The global machine learning as a service (MLaaS) market is rising expeditiously mainly due to the Internet revolution. The process of connecting the world virtually has generated vast amount of data which is boosting the adoption of machine learning solutions. This is because deployment of machine learning improves the speed and accuracy of functions performed by the system.
Apart from this, adoption of advanced analytics technologies from several industry verticals such as healthcare and life sciences, BFSI, retail, telecom, and manufacturing is contributing towards the growth of machine learning as a service market. Machine learning as a service solutions are also adopted across industry verticals to enhance the decision making capability of machines.
Serving as a roadblock to the growth of this market is lack of skilled professionals and concerns about data security.
As per estimations of Transparency Market Research, the global machine learning as a service market pegged an opportunity of US$1.07 bn in 2016. Expanding at a phenomenal CAGR of 38.40% between 2017 and 2025, the market is expected to attain a value of US$19.86 bn by the end of 2025.
Healthcare and Lifesciences Leading End-use Segments due to Digitalization of Patient Records
Manufacturing, retail, telecom, healthcare and life sciences, BFSI, and others are the segments into which the global machine learning as a service market is classified based upon end use. Of them, the segment of healthcare and life sciences is the key contributor to the market mainly due to the rising need for machine learning in the sector to integrate structured and unstructured data. The data generated is mainly from electronic health record (EHR), genomic and claims data.
In the forthcoming years, other end-use industries such as BFSI, retail, telecom, and manufacturing are anticipated to display demand for MLaaS in order to augment the decision making capability of machines that are used in these industry verticals.
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On the basis of deployment type, the machine learning as a service market is segmented into public cloud and private cloud. In 2016, private cloud segment accounted for the leading revenue contribution to the global MLaaS market. However, public cloud segment is anticipated to rise at a relatively rapid rate than private cloud segment due to ease of installation and economic benefits to organizations.
North America to Continue to Stay in Lead
The key geographical segments into which the global MLaaS market is divided are North America, Europe, Asia Pacific, the Middle East and Africa, South America, and Europe. North America led among other regional segments in 2016 contributing US$362.7 bn to the overall market. The region is expected to hold on its dominant position over the forecast period backed by the burgeoning demand for Internet of Things (IoT) and rapid integration of machine learning as a service with big data and other newer technologies. The growth of North America MLaaS market is mainly driven by the U.S. and Canada as they are home to some well-entrenched players such as Microsoft Corporation, Google Inc., Amazon Web Services Inc., and IBM Inc.
Asia Pacific is expected to display a significant growth rate in the upcoming years backed by the swift uptake of advance analytics technologies in the healthcare and life sciences industry. The developments in the information technology sector is also working in favor of Asia Pacific MLaaS market.
IBM Corporation, Google Inc., Amazon Web Services, Big MI Inc., Microsoft Corporation, FICO, Ersatz Labs Inc., Yottamine Analytics, Predictron Labs Ltd., Fuzzy.ai, Sift science Inc., Hewlett Packard Enterprise, H20.ai, and Datoin are the key players operating in the global machine learning as a service market.