Machine Learning as a Service (MLaaS) Market will witness a CAGR of 49% during the forecast period 2017-2023. Key Players are Microsoft, Amazon Web Services, Google, Inc., and IBM Corporation
MLaaS – Machine learning has become a disruptive trend in the technology industry with computers learning to accomplish tasks without being explicitly programmed. The manufacturing industry is relatively new to the concept of machine learning. Machine learning is well aligned to deal with the complexities of the manufacturing industry. Manufacturers can improve their product quality, ensure supply chain efficiency, reduce time to market, fulfil reliability standards, and thus, enhance their customer base through the application of machine learning.
Machine learning algorithms offer predictive insights at every stage of the production, which can ensure efficiency and accuracy. Problems that earlier took months to be addressed are now being resolved quickly. The predictive failure of equipment is the biggest use case of machine learning in manufacturing. The predictions can be utilized to create predictive maintenance to be done by the service technicians. Certain algorithms can even predict the type of failure that may occur so that correct replacement parts and tools can be brought by the technician for the job.
According to Infoholic Research, Machine Learning as a Service (MLaaS) Market will witness a CAGR of 49% during the forecast period 2017-2023. The market is propelled by certain growth drivers such as the increased application of advanced analytics in manufacturing, high volume of structured and unstructured data, the integration of machine learning with big data and other technologies, the rising importance of predictive and preventive maintenance, and so on. The market growth is curbed to a certain extent by restraining factors such as implementation challenges, the dearth of skilled data scientists, and data inaccessibility and security concerns to name a few.
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