The North America Machine learning as a Service Market would witness market growth of 30.7% CAGR during the forecast period (2022-2028).
MLaaS service providers give ascendable and customized technology to businesses, allowing them to select certain services that are right for them. The largest advantage of MLaaS is the independence from having to create in-house infrastructure from the ground up. Many firms, particularly small and medium-sized businesses (SMBs), lack the infrastructure and internal capabilities to manage vast amounts of data. The cost of storing all of this data is a significant expenditure. The MLaaS platform is in charge of data management and storage at this point.
Companies can gain a competitive advantage in the market with the use of machine learning technology and computing resources provided by MLaaS. They can offer similar services to their larger and more established competitors without having to worry about complex and large-scale machine learning and data needs. MLaaS also allows for better and faster decision-making by providing the firm with faster, and sometimes previously unseen insights.
The presence of major R&D investors like IBM, Amazon.com, and Oracle Corporation expands the market size across the region. Furthermore, the market in North America is predicted to develop due to high investments and the presence of established IT infrastructure. For example, the United States' Defense Advanced Research Projects Agency (DARPA) committed USD 2 billion to AI research. North America has a strong innovation environment, fuelled by smart federal investments in sophisticated technology and the presence of visionary scientists and entrepreneurs from globally renowned research institutions, which has accelerated the development of MLaaS.
A huge expansion of 5G, IoT, and linked devices is also occurring in the region. As a result, through virtualization, network slicing, new use-cases, and service requirements, communications service providers (CSPs) must efficiently handle an ever-growing complexity. As traditional network and service management methodologies are no longer viable, this is expected to drive demand MLaaS.
The US market dominated the North America 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 $9,478.9 million by 2028. The Canada market is experiencing a CAGR of 33.7% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 32.5% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Machine learning as a Service Market is Estimated to reach $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.
By End User
By Offering
By Organization Size
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By Country
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