Machine learning as a service or MLaaS refers
to a variety of services which provide machine learning tools as a division of
cloud computing services. These tools contain predictive analytics, data
visualization, face recognition, APIs, natural language processing, and deep
learning. It is well associated to deal with the complexities of the
industrialized industry. The main benefit of MLaaS is that consumer can get
started fast with machine learning without downloading & installing some
software at their end.
According to study, “Machine
Learning as a Service Market - Global Drivers, Restraints, Opportunities,
Trends, and Forecasts up to 2023” some of the major companies that are
currently working in the machine learning as a service market are Amazon Web
Services Inc., Microsoft Corp., Google Inc., Predistron Labs Ltd., IBM
Corporation, Fair Isaac Corp. FICO, BigML Inc., AT & T, SAS Institute Inc.,
H2O.ai, Iflowsoft Solutions Inc., Yottamine Analytics, Fuzzy Ai, Hewlett
Packard Enterprise, Sift Science Inc., PurePredictive, Ersatz Labs Inc. Vendors
are providing machine learning solutions on a subscription based form, making
it easier for the customers to take the benefit of this technology. In
addition, companies can improve their product quality, reduce time to market,
ensure supply chain efficiency, fulfill reliability standards, and as a result,
improve their customer base by the application of machine learning.
Based on component, machine learning as a
service market is segmented into cloud based APIs, software tools and web based
APIs. Based on deployment mode, market is alienated into on premise deployment
mode and on-cloud deployment mode. Based on organization size, market is
segmented into large enterprises, medium enterprise and small enterprise. Based
on application type, the market is identified as predictive maintenance, risk
analytics & fraud detection, security & surveillance, network
analytics, computer vision, natural language processing, marketing &
advertising and augmented & virtual reality. In addition, based on the end-user
industry, market is segmented into manufacturing, energy & utilities,
aerospace & defense, public sector, IT & telecom, Banking Financial
Services & Insurance (BFSI), retail, healthcare and others.
The machine learning as a service market is
primarily driven by rise in consumer behavior analysis, followed by the
integration of machine learning with increase in usage of big data and the
other technologies, increase in adoption of cloud-based services, high volume
of structured and unstructured data, increased application of advanced
analytics in manufacturing, the rise importance of predictive & preventive
maintenance, and increasing adoption of IoT & automation. Apart from
benefits, some of the challenges include need for skilled professional, the dearth
of skilled data scientists, and privacy & data security concerns. In
addition, an increased application areas and increased adoption of analytical
solutions.
The Americas holds the prime market share
followed by Asia-Pacific region and Europe, due to rise in demand of enterprise
mobility & cloud-based solutions and high implementation rate of machine
learning in the manufacturing methods. However, deployment of new technologies
and shifting focus toward automation, is expected to reduce cost are expected
to drive the APAC region at a more rapidly growth rate. Furthermore, the region
has witnessed a remarkable increase in the number of start-ups concerned in the
business, which is further increasing the market growth. The global MLaaS
market is projected to register a CAGR of regarding 43.46% during 2018-2023
(the estimated period), to reach a worth of US $8.3 billion, by 2023. In near
future, it is projected that the future of the market is expected to grow
significantly due to presence of large companies, and their immediate market
penetration.
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