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Machine Learning as a Service Market Estimated to Cross USD 302.66 Billion at a CAGR of 36.2% by 2030 – Report by Market Research Future (MRFR)

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New York, US, July 05, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Machine Learning as a Service Market Analysis by Component (Software tools, Cloud APIs, Web-based APIs), By Application (Network analytics, Predictive maintenance, Augmented reality), By Deployment, By End-User (Manufacturing, Healthcare, BFSI, Transportation, Government, Retail)- Forecast 2030” valuation is poised to reach USD 302.66 Billion by 2030, registering an 36.2% CAGR throughout the forecast period (2021–2030). 

MLaaS Market Overview

Technological developments coupled with the increase in innovation and research activities across the globe will offer robust opportunities for the Mlaas market over the forecast period.

Machine Learning as a Service Market Report Scope:

Report Metric Details
  Market Size USD 302.66 Billion by 2030
  CAGR 36.2% From 2021 To 2030
  Base Year 2020
  Forecast Period 2021 To 2030
  Historical Data 2019
  Forecast Units Value (USD Billion)
  Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered Component, Application and Region
  Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors Yottamine Analytics (U.S.), Fuzzy.ai (Canada), AT&T (U.S.), Amazon Web Services (U.S.), IBM (U.S.), Microsoft (U.S.), BigML (U.S.), Google (U.S.), Ersatz Labs, Inc. (U.S.), and Sift Science, Inc. (U.S.)
  Key Market Opportunities Technological Developments to offer Robust Opportunities
  Key Market Drivers Increasing Adoption of Cloud Computing to Boost Machine Learning as a Service Market Growth

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Drivers 
Increasing Adoption of Cloud Computing to Boost Market Growth 
The increasing adoption of cloud computing technology coupled with the use of social media platforms will boost market growth over the forecast period. Cloud computing is now widely used by all companies that supply enterprise storage solutions. Data analysis is performed online using cloud storage, giving the advantage of evaluating real-time data collected on the cloud. Cloud computing enables the analysis of data from any location and any time. Furthermore, using the cloud to execute machine learning allows businesses to get useful data, such as consumer behaviour and purchasing trends, virtually from linked data warehouses, lowering infrastructure and storage costs. As a result, the sector for machine learning as a service sector is growing as cloud computing technology becomes more widely adopted.

Compliance Issues to act as Market Restraint 
Compliance and government issues and dearth in the availability of skilled consultants for deploying machine learning services may act as market restraints over the forecast period.

Lack of Knowledge to Remain Market Challenge 
The lack of knowledge and stringent compliance difficulties may act as market challenges over the forecast period. 

Machine Learning as a Service Market Segments

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The machine learning as a service market is bifurcated based on component, application, deployment, end user, and organization size. 

By component, the machine learning as a service market is segmented into web-based APIs, cloud APIs, and software tools. 

By application, network analytics will lead the market over the forecast period. 

By deployment, the machine learning as a service market is segmented into on premise and cloud. 

By end user, retail will dominate the market over the forecast period. 

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By organization size, the SME will spearhead the market over the forecast period. 

Browse In-depth Market Research Report (100 Pages) on Machine Learning as a Service Market:

https://www.marketresearchfuture.com/reports/machine-learning-as-a-service-market-2505  

Machine Learning as a Service Market Regional Analysis 

North America to Head MLaaS Market 
Because of increased growth in nations like Canada and the United States, the North American area holds the highest proportion of the Mlaas business. These countries are home to a diverse range of small and large start-ups. As a result, the market for machine learning as a service in North America is growing. North America is the fastest-developing region in the global machine learning as a service business in terms of technology advances and utilization. It has the infrastructure and financial resources to invest in machine learning as a service. In addition, higher defence spending and technological advancements in the telecommunications industry are expected to drive market growth throughout the forecast period.

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Government data security requirements are predicted to be a major driver of the machine learning services market. The market is predicted to be fueled by services like security information & cloud applications. Furthermore, the presence of industry titans such as IBM, Google, Microsoft, & Amazon Web Services, as well as a diverse product offering, has boosted demand for machine learning in this region. Furthermore, the market players are likely to benefit from the expansion of artificial intelligence and cognitive computing by leveraging various industry applications like natural language processing, predictive analytics, fraud detection and management, and computer vision. 

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Because of the robust innovation ecosystem, which is fueled by strategic federal investments in advanced technology and complemented via the presence of entrepreneurs and visionary scientists coming together from renowned research institutions, North America is expected to grasp a significant share of the market. A huge expansion of 5G, internet of things, and linked devices is also occurring in the region. Because each of the major technology companies has a sizable public cloud infrastructure and machine learning platforms, machine learning-as-a-service is now a reality for those looking to use AI for everything from customer service to the robotic process automation, analytics, marketing, and predictive maintenance, among other things.

