the global market revenue share in the same year. The market growth here is attributed to rapid adoption of concepts such as Big Data Analytics, IoT and others along with presence of major market players. On the other hand, we assume that Asia Pacific region will be the fastest growing region during the forecast period. Rising technological advancements and rapid adoption of cloud-based services in the region are the major factors for the fastest growth of Asia Pacific. Rising government investments in the emerging economies is another factor for the fastest growth of the region.

Some of the prominent players operating in the machine learning as a service market Google Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, FICO, Yottamine Analytics, Ersatz Labs Inc., Predictron Labs Ltd, H2O.ai, and Sift-Science among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Machine Learning As A Service market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Machine Learning As A Service market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Machine Learning As A Service market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Machine Learning As A Service market?
• Which is the largest regional market for Machine Learning As A Service market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Machine Learning As A Service market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Machine Learning As A Service market worldwide?