Both the verticals generate data in a huge amount every second, and there is accelerated demand for data management technologies such as machine learning and predictive analytics in order to extract business critical insights from this ever-increasing data. As the market for machine learning and AI services is growing fast which is followed by rapid technological advancements, there is an increase in demand for qualified staff. ML technology is rapidly being used throughout the region, along with increasing investments in advanced technologies such as artificial intelligence, cloud computing, and others. JERSEY CITY, N.J., April 4, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Machine Learning As A Service Market" By Component (Services, Software Tools), By Application (Analytics And Automated Traffic Management, Fraud Detection, Predictive Maintenance), and By Geography. Based on end-use, the global machine learning market is segmented into automotive, aerospace & defense, retail & E-commerce, government, healthcare & life sciences, media & entertainment, IT & telecommunications, BFSI, and others. The rapidly emerging and highly active SMEs have increased the adoption of machine learning solutions and services globally, as a result of the growing digitization and increased cyber risks to critical business information and data. Virtual agents are another key technology that is contributing to revenue growth of the machine learning market. The APAC region is expected to be the fastest-growing region in the market. Several corporate executives across the world are implementing this technology to gain a competitive edge and connect organizationalgoals with employee interests. Global Machine Learning As A Service Market is experiencing an increase in development because of technological developments and a rise in the number of Research and innovation activities across the world which leads to growth of the market. Furthermore, rise in deployment of the Internet of Things (IoT) and increased adoption of Generative Adversarial Networks (GAN) are factors projected to drive revenue CAGR from 2022 to 2030. Machine learning is a subcategory of artificial intelligence that refers to a process through which computers gain pattern recognition, or the capacity to continually learn from and make predictions based on data and make improvements without being explicitly programmed to do so with the help of data analytics. ML techniques are being used by large corporations to deliver effective market services. Please share your problem/objectives in greater details so that our analyst can verify if they can solve your problem(s). The research methodology used to estimate and forecast the global market size began with the capturing of data on the key vendor revenues through secondary research, annual reports, Institute of Electrical and Electronic Engineers (IEEE), Factiva, Bloomberg, and press releases. Predictive maintenance segment is expected to register a steady revenue growth rate during the forecast period. The technology also supports continuous data assessment, which aids in enhancing correctness of financial models and regulations by recognizing and assessing abnormalities and subtleties. FinoAllied takes centerstage since it just requires a connection with a bank's current IT ecosystem. In the services segment, the managed service segment is expected to grow at a higher CAGR, whereas professional service segment is expected to be a larger contributor during the forecast period. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions. Our 250 Analysts and SME's offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. - 16) 1.1 Objectives of the Machine Learning MarketStudy 1.2 Market Definition 1.3 Market Scope 1.4 Years Considered for the Study 1.5 Currency 1.6 Stakeholders, 2 Research Methodology (Page No. The algorithms can handle the data that are multi-dimensional and multi-variety, even in dynamic or uncertain environments. However, these methods are frequently ineffective and costly. Various companies are adopting machine learning software to build their own ML model owing to various advantages such as, it can be used to cut down workload and time by automating various tasks, it has a wide range of applications in customer interaction, is more reliable in data handling which is expected to drive revenue growth of the segment. The increased awareness for business productivity, supplemented with competently designed machine learning solutions offered by vendors present in the APAC region, has led APAC to become a highly potential market. They respond to client questions and concerns via email or chatbots on company websites. Artificial intelligence and data science are increasingly being used to deliver quantitative insights into businesses that are expected to drive revenue growth of the segment. Some of the major companies included in the global market report are Oracle, IBM, Amazon Web Services, Inc., Microsoft, Fractal Analytics Inc., Google, Baidu, Inc., Intel Corporation, Hewlett Packard Enterprise Development LP, and Dell Inc. Moreover, in the coming years, applications of machine learning in various industry verticals is expected to rise exponentially. Some companies use machine learning as a major tool in their business models. North America is estimated to be the largest revenue-generating region. Competitive landscape of the global machine learning market is consolidated with a few key players operating on global and regional levels. For instance, on 3 May 2022, Elemeno AI, which is a cloud-based machine learning firm, launched a Machine Learning Operations (ML-Ops) platform to assist businesses in leveraging AI's benefits. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market. Machine learning is extremely prone to mistakes. The global machine learning market is expected to register a revenue Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Furthermore, the expansion of the adoption rate for MLaaS is anticipated to be propelled by the growing adoption rate for IoT and autonomous systems in businesses. VMI provides a holistic overview and global competitive landscape with respect to Region, Country, and Segment, and Key players of your market. Robots will be capable of doing repetitious tasks which are presently performed by human workers. These can reduce the possibility of unexpected failures, resulting in fewer preventive maintenance projects. According to the company, in Vertex, it takes 80% fewer lines of code to train a model compared to some of its competitive platforms. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Machine learning enabled solutions are being significantly adopted by organizations worldwide to enhance customer experience, ROI, and to gain a competitive edge in business operations. The report also aims at providing detailed information about the major factors influencing the growth of the machine learning market (drivers, restraints, opportunities, and challenges). The major issue faced by most of the organizations while incorporating machine learning in their business process is the lack of skilled employees including analytical talent, and the demand for those who can monitor analytical content is even greater. Which key factors are expected to drive adoption of machine learning? It is an approach for detecting and cataloging an object. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The bottom-up procedure was employed to arrive at the overall market size from the revenues of the key market players. This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2019 to 2030. Managed Analytics as a Service enables businesses to automate the process of converting data into insights, allowing them to accomplish goals including customer retention success, predictive modeling for predicting customer behavior, and 360 Degree Customer View for better understanding of consumers. Large enterprises segment accounted for the largest revenue share in 2021. All rights reserved. Market in Europe is expected to register a steady revenue growth during the forecast period. Lack of availability of expert professionals is hampering revenue growth of the global machine learning market. ML techniques are increasingly being used by small and medium-sized businesses to reduce Information and Communications Technology (ICT) investments and get access to digital resources. Previously, massive volumes of data had to be sorted and labeled by humans. Large datasets are handled far more efficiently by machines than by people. When typing in this field, a list of search results will appear and be automatically updated as you type. The major vendors in machine learning market are Microsoft Corporation (Washington, US), IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc. (North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc. (Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc. (Massachusetts, US), Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc. (Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US), TIBCO Software Inc. (California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US). In the organization size segment, the large enterprises segment is expected to have the largest market share, whereas the SMEs segment is expected to grow at the highest CAGR during the forecast period in machine learning market. Request for detailed methodology, assumptions & how numbers were triangulated. Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample/?rid=41307, Browse in-depth TOC on "Machine Learning As A Service Market", Global Machine Learning As A Service Market Overview. What is the expected Compound Annual Growth Rate (CAGR) in terms of revenue for the global machine learning market over the forecast period (2022-2030)? - 69) 8.1 Introduction 8.2 Large Enterprises 8.3 SMEs, 9 Machine Learning Market Analysis, By Service (Page No. Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, monitoring document version control, and data loss prevention with robust cloud storage facilities are some of the crucial benefits that have resulted in the adoption of cloud-based delivery models for machine learning software solutions and services. According to Verified Market Research, the Global Machine Learning As A Service Market size was valued at USD 2.48 Billion in 2020 and is projected to reach USD 38.81 Billion by 2028, growing at a CAGR of 41.2% from 2021 to 2028. Vast data volume generated by social media and IT corporations isexpected to drive demand for innovative technologies.