The Global MLaaS Market is anticipated to grow at a considerable CAGR of around 40.5% during the forecast period (2021-2027). The key factor to drive the market growth is the increasing cloud-based technologies among the industries due to the increasing digital transformation in industries, rising internet and mobile device penetration around the world, and increased consumption of big data. For instance, according to cloud computing statistics 2020, as per the findings of an analysis of over 135,000 organizations, global cloud adoption has reached 81% as measured by the use of cloud productivity platforms by enterprise organizations. And it appears to be a trend that is gaining speed with each passing year. Also, according to Gartner forecast, 90% of companies in the market will be using cloud services by 2022, generating a total value of $278.3 billion.
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Rising acquisitions, product approval, collaborations among the major players in the market also propel the growth of the market. For instance, in April 2019, Microsoft created a platform that employs machine learning to assist deep learning-based algorithms in solving real-world problems. The researchers and product developers have pioneered a complementary approach known as machine learning. This relies on human expertise to break down a problem into smaller tasks and provide machine learning algorithms with important clues about how to find a solution more quickly.
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Some of the players that contribute to the growth of the market include Amazon.com Inc., IBM Corp., Hewlett Packard Enterprise Co., SAS Institute Inc., Microsoft Corp. Google LLC, and others. These market players are contributing to the market by adopting various market approaches including product launch and approvals, merger and acquisition, partnerships and collaborations, and others for gaining a strong position in the market..
Global Machine Learning as a Service Market- Segmentation
By Deployment
- Software Tools
- Cloud and Web-Based Application Programming Interface
By Verticals
- Education
- Banking and Financial Services
- Defense
- Others (Government, Healthcare and life sciences, Information Technology, Media and entertainment)
By Application
- Advertising and Marketing
- Natural Language Processing
- Automated Network Management
- User Behavior Analytics
- Others (Risk Detection and Analysis, Predictive Maintenance)
Global Machine Learning as a Service Market- Regions
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
