Market Research News Machine Learning as a Service Market (2016-2024)- | Page 2

Machine Learning as a Service Market Overview
Machine learning refers to the artificial intelligence software which predicts
the outputs without any explicit program. Instead of supervising the
unsupervised program, machine learning learns from the environment and
generates data accordingly. It is widely being used for predictive analysis, face
recognition, big data analysis and other applications. Many companies are
adopting machine learning to enhance their productivity and operational
efficiency.
Market Size and Forecast
Global machine learning as a service market is anticipated to flourish at a
robust CAGR of 40.2% during the forecast period. In 2012, global machine
learning as a service market was estimated at a valuation of USD 0.5 Million.
Further, the market of machine learning as a service was valued at USD 1.1
Billion in 2016 and is expected to garner USD 20.1 Billion by the end of 2024.
Rising adoption of IoT across the globe is the dynamic factor behind the
growth of the machine learning as a service market during the forecast period.
Geographically, North America accounted for more than 35% market share in
2016. Further, the region is expected to continue its dominance over the
forecast period on the account of rising adoption of machine learning as a
service. Furthermore, presence of major players in the region such as Google,
Microsoft Corporation, IBM and Amazon webs services is envisioned to
bolster the growth of the machine learning as a service market. In the North
America region, U.S. captured the largest market share in 2016.
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