Global Machine Learning-as-a-Service (MLaaS) Market 2019-2023 | Increasing Technology Investments in Retail Industry to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Aug 5, 2019--
The global machine learning-as-a-service (MLaaS) market is expected to post a CAGR of over 38% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global machine learning-as-a-service (MLaaS) market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing use of ML in customer experience management. The rise in competition and the growing need for differentiation have resulted in the emergence of customer experience as a critical aspect for maintaining a complete and robust relation with customers. The adoption of ML will have a high impact on sales and marketing operations as ML can analyze large amounts of information from customer-facing operations. ML can then be used to reduce or remove repetitive tasks. ML tools also allows personalization of messages to customers by tracking behavior, spending patterns, spending purchase dynamics, and others. Therefore, such advantages of ML are expected to drive market growth during the forecast period.
As per Technavio, the increasing technology investments in retail industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global machine learning-as-a-service (MLaaS) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Machine Learning-as-a-Service (MLaaS) Market: Increasing Technology Investments in Retail Industry
Currently, the need for retail companies to monitor and manage customer requirements, enhance their decision-making, save cost, and automate processes is driving the adoption of MLaaS. Retail companies are using MLaaS for purposes such as inventory optimization, fraud detection, demand forecasting by price optimization, marketing, and product placement with behavioral tracking, customer servicing, and customer churn prediction. Retail companies are also using MLaaS integrated with analytics to learn more about customers’ interaction and product preferences. Thus, increasing awareness of the benefits of ML and the increased adoption of ML in the retail sector will further drive the growth of the global MLaaS market.
“Apart from the increasing technology investments in retail industry, the application of ML to IoT data, the increasing adoption of cloud-based offerings, and the increasing use of ML in predictive analytics are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Machine Learning-as-a-Service (MLaaS) Market: Segmentation Analysis
This market research report segments the global machine learning-as-a-service (MLaaS) market by end-user (BFSI, retail, telecommunications, healthcare, manufacturing and others) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in the number of SMEs and start-ups in the region.
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