BANGALORE, India, Sept. 9, 2024 /PRNewswire/ — Cloud Machine Learning Operations (MLOps) Market is Segmented by Type (Platform, Services), by Application (BFSI, Healthcare, Manufacturing, Retail, Public Sector): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global Cloud Machine Learning Operations (MLOps) market was valued at US$ 186.4 million in 2023 and is anticipated to reach US$ 3652.7 million by 2030, witnessing a CAGR of 44.6% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Cloud Machine Learning Operations (MLOps) Market:
The growing use of artificial intelligence (AI) and machine learning (ML) across a variety of sectors is fueling the rapid growth of the cloud machine learning operations (MLOps) market. Cloud-based MLOps solutions are increasingly crucial as businesses look to simplify the deployment, monitoring, and management of ML models at scale. These systems help companies speed up time-to-market for AI products, enhance model accuracy, and automate procedures. The market is being driven by the increasing need for affordable and scalable cloud solutions, and major companies are concentrating on improving their MLOps offerings by integrating them with well-known cloud services and cutting-edge analytics tools.
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TRENDS INFLUENCING THE GROWTH OF THE CLOUD MLOPS MARKET:
The use of cloud MLOps (Machine Learning Operations) services is a major growth driver in the BFSI (Banking, Financial Services, and Insurance) industry. Financial institutions are using MLOps more and more to boost fraud detection, handle data more efficiently, and provide individualized client experiences. These companies can effectively manage and implement machine learning models at scale with Cloud MLOps, which improves predictive analytics and decision-making. Cloud-based services enable BFSI businesses to handle enormous volumes of data in real-time, which helps them stay competitive and adaptable to changes in the market. Furthermore, cloud MLOps services’ scalability and flexibility enable easy integration with current IT infrastructure, which accelerates adoption and market expansion.
One of the main factors propelling the growth of the cloud MLOps market is the proliferation of cloud MLOps platforms. These systems offer all-inclusive solutions that optimize every stage of the machine learning process, from model training and data intake to deployment and oversight. Cloud MLOps systems simplify complicated procedures and shorten the time needed to deploy machine learning models into production by providing integrated tools and frameworks. Because of its simplicity of use, businesses from a variety of sectors are drawn to it, which promotes wider adoption. AWS, Google Cloud, and Azure are just a few of the cloud providers that compete fiercely, which encourages ongoing innovation, enhances platform capabilities, and expands the market. Strong cloud MLOps platforms are in greater demand as businesses look for effective methods to use AI and machine learning.
The market for cloud MLOps is expanding thanks in large part to the retail and healthcare industries. Cloud MLOps are utilized in the healthcare industry to improve patient care by means of individualized treatment plans, predictive analytics, and effective health record administration. Real-time data analysis is made possible by cloud-deployed machine learning models, which support early diagnosis and therapy optimization. Cloud MLOps is used in the retail industry for customized marketing, inventory control, and demand forecasting. Real-time consumer data analysis makes it possible for merchants to enhance both customer satisfaction and operational effectiveness. In addition to propelling these industries’ digital transformation, the use of cloud MLOps also greatly expands the industry as a whole.
The exponential development in data creation is one of the main drivers propelling the cloud MLOps industry. Massive volumes of data are being produced every day as a result of the widespread use of digital devices and the Internet of Things (IoT). Systems that are effective are necessary for organizations to handle, examine, and learn from this data. The infrastructure and resources required to manage the deployment of machine learning models and large-scale data processing are provided by Cloud MLOps. Businesses may effectively store, process, and analyze data by utilizing cloud-based solutions. This gives them the ability to make data-driven choices and obtain a competitive advantage. The continual increase in data creation guarantees a consistent need for cloud MLOps platforms and services.
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CLOUD MACHINE LEARNING OPERATIONS (MLOPS) MARKET SHARE
Because of its robust technical infrastructure and the presence of many digital giants like Google, Amazon, and Microsoft, North America is a leader in the cloud MLOps industry. When it comes to creating and implementing cutting-edge cloud MLOps platforms and services, these businesses are in the forefront. The need for cloud MLOps solutions is fueled by the region’s strong rate of adoption of AI and machine learning technology across a variety of industries, including retail, healthcare, and finance. North America’s supremacy in this sector is also a result of significant investments in R&D and a strong startup environment. The region’s market growth is further bolstered by favorable government efforts and regulatory support for data security.
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Key Companies:
- IBM
- DataRobot
- SAS
- Microsoft
- Amazon
- GOOGLE INC
- Dataiku
- Databricks
- HPE
- Lguazio
- ClearML
- Modzy
- Comet
- Cloudera
- Paperpace
- Valohai
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– Machine Learning Operations (MLOps) Platform Market
– The Machine Learning Operations (MLOps)market was estimated to be worth US$ 545.5 million in 2023 and is forecast to a readjusted size of US$ 9066.7 million by 2030 with a CAGR of 41.8% during the forecast period 2024-2030.
– AI & Machine Learning Operationalization (MLOps) Software Market
– MLOps Solution market was valued at US$ 546.1 million in 2023 and is anticipated to reach US$ 8884.3 million by 2030, witnessing a CAGR of 41.3% during the forecast period 2024-2030.
– ModelOps and MLOps Platforms Market
– The global cloud artificial intelligence market was valued at USD 42.7 Billion in 2022, and is projected to reach USD 887 Billion by 2032, growing at a CAGR of 35.8% from 2023 to 2032.
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