LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global machine learning-as-a-service (MLaaS) market since 2016 and the market is poised to grow by USD 8 billion during 2019-2023, progressing at a CAGR of over 38% during the forecast period.
Read the 136-page research report with TOC on "Machine Learning-as-a-Service (MLaaS) Market Analysis Report by End-users (banking, financial services and insurance (BFSI), retail, telecommunications, healthcare, manufacturing, and other end-users), by Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 - 2023".
The market is driven by the increasing use of machine learning in customer experience management. In addition, the increasing technology investments in the retail industry are anticipated to further boost the growth of the machine learning-as-a-service (MLaaS) market.
Enterprises across industries are adopting strategies to improve their customer experience in order to gain a competitive edge over their competitors. This is encouraging them to adopt MLaaS as it helps in gaining better data insights about customer buying patterns and interests. The adoption of ML for effective data management is high over other upgraded technologies because they can reduce or remove the tasks involved. Such benefits for MLaaS are gaining traction in the market. Thus, the increasing use of ML in customer experience management is expected to drive market growth during the forecast period.
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Major Five Machine Learning-as-a-Service (MLaaS) Market Companies:
Google LLC
Google LLC is headquartered in the US and offers cloud ML engine. Cloud ML engine is a managed service that allows the developers and data scientists build and run superior ML models in production. Cloud ML engine offers training and prediction services.
Hewlett Packard Enterprise Development LP
Hewlett Packard Enterprise Development LP is headquartered in the US and offers products through business units: hybrid IT, intelligent edge, financial services, and corporate investments. The company also offers HP learning solutions.
IBM Corp.
IBM Corp. is headquartered in the US and has business operations under various segments, namely cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing.
Microsoft Corp.
Microsoft Corp. is headquartered in the US and offers products through business units including productivity and business processes, intelligent cloud, and more personal computing. The company offers Azure machine learning service.
SAS Institute Inc.
SAS Institute Inc. is headquartered in the US and offers SAS visual data mining and machine learning. This platform supports the end-to-end data mining and ML process with a comprehensive visual and programming interface.
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Machine Learning-as-a-Service (MLaaS) End-user Outlook (Revenue, USD Million, 2019 - 2023)
- BFSI
- Retail
- Telecommunications
- Healthcare
- Manufacturing
- Other end-users
Machine Learning-as-a-Service (MLaaS) Regional Outlook (Revenue, USD Million, 2019 - 2023)
- APAC
- Europe
- MEA
- North America
- South America
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