According to the report published by Allied Market Research, The global machine learning as a service market size was valued at $13.95 billion in 2020, and is projected to reach $302.66 billion by 2030, growing at a CAGR of 36.2% from 2021 to 2030.
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Machine learning is designed to incorporate the functionalities of artificial intelligence (AI) and cognitive computing involving a series of algorithms and is used to understand the relationship between datasets to obtain a desired output. Machine learning as a service (MLaaS) incorporates range of services that offer machine learning tools through cloud computing services.
The services segment dominated the machine learning as a service market in 2016, with around 73% revenue share of the global market. This is attributed to the improved IT infrastructure and increased cloud-related expenditures to cater to the untapped markets among the developing nations.
The IT and telecom segment dominated the global machine learning as a service market, with around 20% share in 2016, followed by BFSI segment. Furthermore, public sector segment is estimated to grow at the highest CAGR of 42.1%, owing to widespread adoption of advanced solutions and increased IT spending.
North America was the highest revenue contributor in 2016, accounting for around 43% share. However, Asia-Pacific is projected to grow at the highest CAGR of 45.5% during the forecast period.
The report features the competitive scenario of the machine learning as a service market and provides comprehensive analysis of the significant growth strategies adopted by major players. The key players operating in the market include Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML, Inc., Microsoft Corporation, Predictron Labs Ltd., and IBM Corporation.
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