Machine Learning as a Service Market Trends 2023 | Industry Size, Share and Forecast 2028

Posted on 31 March, 2023 by Marcel Mikaelson

According to the latest report by IMARC Group, titled, “Machine Learning as a Service (MLaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, Offers a comprehensive analysis of the industry, which comprises insights on the machine learning as a service market trends. The global machine learning as a service (MLaaS) market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.0 Billion by 2028, exhibiting a growth rate (CAGR) of 31.2%during 2023-2028.

Machine Learning as a Service (MLaaS) is a cloud-based service that enables businesses to access machine learning (ML) algorithms and models without investing in expensive infrastructure, expertise, and tools. It provides pre-built algorithms, tools, and data processing resources that allow businesses to build, deploy, and manage ML models and applications. At present, it is employed for predictive analytics, natural language processing (NLP), image recognition, fraud detection, and recommendation engines across the globe.

Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/machine-learning-as-a-service-market/requestsample

Machine Learning as a Service (MLaaS) Market Trends and Drivers:

The increasing availability of cloud computing infrastructure and the rising need for ML to gain insights and drive decision-making in businesses currently represent one of the key factors catalyzing the demand for MLaaS across the globe. In addition, ongoing developments in ML with new algorithms, tools, and techniques is offering lucrative growth opportunities to MLaaS providers for constantly updating their services and making ML more accessible to businesses of all sizes. They are also providing customizable models and algorithms that can be deployed for specific needs and use cases and offer interoperability with a wide range of tools and platforms, including programming languages and development frameworks. Furthermore, the rising focus on increasing revenue, reducing costs, and improving customer satisfaction, is stimulating the market growth worldwide.

Machine Learning as a Service (MLaaS) Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• com Inc.
• Bigml Inc.
• Fair Isaac Corporation
• Google LLC (Alphabet Inc.)
• ai Inc.
• Hewlett Packard Enterprise Development LP
• Iflowsoft LLC
• International Business Machines Corporation
• Microsoft Corporation
• MonkeyLearn
• Sas Institute Inc.
• Yottamine Analytics Inc.

The report has segmented the market based on component, organization size, application and end user.

Breakup by Component:

• Software
• Services

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by Application:

• Marketing and Advertising
• Fraud Detection and Risk Management
• Predictive Analytics
• Augmented and Virtual Reality
• Natural Language Processing
• Computer Vision
• Security and Surveillance
• Others

Breakup by End User:

• IT and Telecom
• Automotive
• Healthcare
• Aerospace and Defense
• Retail
• Government
• BFSI
• Other

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Ask Analyst for 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=4820&flag=C

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact us:

IMARC Group
Email: [email protected]
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Address: 134 N 4th St. Brooklyn, NY 11249, USA
Website: https://www.imarcgroup.com/
Follow us on Twitter: @imarcglobal
Linkedin: https://www.linkedin.com/company/imarc-group