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See for yourself. JERSEY CITY, N.J., April 4, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Machine Learning As A Service Market" By Component (Services, Software Tools), By Application (Analytics And Automated Traffic Management, Fraud Detection, Predictive Maintenance), and By Geography. Such errors can lie undiscovered for a long time and correcting them can take much longer. Robots will be capable of doing repetitious tasks which are presently performed by human workers. Businesses are finding it increasingly difficult to verify their transactions which is creating a demand for advanced technologies, to resolve such issues. Based on component type, the global machine learning market is segmented into software and services. Rising innovation and research by key companies in development of virtual agents is expected to drive revenue growth of the market. On 18 May 2021, Google Cloud launched Vertex AI, a new managed machine learning platform. Moreover, the growing emphasis on customer-centric behavior is driving overall growth. BFSI segment is expected to register a steady revenue growth rate during the forecast period. Our 250 Analysts and SME's offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Machine learning enabled solutions are being significantly adopted by organizations worldwide to enhance customer experience, ROI, and to gain a competitive edge in business operations. Global top 2000 strategist rely on us for their growth strategies. It is also being used to predictoutcomes of various challenges. The objective of the study has been carried out to define, describe, and forecast the global market on the basis of vertical (BFSI, energy and utilities, healthcare and life sciences, retail, telecommunication, manufacturing, government and defense, others (transportation, agriculture, media and entertainment, and education), services (professional services and managed services), deployment modes (cloud and on-premises), organization sizes (SMEs and large enterprises), and regions (North America, Europe, APAC, MEA, and Latin America). The global machine learning market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. These Machine Learning Software Vendors are rated and listed by us on the basis of product quality, reliability, and their business strategy. Technological advancement and proliferation in data generation are some of the major driving factors for the market. Moreover, in the coming years, applications of machine learning in various industry verticals is expected to rise exponentially. Several corporate executives across the world are implementing this technology to gain a competitive edge and connect organizationalgoals with employee interests. FinoAllied takes centerstage since it just requires a connection with a bank's current IT ecosystem. The other industry verticals, such as manufacturing, telecommunication, energy and utilities, retail, and government and defense are contributing significantly to the machine learning market. Flexibility, automated software updates, disaster recovery through cloud-based backup systems, increased collaboration, monitoring document version control, and data loss prevention with robust cloud storage facilities are some of the crucial benefits that have resulted in the adoption of cloud-based delivery models for machine learning software solutions and services. Virtual agents are used by companies such as Google and Amazon to provide 24/7 customer care. For instance, for an e-commerce website such as Amazon, ML helps to analyze purchase histories and browsing behaviors of its users, which in turn, helps in catering to the right opportunities, products, and reminders relevant to users. It is a collection of MLOps implementation frameworks and best practicesfrom the industry. Image recognition is another popular application of machine learning. Furthermore, ML alsooffers immense potential, from wearable data-driven gadgets that track health and fitness objectives to self-driving cars and smart cities with infrastructure that can automatically minimize time wastageand energy. Rising demand for automated machine learning and increasing use of machine learning to improve cybersecurity are key factors expected to drive adoption of machine learning. Machine learning is a subcategory of artificial intelligence that refers to a process through which computers gain pattern recognition, or the capacity to continually learn from and make predictions based on data and make improvements without being explicitly programmed to do so with the help of data analytics. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. The bottom-up procedure was employed to arrive at the overall market size from the revenues of the key market players. For instance, on 3 May 2022, Elemeno AI, which is a cloud-based machine learning firm, launched a Machine Learning Operations (ML-Ops) platform to assist businesses in leveraging AI's benefits. Breast Pumps Market size worth $ 1.80 Billion, Globally, by 2030 Analytics And Automated Traffic Management. - 69) 8.1 Introduction 8.2 Large Enterprises 8.3 SMEs, 9 Machine Learning Market Analysis, By Service (Page No. Furthermore, the expansion of the adoption rate for MLaaS is anticipated to be propelled by the growing adoption rate for IoT and autonomous systems in businesses. