Machine learning has successfully made its way into various industries.
MLaaS is a path-breaking offering for businesses interested in using machine learning but lack the technical know-how or the the infrastructural support.
The Machine Learning-as-a-Service (MLaaS) market was valued at USD 1.60 billion in 2020, and it is expected to reach USD 12.10 billion by 2026, registering a CAGR of 39.86% during the period of 2021-2026.
Machine learning is changing how the Internet works and is the fastest evolving technologies. It has transformed industries by making computing processes more reliable, cost-effective and efficient. Now, the growing trend of storing data on the cloud has introduced another player in the digital market. With the new addition of MLaaS , the cloud-based market earlier consisting of IaaS, SaaS, and PaaS have now come across a bigger competition. Cloud service providers are now embracing machine learning and launching services in machine learning.
Machine learning is a branch of artificial intelligence, responsible for training machines with data and making them capable of taking real-time decisions, without any human intervention. And now, with the transfer of machine learning to cloud servers, machine learning has become even more powerful. Because of its collaboration with cloud computing, the potential of machine learning isn’t limited to a particular business premise anymore.
MLaaS is a set of services that gives access to machine learning services without the need to hire data scientists. MLaaS provides a range of tools that enable any business to deploy machine learning in their organization without having to work on its implementation. MLaaS comprises of tools that support predictive analysis and deep learning, natural language processing, APIs, and data visualization. The reason behind the use of cloud computing as a platform for machine learning is cloud computing’s ability to offer massive data storage, high computational performance, and low deployment cost. Some of best MLaaS tools in the market are bigML, AWS ML, and Google ML.
The global market for MLaaS segmentation is based on the size of the organization, end-use industry, area of application, and geographical outreach. MLaaS market is not limited to large business alone. Small and medium business enterprises can also leverage MLaaS. The market for MLaaS ranges across services like fraud detection, risk management, and augmented and virtual reality, to name a few. MLaaS can find application in industries like aerospace, defense, IT, telecommunication, healthcare, retail, and finance. Geographically, the MLaaS market is spread across North America, Europe, Asia Pacific, and LAMEA for now.
Companies have begun leveraging machine learning to innovate and experiment in their business. Even if a business is trying to figure out if machine learning is for them or not, MLaaS still continues to be a good choice. With a limited budget set out for experimenting with the technology, CIOs can place a safe bet on MLaaS.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.