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Report DescriptionAbout IMARC Group
from Machine Learning as a Service Market Growth, Demand and Challenges of the Key Industry Players 2028
International Market Analysis Research and Consulting Group is a leading adviser on management strategy and market research worldwide. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, chemicals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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IMARC’s tailored approach combines unfathomable insight into the dynamics of companies and markets with close cooperation at all levels of the client organization. This ensures that our clients achieve unmatchable competitive advantage, build more proficient organizations, and secure lasting results.
Global Machine Learning as a Service (MLaaS) Market Research Report 2023-2028:
According to the latest report by IMARC Group, titled " Machine Learning as a Service (MLaaS ) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global machine learning as a service (MLaaS) market size reached US$ 5.7 Billion in 2022.
Machine learning as a service, also known as MLaaS, is a wide array of machine learning (ML) tools offered by cloud service providers. Some commonly offered ML tools include data visualization, natural language processing (NLP), deep learning, predictive analytics, speech and face recognition, and application programming interfaces (APIs). It offers several benefits, such as cost-effective data storage, toolkits for setting up efficient data governance, and pre-made pipelines for data ingestion.
It also eliminates infrastructural concerns, including data pre-processing, model training, model evaluation, and predictions. As a result, MLaaS is rapidly gaining traction among organizations and enterprises to meet the dynamic business requirements, such as personalizing search results and predicting product demand.
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Global Machine Learning as a Service (MLaaS) Market Trends:
The rising adoption of cloud-based solutions, the Internet of Things (IoT), and automation represents the primary factor driving the market growth. Besides this, the escalating demand for consumer behavior analysis and the surging need for MLaaS to organize the data efficiently have augmented the product demand. Additionally, enterprises are increasingly adopting MLaaS to design virtual assistants and chatbots, detect manufacturing defects for quality control, automate business documentation workflow, and handle NLP tasks. Along with this, the recent advancements in virtual technologies, such as virtual assistants, augmented reality (AR), smart storage management and logistics, have catalyzed the market growth.
Furthermore, with significant developments in artificial intelligence (AI) and cognitive computing, several key players are making heavy investments to launch innovative ML-based solutions with enhanced accuracy and capabilities, thereby accelerating the product adoption rate. Other factors, including the shifting inclination toward personalization, rising information technology (IT) expenditure, emerging application areas, rapid digitization, and technological advancements, are also creating a favorable market outlook.