APAC to Have Admirable Growth in Machine Learning as a Service Market 

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With the greatest CAGR, Asia-Pacific is predicted to be the quickest developing regional segment over the forecast period. Leading companies are concentrating their efforts in Asia-Pacific to expand their operations, as the region is likely to see rapid development in the deployment of security services, particularly in the BFSI sector. To provide better customer service, industry participants are realizing the significance of providing multi-modal platforms. The rise in AI application adoption is likely to be the primary trend driving market growth in the area. Furthermore, government organizations have taken important steps to accelerate the adoption of machine learning & related technologies in this region. During the forecast period, Asia-Pacific is expected to have the highest CAGR. This is due to an increase in the use of security services, particularly in the BFSI sector, as well as increased awareness and long-term expansion of the IT sector in the region.

COVID-19 Analysis 
Artificial intelligence is likely to aid in the fight against the COVID-19 pandemic. COVID-19 cases are being tracked and traced in several countries utilizing population monitoring approaches. Researchers in South Korea, for example, track coronavirus cases using surveillance camera footage & geo-location data. Data scientists use machine intelligence algorithms for anticipating the location of the next outbreak and notify the appropriate authorities, allowing for real-time illness tracking. During the projection period, such active endeavours are projected to increase need for machine intelligence solutions.

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Machine Learning as a Service Market Competitive Analysis

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Dominant Key Players on Machine Learning as a Service Market Covered are:

  • Apple Inc. (US)
  • IBM Corporation (US)
  • BAE Systems (UK)
  • LG Electronics (South Korea)
  • Google Inc. (US)
  • Microsoft Corporation (US)
  • Digital Reasoning Systems Inc. (US)
  • ABB Limited (Switzerland)
  • General Electric Co. (US)

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About Market Research Future:

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

18 of the Top 20 Medtech Companies Partner with Veeva MedTech to Get Devices and Diagnostics to Patients Faster

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More than 125 medtech customers use Veeva applications for seamless execution across product development
BARCELONA, Spain, Oct. 2, 2024 /PRNewswire/ — Veeva Systems (NYSE: VEEV) today announced that 18 of the top 20 medtech companies leverage Veeva Development Cloud and Veeva Commercial Cloud applications to streamline processes across the total medtech product lifecycle. Veeva MedTech enables more than 125 customers with deep industry expertise and technology from ideation to commercialization. With an increasing need to keep up with industry changes for faster time to market, medtech companies are moving to connected applications on a single cloud platform to execute key processes more efficiently.

“With dozens of studies across hundreds of global sites, simplifying clinical operations with unified document management and streamlined workflows is a top priority,” said Matt Christensen, senior vice president at Smith+Nephew. “Using Veeva MedTech’s unified clinical solution drives transparency, ensures integrity of study files, and speeds trial timelines.”
Veeva MedTech enables end-to-end product lifecycle management with Veeva Vault Clinical, Veeva Vault RIM, Veeva Vault Quality, and Veeva Vault Commercial. Using advanced applications built with medtech industry best practices, customers can access real-time insights to make data-driven decisions, automate processes, and maintain inspection readiness. This reduces manual work and improves cross-team collaboration while driving growth, cost efficiency, and compliance.
“This momentum shows that the global medtech industry has made great strides in modernizing systems, establishing a foundation across the product lifecycle to leverage into the future,” said Seth Goldenberg, vice president, Veeva MedTech. “With the top medtech leaders standardizing on Veeva applications, we will continue to learn and advance the industry toward more streamlined processes to deliver innovative new devices and diagnostics to patients in need.”
More than 200 industry professionals will network, share best practices, and hear valuable insights from medtech leaders, including Bio-Rad Laboratories, Philips, and ZEISS Medical Technology, at Veeva MedTech EU Summit. Medtech industry professionals can register for the Nov. 5 – 7 event in Amsterdam.
About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com/eu.
Veeva Forward-looking StatementsThis release contains forward-looking statements regarding Veeva’s products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-Q for the period ended July 31, 2024, which you can find here (a summary of risks which may impact our business can be found on pages 36 and 37), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Jeremy WhittakerVeeva [email protected]
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Cybersecurity is fastest growing IT occupation in the UK, reveals Socura report

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But skills gap persists with just one security professional for every 86 companies
CARDIFF, Wales, Oct. 2, 2024 /PRNewswire/ — Socura, a UK-based cybersecurity services business that protects many of the nation’s biggest NHS trusts, councils, and private companies, has released its UK cybersecurity careers 2024 report, ‘Their next job was in cyber’. 

