(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Machine Learning as a Service (MLaaS) Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The machine learning as a service (MLaaS) market size has grown exponentially in recent years. It will grow from $42.09 billion in 2023 to $57.88 billion in 2024 at a compound annual growth rate (CAGR) of 37.5%. The growth in the historic period can be attributed to the growth of big data, increased adoption of machine learning, advancements in deep learning, the rise of data science and AI, and increased awareness of predictive analytics.
The machine learning as a service (MLaaS) market size is expected to see exponential growth in the next few years. It will grow to $203.1 billion in 2028 at a compound annual growth rate (CAGR) of 36.9%. The forecasted growth in the upcoming period can be attributed to several factors, including the increasing availability of industry-specific solutions, the rise of explainable AI, the expansion of autonomous systems, the adoption of hybrid cloud deployments, and the implementation of enhanced security and privacy features. Major trends expected during this period include the development of vertical-specific machine learning platforms, the integration of AI-enhanced automation, efforts to democratize machine learning, the promotion of collaborative machine learning approaches, and the implementation of continuous learning systems.
The increasing integration of cloud technologies is expected to drive the growth of the machine learning as a service (MLaaS) market in the future. Cloud technology integration involves connecting various cloud-based systems into a cohesive whole or linking cloud-based systems with on-premises systems. Cloud technologies leverage MLaaS to provide users with accessible, scalable, and cost-effective machine learning capabilities. This enables users to utilize pre-trained models and tools for various applications without requiring extensive expertise in machine learning or infrastructure management. Consequently, the increasing integration of cloud technologies is propelling the growth of the MLaaS market.
Major companies in the machine learning as a service (MLaaS) market are innovating by offering services such as Kubeflow as a service to democratize AI development. Kubeflow-as-a-Service (KFaaS) is a managed environment that enables users to utilize Kubeflow's capabilities for machine learning (ML) projects without managing the underlying infrastructure.
North America was the largest region in the machine learning as a service (MLaaS) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $57.88 Billion |
| Forecasted Market Value (USD) by 2028 | $203.1 Billion |
| Compound Annual Growth Rate | 36.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
Amazon Inc. Alphabet Inc. Microsoft Corporation Meta Platforms Inc. Intel Corporation International Business Machines Corporation Oracle Corporation Mitsubishi Electric Corporation SAP SE Hewlett Packard Enterprise Company NVIDIA Corporation Tata Consultancy Services Limited Infosys Limited Wipro Ltd. Fair Isaac Corporation Databricks Inc. TIBCO Software Inc. Cyient Ltd. Dataiku H2O Inc. Iflowsoft Solutions Inc. BigML Inc. AscentCore MonkeyLearn Inc. Sift Science Inc. Yottamine Analytics LLC
Key Topics Covered:
1. Executive Summary
2. Machine Learning As A Service (MLaaS) Market Characteristics
3. Machine Learning As A Service (MLaaS) Market Trends And Strategies
4. Machine Learning As A Service (MLaaS) Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Machine Learning As A Service (MLaaS) Market Size and Growth
5.1. Global Machine Learning As A Service (MLaaS) Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Machine Learning As A Service (MLaaS) Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Machine Learning As A Service (MLaaS) Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Machine Learning As A Service (MLaaS) Market Segmentation
6.1. Global Machine Learning As A Service (MLaaS) Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.2. Global Machine Learning As A Service (MLaaS) Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Small And Medium Enterprises Large Enterprises
6.3. Global Machine Learning As A Service (MLaaS) Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Marketing And Advertisement Predictive Maintenance Automated Network Management Fraud Detection And Risk Management Other Applications
6.4. Global Machine Learning As A Service (MLaaS) Market, Segmentation End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Banking, Financial Services and Insurance (BFSI) Information Technology and Telecom Automotive Healthcare Aerospace And Defense Retail Government Other End Users
7. Machine Learning As A Service (MLaaS) Market Regional And Country Analysis
7.1. Global Machine Learning As A Service (MLaaS) Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Machine Learning As A Service (MLaaS) Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Global Machine Learning as a Service (MLaaS) Market
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