The Latin America, Middle East and Africa Machine learning as a Service Market would witness market growth of 35.6% CAGR during the forecast period (2022-2028).
In simple language, MLaaS is a collection of services that provide ready-to-use, slightly generic machine learning tools that may be customized to meet the needs of each organization. Data visualization, a myriad of application programming interfaces, facial recognition, natural language processing, predictive analytics, and deep learning are just a few of the services available. To detect patterns in data, the MLaaS algorithms are utilized. These patterns are used to create mathematical models, which are then utilized to make predictions based on new data.
The point is that consumers (companies that acquire MLaaS) do not have to deal with the actual processing. It is managed remotely by the providers' data centers. MLaaS is also the only full-stack AI platform, bringing together systems such as mobile apps, enterprise data, industrial automation and control, and advanced sensors like LiDar, among others.
The oil-rich Gulf States are actively working to diversify their economies using artificial intelligence and machine learning throughout the Middle East and Africa. The importance of advanced technology has been recognized by most Gulf countries, which are always working to develop new technologies. The United Arab Emirates leads the Arab world in technological invention and adoption. In addition, demand for AI skills in the region is driven by smart city efforts and autonomous transportation. Brazil, Mexico, and Uruguay are among the Latin American countries adopting new AI policies and initiatives to boost regional advanced technology adoption. In the future, the region is projected to offer new attractive business opportunities.
Due to their nature, artificial intelligence systems used in healthcare are uniquely fitted to the challenges of providing healthcare to remote and under-resourced places. As a result, various programs have been launched across Africa to address these challenges specifically. Despite the fact that AI systems have enormous potential for Africa's future, NLP in the healthcare and life sciences business is still in its infancy throughout the continent. This, on the other hand, creates an enormous opportunity for NLP firms to invest and find a market in the region.
The Brazil market dominated the LAMEA Machine learning as a Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $609.7 million by 2028. The Argentina market is poised to grow at a CAGR of 36.3% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 35.2% during (2022 - 2028).
Based on End User, the market is segmented into IT & Telecom, BFSI, Manufacturing, Retail, Healthcare, Energy & Utilities, Public Sector, Aerospace & Defense, and Others. Based on Offering, the market is segmented into Services Only and Solution (Software Tools). Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Marketing & Advertising, Fraud Detection & Risk Management, Computer vision, Security & Surveillance, Predictive analytics, Natural Language Processing, Augmented & Virtual Reality, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Machine learning as a Service Market is Predict to reach $36.2 Billion by 2028, at a CAGR of 31.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hewlett-Packard Enterprise Company, Oracle Corporation, Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), IBM Corporation, Microsoft Corporation, Fair Isaac Corporation (FICO), SAS Institute, Inc., Yottamine Analytics, LLC, and BigML.
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