DUBLIN, Nov 15, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Machine Learning as a Service (MLaaS) Market by Component, Organization Size, Application, Service and Region - Global Forecast to 2021" report to their offering.
The Machine Learning as a Service Market size is estimated to grow from USD 613.4 Million in 2016 to USD 3.7 billion by 2021. Among Machine Learning as a Service Market services, the professional services segment is the largest contributor during the forecast period, whereas the managed services segment is expected to grow at the highest CAGR. Professional services include consulting & integration, support & maintenance, and network security services & analytics, which are increasing the growth and awareness of MLaaS as the biggest use case of NFV technology. Among the enterprises segment, the defense industry is expected to be the second largest contributor during the forecast period. This industry is adopting Machine Learning as a Service Market solutions to leverage on the real-time data generation and pattern recognition features. The digitalization and revolution of connecting the world virtually has led to the generation of huge amounts of data in the IT industry, thereby boosting the adoption of MLaaS solutions in the market. North America is expected to be the fastest growing region during the forecast period; the adoption of MLaaS solutions in this region is expected to be fueled by the increasing need for integration of MLaaS with big data, Internet of Things (IoT), and other advanced technologies. Another reason for the growing demand for MLaaS solutions is the rapid expansion of enterprises in the North American region. North America is expected to lead the Machine Learning as a Service Market as the region includes countries with well-established economies, which allow maximum investment in new technologies. Governance and compliance issues and lack of skilled workforce and limited knowledge among end users are the factors hindering the growth of the Machine Learning as a Service Market. As the maintenance of MLaaS solutions needs skilled data scientists with prior experience in managing machine learning solutions, there is a need to educate customers and define the actual importance of MLaaS.