TOKYO, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Machine Learning as a Service Market Size accounted for USD 7.1 Billion in 2022 and is projected to achieve a market size of USD 173.5 Billion by 2032 growing at a CAGR of 37.9% from 2023 to 2032.

Machine Learning as a Service Market Research Report Highlights and Statistics:

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Machine Learning as Service Market Report Coverage:

Machine Learning as a Service Market Overview:

The increasing adoption of cloud-based technologies and the need for managing the enormous amount of data generated has led to the rise in demand for MLaaS solutions. MLaaS provides pre-built algorithms, models, and tools, making it easier and faster to develop and deploy machine learning applications. This service is being used in various industries such as healthcare, retail, BFSI, manufacturing, and others.

The healthcare industry is using MLaaS for patient monitoring and disease prediction. In retail, MLaaS is being used for personalized recommendations and fraud detection. MLaaS is also being utilized for financial fraud detection, sentiment analysis, recommendation systems, predictive maintenance, and much more.

The Natural Language Processing (NLP) segment is expected to grow rapidly during the forecast period. NLP is being used by organizations to analyze customer feedback, improve customer experience, and automate customer service. MLaaS vendors such as Amazon Web Services, IBM Corporation, Google LLC, Microsoft Corporation, and Oracle Corporation offer various pricing models and features, making the Machine Learning as a Service market competitive.

Trends in the Machine Learning as a Service Market:

Machine Learning as a Service Market Dynamics

Growth Hampering Factors in the Market for Machine Learning as a Service:

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Market Segmentation:

By Type of component

By Application

By Size of Organization

End User

Machine Learning as a Service Market Overview by Region:

North America's Machine Learning as a Service market share is the highest globally, due to the high adoption of cloud computing and the presence of several major players in the region. The United States is the largest market for MLaaS in North America, driven by the increasing demand for predictive analytics, the growing use of deep learning, and the rising adoption of artificial intelligence (AI) across various industries. For instance, companies in the healthcare sector are using MLaaS for predicting patient outcomes, and retailers are using it to analyze customer behavior and preferences to deliver personalized experiences.

The Asia-Pacific region's Machine Learning as a Service Market share is also huge and is growing at the fastest rate, due to the increasing adoption of cloud computing, the growth of IoT devices, and the rise of e-commerce in the region. China is the largest market for MLaaS in the Asia Pacific region, with several major companies investing in AI and machine learning technologies. For example, Alibaba, the largest e-commerce company in China, is using MLaaS for predictive analytics and recommendation engines. Japan is another significant market for MLaaS in the region, with companies using it for predictive maintenance and fraud detection.

Europe is another key market for Machine Learning as a Service, with countries such as the United Kingdom, Germany, and France driving growth in the region. The adoption of MLaaS in Europe is being driven by the growth of e-commerce and the increasing demand for personalized experiences. For example, companies in the retail sector are using MLaaS to analyze customer data and make personalized product recommendations. The healthcare sector is also a significant user of MLaaS in Europe, with providers using it for predictive analytics and diagnosis.

The MEA and South American regions have a growing Machine Learning as a Service market share, however it is expected to grow at a steady pace.

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Machine Learning as a Service Market Key Players:

Some of the major players in the Machine Learning as a Service market include Amazon Web Services, Google LLC, IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Hewlett Packard Enterprise Development LP, Fair Isaac Corporation (FICO), Fractal Analytics Inc., H2O.ai, DataRobot, Alteryx Inc., Big Panda Inc., RapidMiner Inc., SAS Institute Inc., Angoss Software Corporation, Domino Data Lab Inc., TIBCO Software Inc., Cloudera Inc., and Databricks Inc. These companies offer a wide range of MLaaS solutions, including predictive analytics, machine learning algorithms, natural language processing, deep learning, and computer vision.

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Machine Learning as a Service Market Size Growing at 37.9% CAGR Set to Reach USD 173.5 Billion By 2032 - Benzinga