LONDON, Oct. 26, 2021 /PRNewswire/ -- Brandessence Market
Research has published a new report title, "The machine learning
as a service market reached USD 2.27
billion in 2020. The market is likely to grow at 39.2%,
reaching USD 22.10 billion in 2027". The covid-19 pandemic has
pushed many firms out of their comfort zones, and strongly towards
digitalization, increased data analysis, and subsequent data
automation. The machine learning promises a major prospect as
migration to cloud also emerges as a key trends, thanks to
increased interest in the arena by key tech players, lowering costs
of data storage, and tremendous growth of data insights.
Machine Learning as a Service Market: Expert
Analysis
"The fast learning pace of machine learning model has
accelerated a shift towards subscription-based model, which has
enabled a cost-effective pricing model for end-consumers. The model
is increasingly offers core services like natural language
processing, general machine learning, and computer vision
algorithms. The increasing adoption of IoTs, automation, and
cloud-based services will continue to drive adoption towards
cost-effective data servicing centers. The growth of big data
generators, super computers, and highly effective system for
gaining new insights are key to growth for the machine learning as
a service market", report leading analysts at Brandessence market
research.
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Machine Learning as a Service Market: Segment
Analysis
The machine learning as a service market report is divided into
Network Analytics and Automated Traffic Management as applications.
Among these, the growth of augmented reality, risk analytics,
predictive maintenance, fraud detection, and others continue to
drive strong growth for the network analytics segment. Machine
learning is essential for growth of automated traffic management,
and network analytics. Furthermore, with the advent of 5G
technology, the growth of machine learning remains promising as
large datasets continue to drive growth of cloud, gaming sphere,
analytics, and more.
The automated traffic management for automated electric vehicle
also remains a promising prospect. The promising horizon of smart
cities, the growth of smart infrastructure, and growing demand for
interconnected automated vehicles remain promising opportunities
for growth for players in the machine learning as a service
market.
The machine learning as a service market report categorizes
organizations into small, medium, and large as end-users for
machine learning as a service market. The growth of the
subscription-based models remains a promising prospect for small
organizations, as increasing deployment in cloud, and growing
importance of digitalization and analytics continues to drive
growth of the machine learning as a service market. The machine
learning as a service also continues to remain appealing to
medium-sized, and large organizations alike. The machine learning
as a service model is likely to show promising demand for all
end-users, with large organizations being likely to hold largest
share of total revenues, thanks to their sizable demand.
Machine Learning as a Service Market: Competitive
Analysis
The machine learning as a service market is a fragmented
landscape, with increased small players leading innovation, thanks
to technologies like TinyML. The landscape continues to grow due to
innovation, as open-ended operating systems continue to drive down
costs, and create new opportunities for players in the machine
learning as a service market. Some key players in the machine
learning as a service market are IBM Corporation, FICO, Microsoft,
Amazon Web Services, Google Inc., Hewlett Packard Enterprises,
AT&T, BigML Inc., Ersatz Labs., SAS Institute Inc., FICO,
Yottamine Analytics, Amazon Web Services, Microsoft Corporation,
Prediction Labs Ltd., and IBM Corporation
In December 2020, HP started
offering HPE Greenlake, a cloud platform with pay-per-use model to
cater to most demanding and data-intensive workloads. The platform
runs on the power of AI, and ML to create new products, and
experiences through a hybrid cloud model.
Eurobank, a major Greek bank has expanded its use of FICO
compliance solutions, after a new regulation from the European
Union. The bank operates in six countries, and its new machine
learning solutions offers it new capabilities like doing KYC and
AML checks in real-time, and processes like digital
on-boarding.
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Machine Learning Trends
The increased advancement in machine learning has moved the
traditional model from AI-based analytics towards advanced image
processing. This advancement has made machine learning a key tool
for healthcare imaging diagnostics. Furthermore, the machine
learning model remains a frontrunner in in new technologies like
OpenAI, which can generate new visual designs based on text input.
The growing advancement in Open AI model remains a promising
prospect for global manufacturing, distribution, packaging, and
sales alike.
The advancement of machine learning in healthcare remains a
promising prospect. Machine learning with the help of data
analytics, and visual lab results promises a new era for
understanding genetic sequencing. The AI algorithms are trained to
look at data using multi-modal techniques like optical character
recognition, and machine vision to improve medical diagnosis.
The growth of new innovations like Tiny MK, a model that runs on
hardware constrained devices for powering refrigerators, cars, and
utility meters also remains a new promise for players in the
machine learning as a service market. The tiny algorithms promise
to capture gestures and common sounds like baby crying, or gunshots
for applications like tracking environmental conditions, asset
location and orientation, and even vital medical signs. The
increasing storage, battery, and functionalities of the Tiny MK
remain a major promise for a wide variety of commercial
applications.
The data learning continues to drive demand for data labeling, a
subset of the core functionality. The increasing demand for
human-led data labeling has driven low-cost data labeling services,
mostly arising in Asia Pacific
region. The semi-supervised, and novice data labeling services
present a challenge in applications like voice assistants led
commercial functions. The growth of these applications has also
driven demand for automated data labeling. The improvement in
automated data labeling continues to make way for new processes
like PlatformOps, MLOps, and DataOps, which are now combinedly
referred to as, the 'XOps'.
Machine learning and AI also promise to team up with employees
to take burden off of mundane responsibilities. For example, sales
employee often need to login information like customer name, their
address, and other important details. Today, online assistants
through customer management systems deliver this information to
employees to begin a smooth conversation about consumer concerns.
Furthermore, machine learning systems are also advancing
troubleshooting, sales through text-based and voice-based
assistants online. This not only saves various companies
significant amounts of money, but also reduces downtime, prepares
them for digital adoption, and more. Young, tech-savvy consumers
also increasingly prefer to contact customer service through online
portals, saving tons of money for companies in customer service,
and increasingly report higher satisfaction.
Key Benefits of Global Machine Learning as a Service
Industry Report
- Global Machine Learning as a Service Industry report covers in
depth historical and forecast analysis.
- Global Machine Learning as a Service Industry research report
provides detail information about Market Introduction, Market
Summary, Global market Revenue (Revenue USD), Market Drivers,
Market Restraints, Market opportunities, Competitive Analysis,
Regional and Country Level.
- Global Machine Learning as a Service Industry report helps to
identify opportunities in market place.
- Global Machine Learning as a Service Industry report covers
extensive analysis of emerging trends and competitive
landscape.
Get Complete Access of Research Report:
https://brandessenceresearch.com/technology-and-media/machine-learning-as-a-service-market
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