COVID-19:MACHINE LEARNING AS A SERVICE (MLAAS) MARKET TO REACH USD 12.7 BILLION BY 2027 | CAGR 41.9% — FORENCIS RESEARCH
Global MACHINE LEARNING AS A SERVICE (MLAAS) MARKET: Key Highlights
- According to the new market research report “Machine Learning As A Service (MLAAS) Market by Component (Solution, Service), by Enterprise Size (Small And Medium-Sized Enterprises (SMEs) and Large Enterprises), by Application (Fraud and Risk Management, Sales and Marketing, Augmented Reality, Automated Traffic Management and Others), by End-User (BFSI, Retail, Government and Defense, Healthcare, Manufacturing, Telecommunications, Automotive & Transportation and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Machine Learning As A Service (MLAAS) market is estimated to reach USD 12.7 Billion by 2027 at a CAGR of around 41.9% during the review period.
- Machine Learning as a Service (MLaaS) helps to offers services for the predictive analytics, deep learning, data visualization, predictive analytics, natural language processing, data visualization as well as for the advanced machine learning algorithms.
- Moreover, it benefits for both pattern recognition as well as probabilistic reasoning which will lead to enhance the growth of the Machine Learning as a Service (MLaaS) market in the forecast period.
Global Machine Learning As A Service (MLAAS) Market: Key Market Dynamics
- With the increasing rate of adoption for the Internet of Thing (IoT) is witness to boost the growth of the machine learning as a services market in the projected period. Whereas, it helps to provide a benefit with data analytics, as well as for inference.
- The Microsoft offers Azure IoT Edge services in the Azure framework for the deployment of skilled machine learning models to the IoT as well as to the edge computing devices.
- One of the major key concern of the machine learning as a service market is the shortage of skilled professional which may hamper the market growth.
- Increasing demand of cloud-based technologies as well as automatic learning to enhance its services and productivity which will lead to boost the growth of the market in the projected period.
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Global Machine Learning As A Service (MLAAS) Market: Regional Overview
The region is encourage private as well as the public sector to adopt the smart technologies in healthcare industries which will lead to increase the market adoption in the forecast period. Also in 2018, the region had signed a declaration of cooperation on Artificial Intelligence (AI). The region is the third major adopter for IoT after the Asia-Pacific and North America. According to the European Commission, in 2015 the e-Alliance for Internet of Things Innovation is being launched to support the innovation and development to boost the European Internet of Thing ecosystem.
Hence, these trend will lead to enhance the growth of the Machine Learning as a Service (MLaaS) market in the projected period.
The region is witness to be one of the major player in the growth of machine learning as a service market in the forecast period. According to the Artificial Intelligence and National Security, by 2020 China is projected to develop a core AI industry of USD 21.7 Billion for the economic development and growth. In 2015 the chine company Baidu has created a software based of AI model for human levels language recognition. Also the Japan self-defense force are boosting its growth with the robots and artificial intelligence to innovate and develop the military sectors.
Hence, the China is projected to reach its 2020 target by 2.5% of GDP spending on its R&D which is anticipate to increase the demand of the market in the period of forecast.
Global Machine Learning As A Service (MLAAS) Market: Key Players Overview
- Amazon Web Services, Inc.:
The Amazon Web Services, Inc. which provides on demand cloud computing platform as well as API for the individuals, government and businesses. Also, the company offers information technology services such as digital marketing, website hosting, analytics and website hosting. Whereas, the company offers a large set of machine learning services and AI, as well as enhance the cloud platform. In 2018, the company announces 13 new machine learning services as well as 1/18 Scale autonomous race car for developers and custom chip for machine learning inference.
Microsoft is an American multination technology company, which supports, and sells computer software. Whereas, the Microsoft Azure Machine Learning Studio is join drag-and-drop tool which help to build, test and deploy predictive analytics solutions for the data. In 2019, the company new Azure machine learning updates its entire ML lifecycle to enhance the productivity for the developers as well as for the data scientists. Also, with the help of ML implementation the Open-source provide choice and flexibility for the user.
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