Machine learning as a service to hit nearly $20B by 2025, driven by healthcare and life sciences - TechRepublic

The global machine learning as a service (MLaaS) market is poised to grow from $1.07 billion in 2016 to $19.86 billion in 2025, at a CAGR of more than 38%, according to a new report from Transparency Market Research. Demand for MLaaS has been highest in the healthcare and life sciences industry, due primarily to the need to integrate structured and unstructured data in these areas, especially data generated by electronic health records. Other industries that will benefit from this technology moving forward include manufacturing, retail, telecom, finance, energy and utilities, education, and the government, as MLaaS can improve the decision-making capabilities of devices used in those areas, the report stated. Enterprises' move to the cloud is another important factor behind the expected growth of the MLaaS market, the report noted--as more companies shift toward cloud computing, it is easier for them to take advantage of machine learning. SEE: 5 steps to turn your company's data into profit MLaaS solutions are typically deployed in both the public and private cloud, though private cloud accounts for most of the revenue generated in the global MLaaS market, the report noted. "Enterprises are preferring private cloud-based MLaaS solutions over their public cloud-based counterparts due to data security reasons," according to the press release.