Impact Of Covid-19 Outbreak On Machine Learning as a Service Market
The persistent zest of all organizations is to increase efficiency while maintaining quality, and machine learning as a service has emerged as a tool that can leverage cloud computing services to aid in data visualization, application program interface (API), natural language processing (NLP), face recognition, deep leaning, and predictive analytics. This zest is turning into a boon for the global machine learning as a service (MLaaS) market, in which the demand will be incrementing at an exuberant CAGR of 38.40% during the forecast period of 2017 to 2025, according to an up to date business publication released by Transparency Market Research (TMR). Revenue-wise, the global MLaaS market is estimated to be worth US$19.86 billion by the end of 2025.
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Consolidated Competitive Landscape
The analyst of the TMR publication has notified for a fairly consolidated competitive landscape in the global machine learning as a service market, with leading three companies, viz. Microsoft Corporation, Amazon Web Services, and IBM Corporation collectively held more than 73% of the total shares as of 2016. This being said, a number of regional players have mushroomed in the recent past and the future competitive landscape is expected to be much more fragmented, although the aforementioned three prominent players will continue to dominate in some sense.
This prominence of Amazon, Microsoft, and IBM can be attributed to their vast geographical presence and the ability to provide for efficient services if not innovate for new products. These players are also financially equipped to collaborate with or acquire small players in order to maintain their stronghold.
