The Machine Learning as a Service Market size (MLaaS ) is predicted to reach from USD 613.4 million in 2016 to USD 3,755.0 million by 2021, at a CAGR of 43.7 percent from 2016 to 2021. The report strives to determine the market size with five main regions, North America, Europe, Latin America, Asia-Pacific (APAC), and Middle East & Africa (MEA). The report strategically profiles key players and comprehensively interprets their core competencies and the report also tracks and investigates competitive developments like joint ventures, new product developments, Mergers, and Acquisitions (M&A), and Research & Development (R&D) activities in the MLaaS market.
The research methodology used to predict and forecast the MLaaS starts with the compilation and analysis of data on key supplier revenues through secondary research for example, annual reports and press releases, white papers, investor presentations of companies, technology journals including MLaaS evolution, SDxCentral, certified publications, and articles from acknowledged authors, directories, and databases.
The MLaaS ecosystem involves Microsoft (U.S.), Amazon Web Services (U.S.), IBM (U.S.), Google (U.S.), and BigML (U.S.). In Addition, the other companies profiled in the report comprise AT&T (U.S.), Yottamine Analytics (U.S.), Ersatz Labs, Inc. (U.S.), Fuzzy.ai (Canada), and Sift Science, Inc. (U.S.). The main driving factors for the growth of the market are the adoption of Cloud-based technologies and developments in technologies. With the Machine Learning as a Service Market services, the professional services section is the major contributor during the forecast period, whereas the managed services segment is supposed to grow at the highest CAGR.
As the fastest growing region, North America is expected to be the leader during the forecast period and the adoption of MLaaS solutions in this region is expected to be filled by the increasing need for integration of MLaaS with Big Data, IoT (Internet of Things), and other advanced technologies.