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue impacting decisions for a brilliant future. This results in biased predictions and leads to irrelevant advertising being displayed to customers. Oracle, IBM, Amazon Web Services, Inc., Microsoft, Fractal Analytics Inc., Google, Baidu, Inc., Intel Corporation, Hewlett Packard Enterprise Development LP, and Dell Inc. 10 hrs of free customization and expert consultation, Cloud and Web-based Application Programming Interface (APIs), In-depth research on specific segments/regions or companies, Additional company profiles depending on client specific needs, Report delivery in any format (PPT, PDF, Excel), 40 Wall St. 28th floor New York City, NY 10005 United States. 13 Appendix (Page No. It provides data scientists with a straightforward User Experience (UX) for developing machine learning models from zero to one. Published Date: Jun 2022 | In the organization size segment, the large enterprises segment is expected to have the largest market share, whereas the SMEs segment is expected to grow at the highest CAGR during the forecast period in machine learning market. The global Machine Learning (ML) market size was USD 6.91 Billion in 2021, and is expected to register a revenue CAGR of 44.1% during the forecast period. Information & discussion on the relevant new products and services, Information & discussion on Market insights and Market information, Information & discussion on our events and conferences, Professional and social network (Linkedin, etc), Communication and Connectivity Technology, Coatings Adhesives Sealants and Elastomers, Automotive Electronics and Electrical Equipment, Construction Technology and Sustainability, Meet MutableAI; A Machine Learning Powered Python Code Assistant for Jupyter, Meet 'Tecton', a California-Based Startup Providing an Enterprise-Ready Feature Store to Make Machine Learning Accessible to Every Company, How 4 health systems are using AI, data analytics and machine learning, Machine-Learning Experts Can Earn up to $160,000 With These Skills, the power of machine learning to fight fraud, kevin durant joins $100 million pool to build the future of machine learning with his $200 million net worth, Machine Learning as a Service (MLaaS) Market, Analytical and Scientific Instrumentation, Machine learning/Artificial Intelligence (AI) solution and service providers, Cognitive and Artificial Intelligence (AI) technology experts/providers, Others (compliance management and credit underwriting), Applications in Healthcare and Life Sciences, Others (clinical trial research and epidemic outbreak prediction), Others (customer ROI and lifetime value, and customization management), Others (digital assistance/contact centers analytics and marketing campaign analytics), Others (sustainability and operational analytics), Others (root cause analysis and telematics), Others (customer specific pricing and renewable energy management), Others (Education, Agriculture, Media and Entertainment, and Education), Product matrix which gives a detailed comparison of product portfolio of each company, Further breakdown of the APAC machine learning market, Further breakdown of the North American market, Further breakdown of the Latin American market, Detailed analysis and profiling of additional market players (Up to 5). They respond to client questions and concerns via email or chatbots on company websites. These regions have the most competitive and rapidly changing global market in the world. Over a billion devices connected have already been deployed in industrial automation. The increased awareness for business productivity, supplemented with competently designed machine learning solutions offered by vendors present in the APAC region, has led APAC to become a highly potential market. For instance, on 18 April 2022, Tata Consultancy Services (TCS) launched an intelligent risk-based monitoring solution for clinical trials as part of its own TCS ADD Suite, which would facilitate intelligent decision making, enhanced compliance, and improved study efficacy. For instance, on 17 March 2022, The K-Tech Centre of Excellence for Data Science and AI of the National Association of Software and Service Companies (NASSCOM) released a MLOps playbook. According to Verified Market Research, the Global Machine Learning As A Service Market size was valued at USD 2.48 Billion in 2020 and is projected to reach USD 38.81 Billion by 2028, growing at a CAGR of 41.2% from 2021 to 2028. The major vendors in machine learning market are Microsoft Corporation (Washington, US), IBM Corporation (New York, US), SAP SE (Walldorf, Germany), SAS Institute Inc. (North Carolina, US), Google, Inc. (California, US), Amazon Web Services Inc. (Washington, US), Baidu, Inc. (Beijing, China), BigML, Inc. (Oregon, US), Fair Isaac Corporation (FICO) (California, US), Hewlett Packard Enterprise