The report is released four years after the UK government’s infamous ‘Fatima’ ballet ad promoting cyber as a career option. Based on Office of National Statistics data, it reveals that cybersecurity is now the fastest growing tech occupation in the UK, with the number of people in cyber roles more than doubling (128%) between 2021 and 2024. Despite this growth rate, there are not yet enough cybersecurity professionals to tackle the growing threat to UK businesses, with only one security pro for every 86 companies. 
Other key findings of Socura’s report include: 
There are 4,600 more women in cybersecurity roles in 2024 compared to 2021. However, the percentage of women in cybersecurity roles has decreased and now stands at 17%, down from 24%. London is less of a hub for cybersecurity professionals than it is for other IT professionals. 25% of all IT workers are based in London, compared to 17% of cyber workers.Northern Ireland and Wales are the countries in the UK with the fewest cybersecurity professionals. “Cybersecurity may be the fastest growing IT occupation in the UK but the skills shortage in the industry remains a concern,” said Andy Kays, CEO at Socura. “Many businesses simply do not have the specialists they need to defend against cyber attacks.  
“To fix this problem at a national level, we need more initiatives like the NCSC-backed Academic Centres of Excellence and ways to reach even younger people so that they can discover technology in schools. For organisations struggling to recruit cybersecurity experts, finding a trusted managed services partner to bolster capabilities and ease the load remains vital to bridging the gap.” 
“Attracting more workers, particularly women, into cyber remains a key challenge for the industry,” said Dr Kathryn Jones, Head of School, Computer Science and Informatics at Cardiff University. ”However, gender imbalance and the low representation of women is a wider issue in the tech sector, not only cybersecurity. The number of women enrolled on computer science and software engineering courses, for example, is typically also low.  
“Cybersecurity is an exciting and varied career choice but more initiatives like the NCSC’s Cyber First Girls competition are needed to raise awareness.” 
Resources 
Read summary blogDownload full report Methodology Socura’s analysis is based on UK ONS annual population survey data, which tracks occupation figures based on 15 IT-related Standard Occupational Classification (SOC2020) codes such as 2135 cybersecurity professionals. The ONS annual population is a continuous survey that consists of 12 months of survey data, which is broken down and released on a quarterly basis. 
About Socura Socura reduces cyber risk by proactively detecting and responding to threats, 24/7. Our Managed Detection and Response (MDR) service operates as an extension of an organisation’s security team – supplying highly skilled SOC experts and the additional capabilities needed to scale security operations and accelerate response to attacks. 
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Euromonitor International launches Passport AI – a gamechanger for the data analysis industry

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Passport AI will leverage the power of generative AI to transform the way our clients’ access and use market intelligencePassport AI’s impressive features, combining cutting-edge artificial intelligence with human intelligence, will ensure fast and easy access to the Passport platform Paradigm shift solution utilises a powerful combination of technologies and approachesLONDON, Oct. 2, 2024 /PRNewswire/ — Euromonitor International has today launched Passport AI – a game changer for the data analysis industry.

Passport AI is specially designed to supercharge the power of data analytics firm Euromonitor International’s market intelligence expertise. The platform will leverage the power of generative AI to transform the way clients are able to access and use Euromonitor’s market intelligence.
Euromonitor’s Passport AI utilises a powerful combination of technologies and approaches: 
Large Language Models (LLMs): These powerful AI models are trained on massive amounts of text data. Passport AI leverages LLMs to understand your natural language questions and identify relevant information within our extensive content library.Retrieval Augmented Generation (RAG): This approach ensures Passport AI stays grounded in fact-based information. Instead of creating entirely new responses, RAG retrieves and summarises relevant content from trusted Euromonitor publications. This allows clients to verify the source of the information and feel confident in its reliability. Multi-Agent System (MAS): This innovative system acts behind the scenes, working like a team of virtual researchers. MAS helps Passport AI refine your question and identify the most relevant information across our content, even with terminology specific to Passport or newly introduced natural language search. Combining cutting-edge artificial intelligence with human intelligence
Lamine Lahouasnia, Director of Generative AI at Euromonitor International, said: “We are already the first destination for organisations seeking growth and Passport AI’s impressive features, combining cutting-edge artificial intelligence with human intelligence, will ensure fast and easy access to our Passport product and our data analytics.
“Unlike other generative AI tools, the information provided by Passport AI is 100% sourced from Euromonitor’s trusted content. This transparency allows users to interrogate the underlying sources and have complete confidence in the credibility of the answers they receive.”
Tim Kitchin, CEO of Euromonitor International, said: “This significant investment in Passport AI underscores our dedication to client empowerment and demonstrates our commitment to continuous product improvement. We believe Passport AI will help clients derive even more value from the intelligence they already have access to within Passport, make the most of opportunities our insights uncover and achieve greater success.”
For more information about Passport AI book a demo.

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