Meticulous Research® – leading global market research company is researching on machine learning as a service market titled “The Global Machine Learning as a service Market by Component (Software, Services), End-User (Aerospace & Defence, IT & Telecom, Energy & Utilities, Public Sector, Manufacturing, BFSI, Healthcare, Retail, Others), Organization Size (Large Enterprises, SME), Application (Marketing & Advertising, Fraud Detection, Digital Security), and Region – Global Forecast to 2025”.
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The increasing rate of adoption for IoT and automation systems in industries is expected to drive the growth of global machine learning as a service (MLaaS) market. Improving customer experiences by strengthening sales and marketing with greater insights is one of the primary catalysts driving the machine learning adoption today. Several industrial automations are driven by billions of connected devices. Owing to IoT, smart and connected technologies have increased the pace of data that is being created, exponentially. Thus, industries are finding opportunities to explore this data and devise new solutions in order to improve the existing infrastructure and operating efficiencies. Thus, the increased adoption of automation in all business segments and constant innovation in automated technology that aids to reduce the time and overhead expenses supports demand for machine learning as a service across the globe.
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Small & Medium Enterprises to Record the Highest Growth rate during the Forecast Period
Based on organization size, small & medium enterprises segment is expected to grow at the highest CAGR in the machine learning as a service market during the forecast period. MLaaS provide dynamic data for flexible, responsive, and customer-focused small & medium enterprises as per their preference. MLaaS provide an opportunity for SMEs to dip their toes into using analytics in their day to day operations and thus increase their efficiency.
Network Analytics and Automated Traffic Management Application of the Machine Learning as a Service Market is projected to Grow at the Highest CAGR during the Forecast Period
Based on application, network analytics and automated traffic management application are expected to grow at the highest CAGR during the forecast period as machine learning is considered as a pivotal tool for network analytics and automated traffic management. Large amounts of cross data are generated through network infrastructure on an everyday basis. With the advent of big data analytics, it has become possible to apply network-rich metrics to supply unmatched understanding into the IT infrastructure.
Asia-Pacific: The Fastest Growing Regional Market
Geographically, North America dominated MLaaS market in 2018. The factors such as rapid market penetration and presence of large number of players are driving the market growth. However, APAC market is estimated to grow at the highest CAGR between 2019 and 2025. The growth of this market is mainly attributed to increase in the number of start-ups and shifting focus towards atomization and positioning of new technologies to reduce the costs.
The key players operating in the global MLaaS market are Google Inc. (U.S.), Microsoft Corporation (U.S.), FICO (U.S.), BigML, Inc. (U.S.), Amazon Web Services (U.S.), Ersatz Labs Inc. (U.S.), Yottamine Analytics (U.S.), Predictron Labs Ltd. (U.K.), H2O.ai (U.S.), IBM Corporation (U.S.), and Hewlett Packard Enterprise (U.S.).
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