Machine Learning as a Service Market 2021 – Key Drivers by Manufacturers, Scope and Market Size Estimation, Opportunities and Challenges Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Machine Learning as a Service Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Machine Learning as a Service Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Machine Learning as a Service Market Study 2017-2024 by Deployment Type ( Public Cloud, Private Cloud), By End-Use Application (Manufacturing, Retail, Healthcare & Life Sciences, BFSI, Travel & Hospitality, Other (Energy, Feedstock & Utilities), By Regions – Global Industry Outlook 2017-2024.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Machine learning refers to the artificial intelligence software which predicts the outputs without any explicit program. Instead of supervising the unsupervised program, machine learning learns from the environment and generates data accordingly. It is widely being used for predictive analysis, face recognition, big data analysis, and other applications. Many companies are adopting machine learning to enhance their productivity and operational efficiency.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Market Size and Forecast

Global machine learning as a service market is anticipated to flourish at a robust CAGR of 40.2% during the forecast period. In 2012, global machine learning as a service market was estimated at a valuation of USD 0.5 Million. Further, the market of machine learning as a service was valued at USD 1.1 Billion in 2016 and is expected to garner USD 20.1 Billion by the end of 2024. Rising adoption of IoT across the globe is the dynamic factor behind the growth of the machine learning as a service market during the forecast period.

Geographically, North America accounted for more than 35% market share in 2016. Further, the region is expected to continue its dominance over the forecast period on the account of rising adoption of machine learning as a service. Furthermore, presence of major players in the region such as Google, Microsoft Corporation, IBM and Amazon webs services is envisioned to bolster the growth of the machine learning as a service market. In the North America region, U.S. captured the largest market share in 2016. This can be attributed to the wide scale adoption of machine learning as a service by many enterprises.

Asia Pacific is projected to grow at a significant pace over the forecast period. Positive growth and development of information technology sector in the region is expected to swell the demand for the machine learning as a service. Apart from this, rising adoption of advanced analytics tools in healthcare is expected to fuel the growth of machine learning as a service market. Europe region is predicted to grow at a significant pace and create substantial demand for machine learning as a service market during the forecast period. Rising adoption of machine learning by the European banks to increase the product sales is expected to swell the demand for the machine learning in the region.

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On the basis of deployment type, global machine learning as a service market has been segmented into public cloud and private cloud. Public cloud has been a leading segment in the recent years and is expected to continue its dominance over the forecast period.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Key Players

Google Inc.
IBM Corporation
Microsoft Corporation
Tata Consultancy Services
Amazon Web Services
Hewlett Packard
Big MI Inc.
Fair, Issac and Company (FICO)
Yottamine Analytics
Predictron Labs Ltd.

Others

Growth Drivers & Challenges

Increasing adoption of advanced analytics tools by various industries is expected to escalate the growth of the machine learning as a service market. Furthermore, rising focus towards customer in order to increase the sales of the company is anticipated to trigger the growth of machine learning as a service market. Additionally, many companies are adopting machine learning to improve the performance and operational efficiency. These factors are anticipated to fuel the growth of machine learning as a service market.

Apart from this, rising trend of digitalization is fuelling the growth of the machine learning as a service market globally. Moreover, rise in adoption of cloud based platforms is expected to positively impact the growth of the machine learning as a service market.

In contrast, lack of qualified and skilled persons is believed to dampen the growth of the machine learning as a service market. Furthermore, rising concern toward data privacy is anticipated to restrain the development of machine learning as a service market.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Download Sample of This Strategic Report-
https://www.kennethresearch.com/sample-request-10075633

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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