Growth Opportunities and Business Development Strategies of Machine Learning as a Service Market

Machine learning as-a-service refers to various types of services that offer machine learning abilities as a part of cloud-computing services. MLaaS assists its customers to gain advantage from machine learning without additional cost, risk, and time for creating an in-house internal machine learning team. MLaaS offers various advantages such as data pre-processing, model evaluation, model training, and predications. Many service providers offer API, predictive analytics, deep learning, data visualization, natural language processing, etc. The major advantage that MLaaS offers to businesses is that it enables them to get started quickly with machine learning without undergoing tedious software installation processes. Companies can enhance their product capabilities and offerings, enhance regular business operation efficiency, make interaction with consumers easier, and use AI prediction capabilities.

Growing internet penetration has led to increase in a massive amount of structured and unstructured data in organizations. It has become extremely crucial for these organizations to get a better insight into their data, in order to enhance efficiency and competitiveness. Moreover, many organizations are increasingly adopting machine learning as a service to analyze both structured and unstructured data for future predictions and also use it for further marketing purposes. This, in turn, is expected to drive growth of the global machine learning as a service (MLaaS) market during the forecast period.

According to Cisco’s Global Cloud Index, 2015-2020, 65% of data traffic in 2015 was cloud-based, which is estimated to reach 92% by 2020. As more and more companies are preferring cloud computing, it has become easy for them to adopt machine learning services. Moreover, machine learning application on the cloud has become more accessible and economical for businesses. Thus, these factors are expected to boost the global machine learning as a service (MLaaS) market growth in the near future.

Competitive Section

Key players involved in the global machine learning as a service (MLaaS) market are H2O.ai, Google Inc., Predictron Labs Ltd, IBM Corporation, Ersatz Labs Inc., Microsoft Corporation, Yottamine Analytics, Amazon Web Services Inc., FICO, and BigML Inc.

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Market Trends

1. Advent of new intelligent application is expected to be major trend

Machine learning capabilities are expected to be integrated into more platforms and software in the years to come, enabling organizations to take advantage of them. A number of companies are focused on becoming a data company irrespective of what an organization does. Previously, organizations have been dependent on structured data to make appropriate decisions or estimate future outcomes. However, upsurge of big data and machine learning capabilities has allowed analysis of unstructured data to make more informed decisions. Moreover, rapid speed of data generation and the availability of a huge amount of computing power are expected to facilitate advent of more and more applications that generate real-time predictions and get better constantly over time.

1. Growing use of machine learning in retail sector is another major trend

Major retailers in the market have collaborated with analytics companies to gain insights for marketing purposes. Moreover, smaller retailers are leveraging power of big data to understand its consumers, owing to availability of cost-efficient cloud-based machine learning solutions. In segment-of-one marketing, the individual customers are targeted with the available data about them to suggest the right promotion for the right customer. Machine learning-powered marketing is expected to change the traditional method of promotion.

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