According to the research report titled ‘Global Machine Learning as a Service (MLaaS) Market is by Application (Marketing and Advertisement, Predictive Maintenance, Automated Network Management, Fraud Detection and Risk Analytics), Organization Size (Small and Medium Enterprises, Large Enterprises), End-User (IT and Telecom, Automotive, Healthcare, Aerospace and Defense, Retail, Government, BFSI), Regional Forecasts 2021-2027’, available with MarketStudyReport, global machine learning as a service (MLaaS) market was valued approximately USD 1.60 billion in 2020 and is anticipated to reach USD 16.7 billion by the end of forecast timeframe 2021-2027, registering a steady growth rate of over 39.86% throughout.
 

Rising penetration of cloud-based services, IoT and automation technologies is primarily driving the worldwide machine learning as a service (MLaaS) market growth. In fact, credible sources cite that 79% of corporate respondents in 2020 switched to Amazon Web Services (AWS) for public cloud usage.
 

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For the unversed, machine learning (ML) is a field that stems from artificial intelligence (AI). It encompasses several strategies to generate meaningful models from raw data. As these solutions are reliant on algorithms, model complexity, and computational complexity, they require qualified specialists to build them.
 

Notably, cloud infrastructure services market generated over USD 96 billion in sales volume in 2019. Moreover, revenues prior to the fourth quarter of 2020 totaled USD 129 billion. Hyperscale cloud computing platform providers like Amazon Web Services, Microsoft Azure, and Google Cloud are among the most popular cloud computing platform providers across the world.
 

The demand in worldwide machine learning as a service (MLaaS) industry is predicted to increase significantly throughout the projection period owing to growing inclination towards electronic sensors, linked devices, and equipment which is aided by technological advancements in network connectivity. However, concerns about privacy and data security may hamper industry growth between 2021-2027.
 

From a regional perspective, North America holds a major market share and will continue to grow at a strong pace, attributable to increasing usage of cloud-based solutions by small and medium-sized organizations. Meanwhile, Asia-Pacific market is likely to expand considerably owing to the region's widespread application of machine learning technologies and continued growth of the IT sector.
 

Based on the competitive landscape, BigML Inc., Google LLC, SAS Institute Inc., IBM Corp., Iflowsoft Solutions Inc., Amazon Web Services Inc., Yottamine Analytics LLC, Hewlett Packard Enterprise Co., Microsoft Corp., and Fair Isaac Corp. (FICO) are among the major companies influencing the global machine learning as a service (MLaaS) market trends.