Development LP (HPE) (California, US), Intel Corporation (California, US), KNIME.com AG (Zurich, Switzerland), RapidMiner, Inc. (Massachusetts, US), Angoss Software Corporation (Toronto, Canada), H2O.ai (California, US), Alpine Data (California, US), Domino Data Lab, Inc. (California, US), Dataiku (Paris, France), Luminoso Technologies, Inc. (Massachusetts, US), TrademarkVision (Pennsylvania, US), Fractal Analytics Inc. (New Jersey, US), TIBCO Software Inc. (California, US), Teradata (Ohio, US), Dell Inc. (Texas, US), and Oracle Corporation (California, US). Large enterprises have been heavily adopting machine learning to extract the required information from a large amount of data and forecast the outcome of various problems. In the services segment, the managed service segment is expected to grow at a higher CAGR, whereas professional service segment is expected to be a larger contributor during the forecast period. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research. Based on application, the global machine learning market is segmented into fraud detection & risk analytics, augmented & virtual reality, natural language processing, computer vision, security & surveillance, marketing & advertisement, automated network management, predictive maintenance, and others. Global Machine Learning As A Service Market is experiencing an increase in development because of technological developments and a rise in the number of Research and innovation activities across the world which leads to growth of the market. Large enterprises segment accounted for the largest revenue share in 2021. The agreement is expected to transform in-vehicle experience for Stellantis customers and facilitate the automotive industrys transition to a software-defined sustainable future. The model is then fed training data to predict the risk of fraud. Both the verticals generate data in a huge amount every second, and there is accelerated demand for data management technologies such as machine learning and predictive analytics in order to extract business critical insights from this ever-increasing data. According to the company, in Vertex, it takes 80% fewer lines of code to train a model compared to some of its competitive platforms. Machine learning enables systems to learn, make predictions, and improve algorithms. Small and medium-sized enterprises segment is expected to register a steady revenue growth rate during the forecast period. All rights reserved. As a result of expanding digitalization and rising cyber threats to essential corporate information and data, rapid developmentand highly engaged SMEs have increased their use of ML solutions and services worldwide. Visualize Machine Learning As A Service Market using Verified Market Intelligence:-: Verified Market Intelligence is our BI Enabled Platform for narrative storytelling of this market. - 72) 9.1 Introduction 9.2 Professional Services 9.3 Managed Services, 10 Geographic Analysis (Page No. For instance, capacity of image categorization as a machine learning solution to disrupt current systems built for the same goal has made it extremely popular in the corporate sector. These can reduce the possibility of unexpected failures, resulting in fewer preventive maintenance projects. Market in Europe is expected to register a steady revenue growth during the forecast period. Initiatives taken by market players are driving revenue growth of the market, for instance: On 5 January 2022, Amazon and Stellantis collaborated to introduce customer-centric connected experiences across millions of vehicles to help accelerate Stellantis software transformation. Various companies are adopting machine learning software to build their own ML model owing to various advantages such as, it can be used to cut down workload and time by automating various tasks, it has a wide range of applications in customer interaction, is more reliable in data handling which is expected to drive revenue growth of the segment. The global machine learning market size was USD 6.91 Billion in 2021. Subscribe to our newsletter and never miss our latest news. Reports and Data is a company of individuals who passionately seek to provide the world with an understanding that evolution is part of the natural feature and process that ushers in radical changes in ways things would otherwise function in a regular process. 