Global Machine Learning-as-a-Service (MLaaS) Market 2019-2023

The global machine learning as a service (MLaaS) market size will grow by USD 8 billion during 2019-2023. This market report provides a detailed analysis of the market by end-users (banking, financial services and insurance (BFSI), retail, telecommunications, healthcare, manufacturing, and other end-users) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the MLaaS market’s competitive landscape and offers information on many vendors, including Google LLC, Hewlett Packard Enterprise Development LP, IBM Corp., Microsoft Corp., and SAS Institute Inc.

Some of the key findings from the machine learning as a service market analysis report are summarized below

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Global Machine Learning as a Service Industry Overview

Enterprises across industries are focusing on improving the customer experience as a business strategy to improve their competitive edge. The current digitalization of enterprises has improved their operational efficiency. However, they are seeking upgraded technologies for effective data management, such as customer data, to analyze them in the future to optimize business strategies. MLaaS is one such technology that is being adopted across end-user industries to gain better data insights about customer buying patterns and interests. The ability of ML in reducing or removing tasks is another significant factor prompting end-users to adopt the technology. The use of ML is increasing among enterprises for customer experience management, which will drive MLaaS market growth at a CAGR of over 38% during 2019-2023.

The digitalization of the retail sector has increased the usage of technologies such as MLaaS. Significant rise in online shopping has prompted e-commerce vendors in adopting MLaaS for inventory optimization, fraud detection, demand forecasting by price optimization, marketing, and product placement with behavioral tracking, and customer servicing. The growing awareness about the benefits of automating processes using MLaaS has been increasing its adoption, which, in turn, has augmented the sales of market vendors. The retail industry will continue to make investments in technologies to improve sales and efficiency, and this will be one of the key machine learning as a service market trends that will drive market growth in the coming years.

Top Machine Learning as a Service Companies Covered in this Market Research Report

The global machine learning as a service market is concentrated. To help clients improve their market positions, this report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this machine learning as a service market research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

The report offers a detailed analysis of several leading machine learning as a service companies, including:

• Google LLC
• Hewlett Packard Enterprise Development LP
• IBM Corp.
• Microsoft Corp.
• SAS Institute Inc.

Machine Learning as a Service Market Segmentation Based on Product

• BFSI
• Retail
• Telecommunications
• Healthcare
• Manufacturing
• Other end-users

The BFSI sector held the largest market share in 2018 and will account for the highest machine learning as a service market share over the forecast period. The rising need for BFSI companies to automate customer service operations and improve risk management is expected to boost the growth of the market segment in the forthcoming years. This report provides an accurate prediction of the contribution of all the segments to the growth of machine learning as a service market size.

Machine Learning as a Service Market Segmentation Based on Geographic Region

• APAC
• Europe
• MEA
• North America
• South America

With a complete study of the growth opportunities for the companies, it has been identified that APAC will account for the highest share of the machine learning as a service market throughout the forecast period. Factors such as the high adoption of cloud solutions and ML and a significant amount of data generation from data-driven industries such as the BFSI sector are contributing to the machine learning as a service market growth in the region.

Key Highlights of the Global Machine Learning as a Service Market Forecast Report for the Period 2019-2023

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of machine learning as a service market during the next five years
• Precise estimation of the global machine learning as a service market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of machine learning as a service industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of machine learning as a service companies

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