What Will Be The Future Of Machine Learning As a Service ?

The increasing adaptability of Machine Learning as a Service [MLaaS] is predicted to be beneficial for the its global market, particularly in assisting in reducing the complexity and thewait period to implement machine learning which further helps increase the adoption level.

As per Technology research report, the MLaaS market is estimated to rise up USD 3775 million in 2021 from USD 613.4 million in 2016, that means growing at approximately 43.7% of CAGR from 2016 to 2021.

World Wide reasons for increase in MLaaS adoption

·         The adoption of cloud-based and other high-end technologies

·         Innovations and advancement in technology sector

·         The increasing need to understand customer behavior

·         Increased investments in the healthcare industry

·         Upcoming options in the application areas

·         Improved connectivity and rise in data form IoT platforms

·         Increasing demand for private clouds among enterprises

These are some of the factors that are driving the growth of and promoting cloud based applications, therefore boosting the need of MLaaS market in the technology market.

Reasons that are hindering the growth of the market

·         Lack of skilled consultants/ professionalsto set up machine learning services

·         Government issues

·         Compliance issues

·         Lack of efficient and effective predictive technologies and the need for them to integrate into enterprises

These are some of the challenges faced by the Machine Learning as a Service market growth.

Healthcare industry to get the maximum traction among all industry verticals in the predicted time period

The application of MLaaSin the healthcare sector is used to comprehend customer actions and get in-depth information in regards to the clinical performance. It is also efficiently used in predicting future outcomes of patients by utilizing radical analytics technology.

As per a technology market research report, businesses are utilizing machine learning based applications to manage the needs of healthcare professionals. Due to real time data delivery element of the machine learning, doctors can have the precise information of the patients’ situation.

North America predicted to grow at the highest Compound annual growth rate during the forecasted period

North America is forecasted to hold the largest market share during 2017-2021.

One of the key reasons for this prediction is due to the rising number of SMEs in the Market Learning as a Service market offering service and solutions personalized as per customer standards. AsArtificial intelligence gets momentum in Northern America, small companies are providing machine learning solutions on various verticals as well as applications.

The market in North America is expected to see exponential growth and is predicted to be the fastest growing region for the MLaaS market due to cloud based solutions and enterprise mobility.

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