Machine Learning as a Service (MLaaS) Market to Reach US$31 Billion by 2028

IMARC Group, a leading market research firm, recently stated that “Machine Learning as a Service (MLaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecasts 2023-2028The study provides an in-depth industry analysis including growth, share, size and trend forecasts for the global Machine Learning as a Service (MLaaS) market. The report also includes competitor and regional analysis, focusing on the latest advancements in the market.

Report highlights

How big is the machine learning as a service market?

Report attributes	detail
Market size in 2022	US$5.7 billion
Market forecast for 2028	US$31 billion
Growth rate (2023-2028)	CAGR 31.2%
Base year for analysis	2022
Forecast period	2023-2028

What is Machine Learning as a Service?

Machine learning as a service (MLaaS) represents a collection of numerous cloud-based platforms that employ machine learning (ML) tools to deliver effective business solutions. They consist of various systems such as predictive analytics, deep learning, data preprocessing, facial recognition, chatbots, application programming interfaces (APIs), data visualization, and natural language processing (NLP). MLaaS solutions can easily manage and store data, and quickly run experiments without coding. They are extremely cost and time efficient and help automate multiple tasks while improving business workflow efficiency. MLaaS technology also helps detect fraud and eradicates infrastructure concerns, including evaluation and model training. As a result, they are finding widespread applications across several sectors including retail, healthcare, automotive, aerospace, defense, information technology (IT), telecommunications, banking and financial services.

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What are the growth prospects and trends for machine learning as a service industry?

The increasing use of cloud-based solutions for fraud detection in the banking, financial services and insurance (BFSI) industry is one of the key factors driving the machine learning as a service (MLaaS) market. is. In addition, the growing need for solutions in the healthcare sector for evaluating electrocardiogram (ECG) and magnetic resonance imaging (MRI) results and diagnosing cancer also has a positive impact on the market growth. In addition to this, his MLaaS adoption by SMEs and large enterprises has grown, such as designing virtual assistants and chatbots, automating business document workflows, tracking manufacturing defects for quality control, and handling NLP tasks. This is another big growth. provoking factor. Additionally, the emerging trend of adopting Internet of Things (IoT) integrated devices and systems to ensure operational control accuracy is further driving the global market. Apart from this, the machine learning as a service (MLaaS) market will be strengthened in the coming years with the introduction of new managed ML platforms that allow users to maintain and deploy his AI models according to client requirements. is expected.

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What does market segmentation include?

The report divides the market into the following categories:

Breakdown by ingredients:

Breakdown by organization size:

• Small and medium-sized enterprises
• Large companies

Split by application:

• marketing and advertising
• Fraud detection and risk management
• Predictive analytics
• Augmented reality and virtual reality
• natural language processing
• computer vision
• Security and surveillance
• others

Split by end user:

• IT and Telecom
• car
• health care
• aerospace and defense
• retail
• government
• BFSIMore
• other

Regional breakdown:

• North America
• Asia Pacific
• Europe
• latin america
• Middle East and Africa

Who are the key players operating in the industry?

This report covers key market players such as:

• Com Co., Ltd.
• Bigmul Co., Ltd.
• Fair Isaac Co., Ltd.
• Google LLC (Alphabet Inc.)
• Ai Co., Ltd.
• Hewlett-Packard Enterprise Development LP
• Iflowsoft LLC
• International Business Machines Corporation
• microsoft
• monkey learn
• Sass Institute Co., Ltd.
• Yottamine Analytics Co., Ltd.

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