The Asia Pacific Machine learning as a Service Market would witness market growth of 32.5% CAGR during the forecast period (2022-2028).
MLaaS is a platform that supports pattern recognition as well as probabilistic reasoning. This gives a comprehensive and sound machine learning solution that allows for the flexibility of using various approaches to develop unique workflows tailored to the company's demands. Convolutional neural networks (CNN), deep neural networks (DNN), Bayesian networks, probabilistic graphical models, Restricted Boltzmann machine (RBM), and pattern recognition are among the techniques that support MLaaS.
MLaaS is already being used in a variety of businesses. Risk analytics, fraud detection, manufacturing, supply chain optimization, network analytics, marketing, advertising, predictive maintenance, and inventory management optimization are just a few of the processes where it's applied. Healthcare, banking, financial services and insurance (BFSI), transportation, retail, manufacturing, and telecommunications are among the industries covered by the app.
China, India, and the Philippines, as well as other rising economies in the area, have a thriving and dynamic startup environment, aided by an increasingly trained workforce that fuels regional market expansion. Furthermore, the Japanese government is launching a number of measures to promote artificial intelligence and machine learning throughout the country, as well as a boom in the adoption of machine learning services, which is driving the industry in Japan. These are some of the elements that propel the Asia Pacific market expansion.
China has a thriving market that is open to innovative AI-based goods, and Chinese companies are relatively quick to commercialize AI products and services. Consumers in China are similarly quick to adopt new products and services. As a result, the environment encourages the rapid development of AI and ML technologies and products.
The China market dominated the Asia Pacific Machine learning as a Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,940.6 million by 2028. The Japan market is anticipated to grow at a CAGR of 31.7% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 33.4% during (2022 - 2028).
Based on End User, the market is segmented into IT & Telecom, BFSI, Manufacturing, Retail, Healthcare, Energy & Utilities, Public Sector, Aerospace & Defense, and Others. Based on Offering, the market is segmented into Services Only and Solution (Software Tools). Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Marketing & Advertising, Fraud Detection & Risk Management, Computer vision, Security & Surveillance, Predictive analytics, Natural Language Processing, Augmented & Virtual Reality, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Machine learning as a Service Market is Projected to reach USD 36.2 Billion by 2028, at a CAGR of 31.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hewlett-Packard Enterprise Company, Oracle Corporation, Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), IBM Corporation, Microsoft Corporation, Fair Isaac Corporation (FICO), SAS Institute, Inc., Yottamine Analytics, LLC, and BigML.
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