The global machine learning as a service market is expected to witness a significant growth rate with the CAGR of 35% during the forecast period. Machine Learning is an application of computer science that offers computers an ability to learn and predict without being explicitly programmed. Technological advancement, the evolution of the Internet, innovation and rising demand for machine learning are some of the factors that contribute to the growth of the global machine learning as a service market. Machine learning has been highly useful to analyze, extract and interpret large chunks of data and has also simplified the tasks of data scientists. Additionally, the market has considerable demand for high-value predictions that can make decision making better and smart actions in real-time without human intervention.
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Machine learning has also overcome the lesser extent availability of computing power with such a high amount of data. As a result, machine learning has endless use in such computations with highly precise results which is another important factor for the growth of machine learning as a service industry. However, data security concerns and lack of professional skills in the domain are some of the restraints that may affect the market growth. Besides, due to growing innovations and technological advancements in machine learning algorithms, various effective and significant security mechanisms are expected to boost machine learning technology.
Market Segmentation
Machine Learning as a Service Market by Application
- Advertising and Marketing
- Automated Network Management
- Risk Analytics & Fraud Detection
- Predictive Maintenance
- Others
Global Machine Learning as a Service Market by Verticals
- Retail & Consumer Goods
- IT & BFSI
- Healthcare
- Automotive
- Manufacturing
- Government & Defense
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
