Surge in demand for cloud computing, increased deployment of technologies including artificial intelligence and cognitive computing, and growing acceptance of analytical solutions drive the global machine learning as a service market.
Allied Market Research published a research report on the machine learning as a service industry. The findings of the report state that the global market for machine learning as a service generated $13.95 billion in 2020, and is expected to garner $302.66 billion by 2030, witnessing a CAGR of 36.2% from 2021 to 2030. The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players to strategize and capitalize on new opportunities. Surge in demand for cloud computing, increased deployment of technologies including artificial intelligence and cognitive computing, and growing acceptance of analytical solutions drive the global machine learning as a service market. However, the scarcity of skilled and experienced professionals hinders the market expansion. On the contrary, increase in application areas and the growth associated with end-use industries in developing countries offer new opportunities in the future.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the global machine learning as a service market across the globe. To track and trace the occurrence of Covid-19 patients, several countries are using machine learning as a service for public surveillance. They are tracking and monitoring the spread in real time and contacting the corresponding authorities so that preventative steps can be taken.
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The report offers detailed segmentation of the global machine learning as a service market based on application, organization size, component, end-use industry, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By application, the fraud detection and risk management segment led the market share in 2020, accounting for around one-fourth of the market, and is expected to maintain its leadership status during the forecast period. This is due to rise in applications and services on digital platforms that prevent online fraud. However, the marketing and advertising segment is anticipated to grow at the highest CAGR of 39.9% from 2021 to 2030, due to its usefulness in product advertising and final dispatch.
By end-use industry, the IT and telecom segment dominated the market in 2020, contributing to around one-fifth of the market, and is expected to maintain its lead during the forecast period. This is owing to utilization by the number of IT & telecom organizations to predict the effects of forthcoming promotional strategies and find the most profitable channels. However, the retail segment is expected to witness the fastest CAGR of 45.2% from 2021 to 2030, owing to business intelligence offered to numerous retail sectors and companies, which aids in increasing sales, forecasting churn rates, and enhancing fraud management.
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By region, North America held the largest market share in 2020, contributing to nearly two-fifths of the global machine learning as a service market, and is predicted to maintain its lead by 2030. This is attributable to increased defense investment as well as technological developments in the telecommunications industry. However, Asia-Pacific is anticipated to portray the fastest CAGR of 39.1% during the forecast period. This is due to a significant increase in the deployment of security services, particularly in the BFSI sector.
Leading players of the global machine learning as a service market analyzed in the research include SAS Institute Inc., Google Inc., Hewlett Packard Enterprise, FICO, Amazon Web Services, Yottamine Analytics, Microsoft Corporation, BigML, Inc., IBM Corporation, and Predictron Labs Ltd.
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