IMARC Group, a leading market research company, has recently releases report titled, “Machine Learning as a Service (MLaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global machine learning as a service (MLaaS) market growth, share, size and trends forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the machine learning as a service market?

The global machine learning as a service (MLaaS) market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.0 Billion by 2028, exhibiting a growth rate (CAGR) of 31.2%during 2023-2028.

What is machine learning as a service?

Machine Learning as a Service (MLaaS) is a cloud-based service that enables businesses to access machine learning (ML) algorithms and models without investing in expensive infrastructure, expertise, and tools. It provides pre-built algorithms, tools, and data processing resources that allow businesses to build, deploy, and manage ML models and applications. At present, it is employed for predictive analytics, natural language processing (NLP), image recognition, fraud detection, and recommendation engines across the globe.

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What are the growth prospects and trends in the machine learning as a service industry?
The increasing availability of cloud computing infrastructure and the rising need for ML to gain insights and drive decision-making in businesses currently represent one of the key factors catalyzing the demand for MLaaS across the globe. In addition, ongoing developments in ML with new algorithms, tools, and techniques is offering lucrative growth opportunities to MLaaS providers for constantly updating their services and making ML more accessible to businesses of all sizes. They are also providing customizable models and algorithms that can be deployed for specific needs and use cases and offer interoperability with a wide range of tools and platforms, including programming languages and development frameworks. Furthermore, the rising focus on increasing revenue, reducing costs, and improving customer satisfaction, is stimulating the market growth worldwide.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component
Software
Services

Breakup by Organization Size
Small and Medium-sized Enterprises
Large Enterprises

Breakup by Application
Marketing and Advertising
Fraud Detection and Risk Management
Predictive Analytics
Augmented and Virtual Reality
Natural Language Processing
Computer Vision
Security and Surveillance
Others

Breakup by End User
IT and Telecom
Automotive
Healthcare
Aerospace and Defense
Retail
Government
BFSI
Other

Breakup by Region
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

com Inc.
Bigml Inc.
Fair Isaac Corporation
Google LLC (Alphabet Inc.)
ai Inc.
Hewlett Packard Enterprise Development LP
Iflowsoft LLC
International Business Machines Corporation
Microsoft Corporation
MonkeyLearn
Sas Institute Inc.
Yottamine Analytics Inc.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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