The global machine learning-as-a-service (MLaaS) market size was US$ 2.5 billion in 2021. The global machine learning-as-a-service (MLaaS) market size is forecast to reach US$ 32.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 39.9% during the forecast period from 2022 to 2030.
Machine learning-as-a-service encompasses a wide range of services, solutions, and methodologies closely related to artificial intelligence (AI), which analyses input data statistically to determine its current or future relationship and performance. Machine learning makes use of a large amount of data to increase analytical output while streamlining workflow in a variety of industries. Machine learning-as-a-service (MLaaS) refers to a collection of cloud-based services that provide machine learning technologies.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global market growth. Due to the COVID-19 pandemic, the government worldwide imposed a lockdown in order to curb the spread of the deadly virus. As a result, companies globally had to change their working patterns. In addition, many organizations revved their migrations to public cloud solutions since cloud service elasticity can meet unpredictable spikes in service demand. Migrations to cloud-enabled companies reinvent the way they run their businesses in the time of COVID-19. The need for AI services has increased, and many cloud providers offer AIaaS and MLaaS.
Regional Insights
North America is forecast to garner a substantial share in the market during the forecast period. The growth of MLaaS aid by a dynamic invention ecosystem fueled by significant federal investments in sophisticated technology and the presence of visionary scientists and entrepreneurs from globally recognized research institutions. In addition, the region is seeing a huge increase in 5G, IoT, and connected devices. As a result, through virtualization, network slicing, new use-cases, and service requirements, communications service providers (CSPs) must effectively handle an ever-increasing complexity. As traditional network and service management methodologies are no longer viable, this is forecast to fuel the market growth in the region. MLaaS alternatives.
Leading Competitors
The leading prominent companies profiled in the global machine learning-as-a-service market are:
Scope of the Report
The global machine learning-as-a-service market segmentation focuses on Application, Organization Size, End-Users, and Region.
Segmentation based on Application
Segmentation based on Organization Size
Segmentation based on End-Users
Segmentation based on Region