According to a new market research report published by Acute Market Reports “Machine Learning as a Service Market ((Deployment Type- Cloud-based and On-premise), (Application- Marketing & Advertising, Predictive Maintenance, Augmented Reality, Fraud Detection & Risk Analytics, and Network Analytics and Automated Traffic Management), (End-user- BFSI, Retail, Telecom, Healthcare, Manufacturing and Others (Aerospace & Defense, Government, etc.)) – Growth, Future Prospects and Competitive Analysis, 2023 - 2030”, the overall machine learning as a service market worldwide was valued at US$ 2,308.4 Mn in 2021 and is set to grow with a CAGR of 35.5% during the forecast period.

Rapid technological advancements and growing adoption of cloud-based technologies worldwide are primarily driving the machine learning as a service market. Data visualization, predictive analysis, natural language processing, API and others are some tools offered by MLaaS providers, which are helping the market growth. Rising need to understand the consumer behavior, which helps the companies to get deeper insights of consumer mind. Furthermore, the aforementioned understanding helps the companies to offer new products and services, which helps the machine learning as a service market growth. Integration of MLaaS with Big Data and increase in IoT are also propelling the market growth. Subsequently, we predict that the market will show huge growth during the forecast period.

Based on end-use, the MLaaS market is segmented into BFSI, Retail, Telecom, Healthcare, Manufacturing, Others (Aerospace & Defense, Government, etc.). The retail segment has the highest share in 2021 with contribution of around 30% in the global market revenue share in the same year. The retail segment was dominant in 2021 owing to growing retail industry and penetration of digitization in the industry. Retail companies such as Amazon, eBay, and others are witnessing the application of machine learning with a rapid pace.  On the other hand, the healthcare segment will show fastest growth during the forecast period owing to growing need of machine learning in the industry.

Based on the geography, North America was the leader in the the MLaaS market in 2021. North America contributed to nearly 50% of the world revenue share in the same year. North America has its dominance due to rapid adoption of machine learning as a service with IOT (Internet of Things), Big Data and other technologies. Presence of major market players such as Google, Inc., Microsoft Corporation and others is another factor for dominance of North America. Therefore, we expect North America to continue its dominance during the forecast period. On the other flip, we forecast that Asia Pacific be the fastest growing region in years to come on account of rapid growth of technologies and growing investments for new technology in the region.

Some of the major companies profiled in the report include Google Inc., Microsoft Corporation, IBM Corporation, Amazon Web Services, FICO, Yottamine Analytics, Ersatz Labs Inc., Predictron Labs Ltd, H2O.ai, and Sift-Science among others.

Browse the full report at https://www.acutemarketreports.com/report/machine-learning-as-a-service-market

The Global Machine Learning As A Service Market is Segmented into:

*Complete segmentation list is on report page