Global Machine Learning-as-a-Service (MLaaS) Market 2019-2023
Global Machine Learning-as-a-Service (MLaaS) Market: About this market
Technavio’s machine learning-as-a-service (MLaaS) market analysis considers sales from segments including BFSI, retail, telecommunications, healthcare, manufacturing, and other end-users. Our analysis also considers the sales of MLaaS in APAC, Europe, North America, South America, and MEA. In 2018, the BFSI segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increasing investments of BFSI companies in MLaaS to reduce costs and improve risk management will play a significant role in the BFSI segment to maintain its market position. Also, our global MLaaS market report looks at factors such as increased adoption of cloud-based offerings, increasing the use of ML in customer experience management, and ML in predictive analytics. However, the shortage of skilled personnel, data privacy issues and regulations, and data integration issues may hamper the growth of the MLaaS industry over the forecast period.
Global Machine Learning-as-a-Service (MLaaS) Market: Overview
Increasing use of machine language in customer experience management
Several enterprises are focusing on customer experience management to maintain a complete and robust relationship with their customers by using customer data. Therefore, machine language (ML) needs to be integrated into enterprise applications to control and make optimal use of this data. This will open new opportunities for revenue growth of enterprises and lead to the expansion of the global MLaaS market at a CAGR of over 38% during the forecast period.
Increasing technology investments in the retail industry
Retail companies are shifting their focus to customer buying patterns with the growing number of e-commerce websites and the digital revolution in the retail sector. This drives the need to manage and track the inventory movement of items, which can be done using MLaaS. The use of MLaaS by retail companies for inventory optimization and behavioral tracking is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global machine learning-as-a-service (MLaaS) market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global MLaaS market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading MLaaS manufacturers, that include Google LLC, Hewlett Packard Enterprise Development LP, IBM Corp., Microsoft Corp., and SAS Institute Inc.
Also, the MLaaS market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities. "