The global machine
learning as a service (MLaaS) market is choc-o-bloc with players
which makes the market intensely competitive, states a market
publication by Transparency Market Research (TMR). The top three
players, namely Amazon Web Services, IBM Corporation, and Microsoft
Corporation that largely steer the market accounted for more than 73%
of the overall market in 2016 as these companies are at the forefront
for advancements in machine learning processes.
To hold on to their
positions and to expand their outreach, key players in the market are
expected to be engaged in carefully crafted mergers and acquisitions
and strategic alliances with regional players over the forthcoming
years.
Browse The Report:
http://www.transparencymarketresearch.com/machine-learning-as-a-service-market.html
As per TMR
estimations, the global machine as a learning services market is
projected to rise at a whopping 38.40% CAGR for the forecast period
between 2017 and 2025. Expanding at this pace, the market which was
stood at 1.07 bn in 2016 will present an opportunity of US$19.86 bn
by the end of 2025.
North America to
Continue to Stay in Lead
The segment of
private cloud depending upon deployment type led the global MLaaS in
2016 revenue-wise. However, public cloud segment is expected to gain
market share due to ease of installation and as a cost effective
solution for organizations.
Healthcare and life
sciences are the key application segments anticipated to contribute
the leading revenue share and expand at a significant growth rate
between 2017 and 2025.
North America
commands the MLaaS market over other key regions on account of rapid
integration of machine learning as a service with big data, Internet
of Things (IoT), and other advanced technologies. The region being
home to topnotch companies for machine learning as a service adds to
its benefit. The region contributed US$362.7 bn to the global market
in 2016.
Need to Make Vast
Amount of Data Utilizable Boosts Adoption
“Digitalization
and the Internet revolution has led to a mounting volume of
structured and unstructured data in enterprises, which needs to be
made utilizable for organizational growth. This is the key factor
driving adoption of machine learning solutions thus fueling the
global MLaaS market, as per a TMR analyst. Further, the rising uptake
of IoT connected devices is predicted to present new opportunities
for machine as a service market. This is because machine learning
capabilities are expected to be integrated with more platforms and
applications for organizations to take advantage of them.
Besides this, the
increasing uptake of cloud-based technologies is stoking growth of
the MLaaS market worldwide, as an increasing number of companies are
switching to cloud computing solutions to access machine learning
services. The adoption of advanced analytics technology by a number
of end-use industries such as BFSI, telecom, retail, and
manufacturing among others to enhance the decision making capability
of machines is having a positive impact on the growth of machine
learning as a service market.
While the future of
the global machine as a learning service market looks promising, the
dearth of skilled personnel and increasing concerns among consumers
about data security may hold back the market’s growth in the
upcoming years, notes the research study.
The study presented
here is based on the findings of a report by Transparency Market
Research, titled “Machine Learning as a Service Market (Deployment
Type - Public Cloud and Private Cloud; End Use - Manufacturing,
Retail, Healthcare & Life Sciences, Telecom, and BFSI) - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 –
2025
About Us
Transparency Market
Research (TMR) is a next-generation provider of syndicated research,
customized research, and consulting services. TMR’s global and
regional market intelligence coverage includes industries such as
pharmaceutical, chemicals and materials, technology and media, food
and beverages, and consumer goods, among others. Each TMR research
report provides clients with a 360-degree view of the market with
statistical forecasts, competitive landscape, detailed segmentation,
key trends, and strategic recommendations
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