Machine Learning as a Service (MlaaS) Market Value to Reach USD 8.315 billion, by 2023

(I-SoftwareNews.Com, February 21, 2018 ) The Global Machine Learning as a Service (MlaaS) Market is expected to register a CAGR of about 43.46% during 2018-2023 (the forecast period), to reach a value of USD 8.315 billion, by 2023, from USD 0.932 billion, as of 2017. The scope of this report is limited to the solutions that are offered by the major market players including service providers. The regions, considered in the scope of this report, include North America, Europe, and ‘others’. The study highlights the various applications of machine learning, such as predictive maintenance, risk analytics, and fraud detection, among various others.

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With advancements in the data science and artificial intelligence technologies, the performance of machine learning has accelerated at a rapid pace. Companies are now identifying the potential of this technology, and therefore, the adoption rate of the same is expected to increase over the forecast period. Companies are offering machine learning solutions on a subscription-based model, making it easier for the consumers to take the advantage of this technology. MLaaS model is expected to dominate the market, with users having an option to choose from a wide variety of solutions that are focused on different business needs. Also, factors, such as the increasing adoption of cloud-based services, IoT, and automation, and the growing need for consumer behavior analysis are expected to drive the machine learning as a service market.

However, the security concerns and a lack of skilled personnel, to use these solutions, can act as the market restraints.

Increasing Adoption of IoT and Automation

The increasing rate of adoption for IoT and automation systems in industries is expected to drive the growth of adoption rate for MLaaS. Industrial automation already has over a billion connected devices deployed. Owing to IoT, the smart and connected technologies have increased the pace of data that is being created, exponentially. Thus, industries are finding opportunities to explore this data and devise new solutions, in order to improve the existing infrastructure and operating efficiencies. For instance, MLaaS providers, such as IBM, are providing utility IoT as a solution to implement analytics roadmap in support of asset health and reliability.

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Growing Demand for Predictive Maintenance Solutions to Augment the Growth

Increasing deployment of IoT and smart sensors in the industry is enabling companies to deploy predictive maintenance models and eliminate the problems and faults before they could affect the equipment. Industries are now focusing on curbing additional costs and reducing downtime by eliminating failures. The sectors of manufacturing, energy & utility, and oil & gas are projected to be the largest consumers of this solution in the coming years. Manufacturing & production industry is likely to deploy IoT, in order to monitor the existing equipment and predict faults, thus enabling prior inspection and maintenance for eliminating failure.

North America to Witness the Highest Share

The swift market penetration and presence of large companies, working on the technology, are likely to influence the market growth. However, shifting focus toward automation and deployment of new technologies, to reduce costs, are likely to drive the APAC region at a faster growth rate. Moreover, the region has witnessed a tremendous increase in the number of start-ups involved in the business, which is further fuelling the market growth.

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Key Developments in the Market
• January 2018 - Microsoft and Nordcloud partnered to boost the penetration of Artificial Intelligence in Europe. The companies have increased their focus toward AI and cloud computing, rolling out new services and partnerships as a part of their aim to democratize artificial intelligence. Nordcloud announced that the two companies would join hands to boost the spread of AI and machine learning services to Nordcloud customers, across Europe. This partnership is expected to pave the way for further such partnership between MLaaS providers and cloud-service providers in the near future.
• November 2017 - Amazon Web Services brought machine learning to the enterprise and start-up masses and released a fully managed end-to-end MLaaS called Sagemaker and a video camera, which runs deep learning models dubbed DeepLens. Through this, the company aimed at eliminating hurdles while building machine learning models.

Major Players: MICROSOFT CORPORATION, IBM CORPORATION, AMAZON WEB SERVICES, INC., GOOGLE INC., HEWLETT PACKARD INC., FAIR ISAAC CORPORATION, PUREPREDICTIVE INC., SIFT SCIENCE INC., amongst others.

Reasons to Purchase this Report
• The increasing adoption of IoT and automation, across various end-user industries, changing the market scenario
• The various market perspectives, with the help of Porter’s five forces analysis
• The application expected to dominate the market
• The regions expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel)
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Machine Learning as a Service (MlaaS) Market Value to Reach USD 8.315 billion, by 2023