7500+ companies worldwide approach us every year for their revenue growth inititatives. Corrective and preventative maintenance methods are required in manufacturing facilities. Please share your problem/objectives in greater details so that our analyst can verify if they can solve your problem(s). - 16) 1.1 Objectives of the Machine Learning MarketStudy 1.2 Market Definition 1.3 Market Scope 1.4 Years Considered for the Study 1.5 Currency 1.6 Stakeholders, 2 Research Methodology (Page No. Increasing application of cloud-based solutions, technological development in artificial intelligence and cognitive computing market, and increase in market for prediction solutions are some of the factors to fuel the MLaaS market growth. Collecting and classification of data is the first step in ML fraud detection process. ML is used by AI systems to establish and analyzefrequently asked queries and make it feasible for robots to handle corporate management tasks in the future years. Based on regional analysis, machine learning market in North America accounted for the largest revenue share in 2021. Artificial intelligence and data science are increasingly being used to deliver quantitative insights into businesses that are expected to drive revenue growth of the segment. Managed Analytics as a Service enables businesses to automate the process of converting data into insights, allowing them to accomplish goals including customer retention success, predictive modeling for predicting customer behavior, and 360 Degree Customer View for better understanding of consumers. The rapidly emerging and highly active SMEs have increased the adoption of machine learning solutions and services globally, as a result of the growing digitization and increased cyber risks to critical business information and data. ML aids in development of extremely effective maintenance programs. - 20) 2.1 Research Data 2.1.1 Secondary Data 2.1.2 Primary Data 2.1.2.1 Breakdown of Primaries 2.1.2.2 Key Industry Insights 2.2 Machine Learning Market Size Estimation 2.2.1 Bottom-Up Approach 2.2.2 Top-Down Approach 2.3 Microquadrant Research Methodology 2.3.1 Vendor Inclusion Criteria 2.4 Research Assumptions 2.5 Limitations, 4 Premium Insights (Page No. For instance, on 4 November 2019, Microsoft launched Power Virtual agents, a service that supports building conversational chatbots using a no-code graphical user interface. The service is part of the Microsoft Power Platform, which also includes Power Apps, Power BI, and Power Automate (previously known as Microsoft Flow), and intends to democratize bot development. Majority of enterprises in the region rely on Big Data to construct defenses against cyber-attacks. VMI provides a holistic overview and global competitive landscape with respect to Region, Country, and Segment, and Key players of your market. The technology also supports continuous data assessment, which aids in enhancing correctness of financial models and regulations by recognizing and assessing abnormalities and subtleties. We study 14+ categories from Semiconductor & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & construction, Agriculture industry and Medical Devices from over 100 countries. The following customization options are available for the report: The global machine learning market is expected to grow from USD 1.41 Billion in 2017 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%. The MLaaS model is expected to lead the global, giving customers the option to select from a wide variety of services designed for specific business requirements. Machine learning technology is being used by businesses to detect risks and fraud, resulting in fewer cybersecurity breaches. The vendor offerings were also taken into consideration to determine the market segmentations. - 75) 10.1 Introduction 10.2 North America 10.2.1 By Vertical 10.2.1.1 Applications in BFSI 10.2.1.2 Applications in Healthcare and Life Sciences 10.2.1.3 Applications in Retail 10.2.1.4 Applications in Telecommunications 10.2.1.5 Applications in Government and Defense 10.2.1.6 Applications in Manufacturing 10.2.1.7 Applications in Energy and Utilities 10.2.2 By Organization Size 10.2.3 By Deployment Mode 10.2.4 By Service 10.3 Europe 10.3.1 By Vertical 10.3.1.1 Applications in BFSI 10.3.1.2 Applications in Healthcare and Life Sciences 10.3.1.3 Applications in Retail 10.3.1.4 Applications in Telecommunications 10.3.1.5 Applications in Government and Defense 10.3.1.6 Applications in Manufacturing 10.3.1.7 Applications in Energy and Utilities 10.3.2 By Organization Size 10.3.3 By Deployment Mode 10.3.4 By Service 10.4 APAC 10.4.1 By Vertical 10.4.1.1 Applications in BFSI 10.4.1.2 Applications in Healthcare and Life Sciences 10.4.1.3 Applications in Retail 10.4.1.4 Applications in Telecommunications 10.4.1.5 Applications in Government and Defense 10.4.1.6 Applications in Manufacturing 10.4.1.7 Applications in Energy and Utilities 10.4.2 By Organization Size 10.4.3 By Deployment Mode 10.4.4 By Service 10.5 MEA 10.5.1 By Vertical 10.5.1.1 Applications in BFSI 10.5.1.2 Applications in Healthcare and Life Sciences 10.5.1.3 Applications in Retail 10.5.1.4 Applications in Telecommunications 10.5.1.5 Applications in Government and Defense 10.5.1.6 Applications in Manufacturing 10.5.1.7 Applications in Energy and Utilities 10.5.2 By Organization Size 10.5.3 By Deployment Mode 10.5.4 By Service 10.6 Latin America 10.6.1 By Vertical 10.6.1.1 Applications in BFSI 10.6.1.2 Applications in Healthcare and Life Sciences 10.6.1.3 Applications in Retail 10.6.1.4 Applications in Telecommunications 10.6.1.5 Applications in Government and Defense 10.6.1.6 Applications in Manufacturing 10.6.1.7 Applications in Energy and Utilities 10.6.2 By Organization Size 10.6.3 By Deployment Mode 10.6.4 By Service, 11 Competitive Landscape (Page No.

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