by Machine learning as a service (MLaaS) provides machine learning models developed by service providers that can be accessed remotely through web application programming interfaces (APIs) without costly deployment or management of ML infrastructure. MLaaS negates the need for investing in extensive infrastructure and hiring technical talent for deploying machine learning models.
The global Machine Learning as a Service (MLaaS) Market is estimated to be valued at US$ 10072.55 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in cloud computing technologies have propelled the adoption of MLaaS. Cloud computing provides scalable and cost-effective infrastructure for ML model training and inference. Cloud service providers offer serverless deployment of ML models through platforms such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform. This eliminates the need for data scientists and developers to provision, maintain and scale infrastructure. Cloud-based ML services empower companies across industries to leverage machine learning capabilities without heavy investments. The pay-as-you-go pricing models of cloud platforms have made MLaaS a viable option even for small and medium enterprises. This is anticipated to drive the MLaaS market substantially over the forecast period.
SWOT Analysis
Strength: Machine Learning as a Service (MLaaS) provides scalable machine learning capabilities without the overhead of building and maintaining infrastructure in-house. This allows companies to leverage AI without needing expertise in data science or coding.
Weakness: MLaaS vendors may not have access to proprietary organizational data needed to customize models for specific needs. Data privacy and security are also key concerns when sharing data externally.
Opportunity: The growth of AI and analytics use cases across many industries is driving increased demand for MLaaS solutions. More organizations want the benefits of AI without the resource constraints of building capabilities internally.
Threats: Companies may choose to develop internal machine learning teams and platforms rather than rely entirely on external vendors over long term. Open source ML frameworks also offer alternatives to proprietary MLaaS products.
Key Takeaways
The Global Machine Learning As A Service (Mlaas) Market Size is expected to witness high growth over the forecast period of 2023 to 2030. MLaaS solutions allow organizations across industries to benefit from machine learning without deep technical expertise, making AI more accessible. The global Machine Learning as a Service (MLaaS) Market is estimated to be valued at US$ 10072.55 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis:
North America currently dominates the MLaaS market due to extensive adoption of AI technologies among enterprises in the region. However, Asia Pacific is expected to grow at the fastest rate due to increasing investments in cloud-based solutions and government initiatives to promote digital transformation using emerging technologies. Countries like China, India, and Japan are major contributors to the regional MLaaS industry.
Key players:
Key players operating in the MLaaS market are BASF SE, SINOYQX, Puyang Green Yingli New Material Tech Co. Ltd, BEIJING GUOJIAN ANKE, ZHEJIANG LIN’AN YUNQING MELAMINE PLASTIC FOAM CO., PentaClick, Acoufelt, Clark Foam, Reilly Foam Corporation, Soundcoat, Festa. Machine learning platforms offered by these vendors are empowering companies across industries to develop advanced AI-based applications with limited AI expertise.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
