Machine Learning as a Service (MLaaS) is gaining traction owing to the growing demand for artificial intelligence, virtual or cloud-based solutions, and rising need of mobility. Owing to the strong need to understand customer behavior, the MLaaS market has gained a lot of importance. MarketsandMarkets forecasts the MLaaS market size to grow from USD 613.4 Million in 2016 to USD 3,755.0 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 43.7% from 2016 to 2021.
There are several established players in this market such as Microsoft (Washington, U.S.), IBM (New York, U.S.), Google, Inc. (California, U.S.), BigML Inc. (Oregon, U.S.), Amazon Web Services (Washington, U.S.), FICO (California, U.S.), and HPE (California, U.S.) are adopting the new product development strategy to grow in the market. The second most adopted strategy by the companies such as Microsoft, AWS, and BigML in the global MLaaS market is partnerships, collaborations, agreements, mergers & acquisition.
Microsoft is one of the leading players in the MLaaS market. The company adopted both organic as well as inorganic strategies to enhance its presence in this market. It announced various new product developments to expand its product portfolio. In November 2014, it acquired a security service provider company called Aorato. Similarly, In July 2016, the company launched new machine learning web services for its Azure platform.
IBM is one of the leading players in the MLaaS market. The company has adopted both organic as well as inorganic strategies to enhance its presence in this market space. The company has made various partnerships and strategic alliances with local as well as global players. Along with this, the company has acquired few renowned players. In March 2015, it acquired AlchemyAPI, to integrate its deep leaning capabilities with Watson. Moreover, the company has prominently adopted organic strategies as well to sustain its competitive position in the MLaaS market.
Machine Learning as a Service (MLaaS) Market by Component (Software Tools, Services), Organization Size, Application (Marketing, Risk Analytics & Fraud Detection, Predictive Maintenance, Network Analytics), Service and Region - Global Forecast to 2021
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