Machine learning as a service is a collection of different cloud-based platforms that utilizes machine learning equipment for providing unique solutions. Considering the advancement in technology and rapid adoption of artificial intelligence, the global machine learning as a service market will also gain huge momentum in the coming years. The introduction and adoption of self-driven cars and the adoption of deep learning in combination with machine learning will also help augment growth of this market. Scientific invention and discovery has progressed to the level where AI technology is leading the way towards a technologically sane world. Machine Learning is capable of understanding natural language and can be used for super-fast transactions, better customer services and overall serve as personal assistants.
Machine learning as a service can be used as an in-house setup or be installed on software or hardware and be associated with cloud services. Machine learning emerged as the game changer in the beginning of the century with its tailored cloud-based solutions. It is a powerful source for data scientists and can be used for running orchestration, modeling deployment, unique predictive analysis, pre-processing of data, or model deployment.
Top Companies Launched Multiple Machine Learning Services to Aid in Expansion of Overall Market
One of the topnotch machine learning services that gained popularity in the last couple of years is Amazon. This platform offers easy baseline solution and various other machine learning services such as:
- Deep Learning services namely AWS DeepLens, AWS DeepComposer, and AWS DeepRacer
- Text to Speech Translation called Amazon Polly
- Video and Image analysis application called Amazon Rekognition
- Time series forecasting model called Amazon Forecast
- Talkback chatbots called Amazon Lex
- Natural Language Processing called Amazon Comprehend
Google, a multinational tech company offers different state-of-the-art neural architecture and transfer learning technology along with various machine learning services. Beginner level services include:
- Structured data called AutoML Tables
- Language detection and translation called AutoML Translation
- Natural Language Processing called AutoML Natural Language
- Video processing called AutoML Video
- Image Processing called AutoML Vision
Microsoft, another giant tech company, also offers various machine learning tools for data labeling, data visualization, and data analysis for use by data scientists. The Azure Machine Learning Studio by Microsoft includes services such as:
- Video Insights called Video Indexer
- Serverless bot service called Azure Bot Service
- Text Analytics
- Web and Mobile App Development called Azure Cognitive Search
- Text to Speech
- Experimenting and model management such as Azure Machine Learning
- Speech Translation
- AI-supported analytics platform called Azure Databricks
Rising Inclination towards Self-Driving Cars to Augment Growth
A prime factor promoting the growth of the global machine learning as a service market is the increasing popularity and adoption of self-driving cars. This is possible owing to the adoption of artificial intelligence and machine learning algorithms. Real-time monitoring of the environment in and around the self-driving car is one of the added benefits that is augmenting the growth of the automotive industry at large.
On the contrary, factors such as stringent regulations on use of artificial intelligence or real-time monitoring imposed by various governments may challenge the growth of this market in the coming years. This, coupled with the lack of skilled professionals for dandling IOT platforms and data monitoring may also restrict growth of this market.
Nevertheless, the increasing adoption of machine learning both as a tool and as a service by the medical and pharmaceutical sector is likely to drive this market as well. Rapidly developing digitalization and functional dynamics is likely to add boost to the growth of this market in the coming years. Wide adoption of artificial intelligence and machine learning for medical and diagnostic purposes are likely to promote this market in terms of revenue generation. Furthermore, new growth opportunities in the global medical sector are further expected to help create lucrative growth opportunities for the market in the coming years.
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