Machine Learning-as-a-Service Poised for Healthcare Growth

Healthcare organizations interested in engaging in the world of semantic computing may be able to do with less effort and lower costs as the Machine Learning-as-a-Service (MLaaS) market grows from $480 million in 2015 to nearly $5.4 billion by 2022. With a predicted compound annual growth rate of 41.2 percent, the MLaaS market may help providers access the natural language processing and artificial intelligence tools becoming increasingly important for advanced big data analytics, risk stratification, consumer engagement, and value-based care. The report by Statistics MRC identifies healthcare as an industry where machine learning is likely to take root, furthered by growing interest in the Internet of Things, cloud computing, and the need to drastically improve consumer relationships. Tight organizational budgets and limited talent pools will likely drive providers to engage third-party "as a service" partners across a number of infrastructure areas. Healthcare organizations are likely to look for customized solutions that adhere to the strict privacy and security requirements that structure the healthcare landscape.