Machine Learning (ML) Platforms Market Size, Share, Growth, and Industry Analysis by Type (Cloud-based & On-premises), By Application (Small and Medium Enterprises SMEs & Large Enterprises) Regional Forecast From 2023 To 2031

Updated On: 08 April 2024

MACHINE LEARNING (ML) PLATFORMS MARKET REPORT OVERVIEW

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The global machine learning (ML) platforms market size was USD 5512.8 million in 2021 and the market is expected to reach USD 74781 million in 2031, exhibiting a CAGR of 33.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with machine learning (ML) platforms experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Users can create, use, and improve machine learning—more specifically, machine learning algorithms—with the help of machine learning platforms. Platforms for machine learning streamline related functionality, speed up data processing, and automate data workflows. The importance of using machine learning and other artificial intelligence (AI) strategies to transform data into insights, drive business decisions, and improve products and services grows along with the amount of data that businesses amass. You can generate business insights and scale-up the deployment of new solutions using machine learning (ML) platforms and tools, which combine intelligent algorithms with data.

Market expansion is significantly influenced by the growing use of artificial intelligence (AI) and machine learning (ML) platforms across a range of end-use sectors, including manufacturing, healthcare, and the automotive and retail industries. Machine learning as a service uses deep learning techniques to enhance decision-making through predictive analytics. However, the use of ML does present security and data privacy issues for ML model owners. Data owners are concerned about how secure and private their data is on ML platforms. Processing and extracting insights from the enormous data volume produced when people and other environmental factors interact with technology would be very challenging without the speed and sophistication of machine learning and deep learning.

COVID-19 Impact: Industry Imbalance to Restrict Market Growth

The COVID-19 outbreak caused problems for manufacturers of services materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for services. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall services industry. This has partially impacted the machine learning (ML) platforms industry.

LATEST TRENDS

"Adoption of IoT & Automation to Boost the Market Growth"

The adoption of IoT and automation is the key trend driving the market's growth. IoT operations ensure that the hundreds or more devices connected to a corporate network are operating safely and correctly, and that the data being gathered is accurate and timely. Some providers of IoT platform solutions are using machine learning (ML) platforms to hone their operations management capabilities and take control of sizable IoT systems. The market is expanding and sales are rising thanks to this function. Machine learning may be able to uncover the occult patterns in IoT data by analyzing massive amounts of data with potent algorithms. Automated systems that supplement or replace manual operations in crucial tasks can use statistically generated actions and ML inference. By using ML-based solutions, the time-consuming and laborious model selection, coding, and validation steps are removed from the IoT data modelling process. Adoption of IoT by small businesses may result in significant time savings for the time-consuming machine learning process, which will stimulate the industry. The industry is anticipated to grow during the forecast period thanks to this trend. Thus, it is anticipated that the adoption of IoT and automation will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

MACHINE LEARNING (ML) PLATFORMS MARKET SEGMENTATION

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• By Types 

Based on type, the market is classified into Cloud-based & On-premises.

• By Application

Based on the market is categorized into Small and Medium Enterprises SMEs & Large Enterprises.

DRIVING FACTORS

"Healthcare Industry that Gives the Market Extra Boost"

The use of products in the healthcare sector is a major factor driving up market sales. ML technology is already helping in a number of healthcare-related situations. This technology is used in the healthcare industry to evaluate millions of different data points, predict outcomes, provide quick risk scores, and allocate resources precisely, among many other applications that support market expansion. One of the most significant applications of this technology in healthcare is the identification and diagnosis of diseases. It involves identifying and diagnosing ailments and conditions that can occasionally be challenging to recognize. This can include anything from hereditary illnesses to early-stage cancers that are difficult to detect. The cutting-edge method known as Computer Vision, which combines ML and deep learning, is used for medical imaging diagnosis. The Microsoft InnerEye programmed, which focuses on image diagnostic tools for image analysis, has accepted this. The market demand is anticipated to be driven by all of these factors. As a result, the growth, and the rise in demand for the product in healthcare sector will boost the market. It will contribute to the expansion of the services industry and it will improve the overall machine learning (ML) platforms market growth.

"Cloud-based Computing to Encourage Market Expansion"

Increased use of cloud-based machine learning is another factor driving the market. The industry is expanding as a result of social media platforms and cloud computing technologies' rising popularity. All companies that offer enterprise storage solutions now frequently use cloud computing. Online data analysis using cloud storage has the benefit of analyzing real-time data gathered on the cloud. Data analysis is possible at any time and from any location thanks to cloud computing. Additionally, using the cloud to implement machine learning enables businesses to virtually access useful data from linked data warehouses, reducing infrastructure and storage costs, such as consumer behavior and purchasing trends. As a result of the increased use of cloud computing, the machine learning industry is expanding. Over the course of the forecast period, the aforementioned factors are anticipated to affect sales of the industry. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.

RESTRAINING FACTORS

"Lack of Accuracy to Impede Market Expansion"

Lack of product accuracy is the restraint preventing the market from expanding. There are many advantages provided by machine learning platforms that contribute to the market's expansion. However, the platform is missing some essential elements that are anticipated to impede market expansion. The market is significantly constrained by the existence of inaccurate algorithms, which are occasionally underdeveloped. Precision is crucial for manufacturing companies using big data and machine learning. As a result, until the system has all the parameters set and the error margin is close to or equal to zero, human interaction is needed. Therefore, this element might limit market expansion. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

MACHINE LEARNING (ML) PLATFORMS MARKET REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for machine learning (ML) platforms in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product use in small and medium enterprises SMEs & large enterprises sector is boosting the machine learning (ML) platforms market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•   Palantir (U.S.)
•   MathWorks (U.S.)
•   Alteryx (U.S.)
•   SAS (U.S.)
•   Databricks (U.S.)

REPORT COVERAGE

The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of machine learning (ML) platforms market. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.