Albany, NY -- (SBWIRE) -- 03/05/2019 -- The global machine learning as a service market is estimated to be valued at USD 3755.0 mn by the end of 2021. The forecast period is set from 2017 to 2021 and the CAGR is seen to be 43.7%. As per the 2016 records the market value was worth USD 613.4 mn, thus showing a remarkable rate of growth in the years to come.

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The global machine learning as a service market is categorized on the basis of component, application, organization size, and vertical. Based on segmentation by component, the global market is divided into services and software where further segmentation of software tools is Cloud and Web-Based Application Programming Interface, Data Storage and Archiving, and Modeler and Processing, and further segmentation of services includes managed services, and professional services.

Based on classification by application, the market is grouped into Network Analytics and Automated Traffic Management, Marketing and Advertising, Predictive Maintenance, Augmented Reality, and Fraud Detection and Risk Analytics. With respect to organization size, the market is categorized into Large Enterprises, medium and small enterprises.

On the basis of vertical, the market is categorized into telecom, media and entertainment, defense, education, healthcare and life sciences, e-commerce and retail. Transportation and automotive, financial services and banking, and insurance. Among these, the healthcare and Lifesciences sector is witnessed to be dominating the market. This is owing to the increasing need for machine learning in the healthcare and medical sector in order to keep records of patients in a structural way.

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The global machine learning as a service market is studied on the basis of key geographies North America, Asia Pacific, Middle East and Africa, Europe, and South America. The market is projected to be dominated by the North American region because of the booming demand for machine learning as a service with large amount of data and other innovative technologies along with the rising demand for Internet of Things (IoT).