Global Machine Learning as a
Service (MLaaS) Market By Deployment Type (Public
Cloud, Private Cloud) by End Use Application (Manufacturing, Retail, Healthcare
& Life Sciences, BFSI, Travel & Hospitality) and Region - Global
Forecast to 2024
Market Size and Forecast
Global
machine learning as a service market is anticipated to flourish at a robust
CAGR of 40.2% during the forecast period. In 2012, global machine learning as a
service market was estimated at a valuation of USD 0.5 Million.
Further, the market of machine learning
as a service was valued at USD 1.1 Billion in 2016 and is expected to garner
USD 20.1 Billion by the end of 2024. Rising adoption of IoT across the
globe is the dynamic factor behind the growth of the machine learning as a
service market during the forecast period.
Geographically,
North America accounted for more than 35% market share in 2016. Further, the
region is expected to continue its dominance over the forecast period on the
account of rising adoption of machine learning as a service. Furthermore,
presence of major players in the region such as Google, Microsoft Corporation,
IBM and Amazon webs services is envisioned to bolster the growth of the machine
learning as a service market. In the North America region, U.S. captured the
largest market share in 2016. This can be attributed to the wide scale adoption
of machine learning as a service by many enterprises.
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Asia
Pacific is projected to grow at a significant pace over the forecast period.
Positive growth and development of information technology sector in the region
is expected to swell the demand for the machine learning as a service. Apart
from this, rising adoption of advanced analytics tools in healthcare is
expected to fuel the growth of machine learning as a service market. Europe region
is predicted to grow at a significant pace and create substantial demand for
machine learning as a service market during the forecast period. Rising
adoption of machine learning by the European banks to increase the product
sales is expected to swell the demand for the machine learning in the region.
On the
basis of deployment type, global machine learning as a service market has been
segmented into public cloud and private cloud. Public cloud has been a leading
segment in the recent years and is expected to continue its dominance over the
forecast period.
Market Segmentation
Our
in-depth analysis has segmented global machine learning as a service market
into the following segments:
By Deployment Type
·
Public
Cloud
·
Private
Cloud
By End Use Application
·
Manufacturing
·
Retail
·
Healthcare
& Life Sciences
·
BFSI
·
Travel
& Hospitality
·
Other
(Energy, Feedstock & Utilities)
By Region
Global
machine learning as a service market is further classified on the basis of
region as follows:
·
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
·
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
·
Europe
(U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands &
Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity
Analysis
·
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest
of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
·
Middle
East and North Africa (GCC, North Africa, South Africa & Rest of Middle
East & Africa) Market Size and Y-O-Y Growth Analysis
Growth Drivers & Challenges
Increasing
adoption of advanced analytics tools by various industries is expected to
escalate the growth of the machine learning as a service market. Furthermore,
rising focus towards customer in order to increase the sales of the company is
anticipated to trigger the growth of machine learning as a service market.
Additionally, many companies are adopting machine learning to improve the
performance and operational efficiency. These factors are anticipated to fuel
the growth of machine learning as a service market.
Apart from
this, rising trend of digitalization is fuelling the growth of the machine learning
as a service market globally. Moreover, rise in adoption of cloud based
platforms is expected to positively impact the growth of the machine learning
as a service market.
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In
contrast, lack of qualified and skilled persons is believed to dampen the growth
of the machine learning as a service market. Furthermore, rising concern toward
data privacy is anticipated to restrain the development of machine learning as
a service market.
Key Players
·
Google
Inc.
o Company Overview
o Key Product Offerings
o Business Strategy
o SWOT Analysis
o Financials
·
IBM
Corporation
·
Microsoft
Corporation
·
Tata
Consultancy Services
·
Amazon
Web Services
·
Hewlett
Packard
·
Big
MI Inc.
·
Fair,
Issac and Company (FICO)
·
Yottamine
Analytics
·
Predictron
Labs Ltd.
Scope and Context
Overview
of the Parent Market
Analyst
View
Segmentation
The global
machine learning as a service market is segmented as follows:
·
By
Deployment Type Market Size & Y-O-Y Growth Analysis
·
By
End Use Application Market Size & Y-O-Y Growth Analysis
·
By
Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply
& Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
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