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Machine Learning (ML), which encompasses a number of different sub-fields of AI, covers a broad array of techniques used to extract useful information from large sets of data. As it revolves around complicated algorithms, model complexity, and computation, the machine learning industry is highly in demand because it has a lot of benefits that will benefit companies and their employees. Machine learning as a service (MLaaS) includes a wide range of services that provide machine learning tools as a part of cloud computing services. It helps clients benefit from ML without the cognate cost, risk, and time of establishing an in-house internal machine learning team.
Growing adoption of cloud-based technologies is expected to drive
growth of global machine
learning as a service (MLaaS) market during the forecast period. The
adoption of cloud technology has increased significantly in enterprises due to
various benefits. These benefits include cost savings, better mobility, and
enhanced security, improve flexibility, and better disaster recovery.
Furthermore, cloud computing operates on a similar principle as web-based email
clients, which allows users to access all files in the system without having to
keep the bulk of the system. MLaaS is typically beneficial to SMBs where they
can pick and choose which capabilities are necessary. Thus, these factors are
expected to drive growth of the global machine learning as a service (MLaaS)
market during the forecast period. Furthermore, rising need to understand
customer behavior and advancements in technologies is expected to propel the
global machine learning as a service (MLaaS) market growth in the near future.
However, stringent government compliances and lack of skilled
workers proficient in machine learning services are expected to hinder the
global machine learning as a service (MLaaS) market growth over the forecast
period. Besides, rising investments in the healthcare sector and enhanced
connectivity, and increase in data from IoT platforms can provide lucrative growth
opportunities in the MLaaS market in the near future. Among regions, North
America is expected to witness significant growth in global machine learning as
a service (MLaaS) market in the near future, owing to the presence of major
market players such as Google Inc., Microsoft Corporation, and IBM Corporation
in the region.
Major companies involved in the global machine learning as a
service (MLaaS) market are Microsoft Corporation, IBM Corporation, Google Inc.,
BigML Inc., Hewlett Packard Enterprise Company, Fair Isaac Corporation (FICO),
and SAS Institute Inc.
For instance, in July 2020, Hewlett Packard Enterprise Company
introduced new machine learning as a service platform HPE Haven OnDemand
delivered on Microsoft Azure and other platforms.
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