Pune, May 04, 2023 (GLOBE NEWSWIRE) -- A global IT & Telecommunication research and business-consulting firm, Maximize Market Research, has published a market intelligence report on the “MLOps Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the MLOps Market from a local as well as a global point of view. Over the forecast period, Maximize Market research expects, the market to grow from USD 1.06 Bn in 2022 to USD 22.1 Bn in 2029 at a CAGR of 38.7 percent.
MLOps Market Report Scope and Research Methodology
| Market Size in 2022 | USD 1.06 Bn. |
| Market Size in 2029 | USD 22.1 Bn. |
| CAGR | 38.7 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 276 |
| No. of Tables | 116 |
| No. of Charts and Figures | 114 |
| Segment Covered | Deployment Mode, Organization Size, Industry Vertical, Component, and Applications |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The MLOps market report covers the analysis of the global market, with a focus on North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa regions. The report provides an in-depth analysis of the market size, growth, and segmentation based on deployment mode (on-premises and cloud-based), organization size (SMEs and large enterprises), industry vertical (BFSI, healthcare, retail, telecommunications, and others), and region. The report provides insights into the market's drivers, restraints, opportunities, and challenges, and a detailed analysis of the competitive landscape, including key players' profiles, their product offerings, and strategies. The report also provides an analysis of the market's trends and future outlook, including growth opportunities and challenges. The report's scope is limited to MLOps platforms and services that are designed to manage and deploy machine learning models in production environments.
The research methodology of MLOps includes a process for streamlining model training, packaging, validation, deployment, and monitoring. The analysis of the MLOps market involved a combination of primary and secondary research. Primary research involved interviews with key stakeholders in the industry of leading companies. The analysis included a detailed study of the market's size, growth, and segmentation, as well as competitive landscape analysis.
MLOps Market Overview
MLOps is a core function of Machine Learning engineering, focused on streamlining the process of taking machine learning models to production and then maintaining and monitoring them. MLOps is a collaborative function, often comprising data scientists, DevOps engineers, and IT. MLOps is a paradigm that aims to deploy and maintain machine learning models in production reliably and efficiently. MLOps includes aspects such as best practices, sets of concepts, as well as a development culture when it comes to the end-to-end conceptualization, implementation, monitoring, deployment, and scalability of machine learning products. The detailed elaboration and structural information as well as forecasted market size have provided in comprehensive way to understand a better overview, aspects, methods, and scope of the MLOps Market.
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MLOps Market Dynamics
The major drivers of the MLOps market include the surging adoption of advanced technologies in the healthcare industry, the increasing popularity of machine learning platforms, and the growing end-use sectors. Cloud computing is becoming increasingly popular among organizations as it offers scalable and cost-effective data storage, processing, and management solutions. MLOps platforms are often cloud-based, which is driving the growth of the MLOps market. Automated machine learning (AutoML) is a growing trend in the machine learning industry, as it allows organizations to automate the process of model building and deployment.
MLOps Market Regional Insights
North America dominated the market share in 2021 for the MLOps market. The increasing investment in advanced technologies such as AI and MLOps to improve businesses and the customer experience is anticipated to provide lucrative growth opportunities for the market in North America. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of cloud-based services that propel the growth of the market in this region. The UK and Germany are the largest markets in the region due to the presence of major technology companies and startups that are investing in MLOps to enhance their AI capabilities.
MLOps Market Segmentation
By Deployment Mode:
• On-Premises deployment
O Installation of MLOps software
O Infrastructure on the customer’s premises
• Cloud-Based Deployment
O Use of Cloud Infrastructure
O Services to host and manage the MLOps platform
Cloud-Based Deployment is expected to hold the largest share of the market during the forecast period. Cloud-Based Deployment includes features such as the Use of Cloud Infrastructure and Services to host and manage the MLOps platform.
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By Organization Size:
• Small & Medium Sized enterprises (SMEs)
• Large Enterprises
The Large Enterprises segment is expected to grow significantly throughout the forecast period. Larger enterprises typically have more complex ML workflows and require more robust ML Ops solutions.
By Industry Vertical:
• BFSI
• Healthcare
• Retail
• Telecommunication
• Others
The BFSI segment is expected to grow significantly throughout the forecast period. MLOps helping banks to scale ML models, lower operational costs, and deal with urgent data management challenges such as accountability, transparency, and ethics.
By Component:
• Model Deployment
• Model Training
• Model Management
• Data Management
• Monitoring and Governance
The Model Deployment segment is expected to grow significantly throughout the forecast period. The three main components of MLOps that are necessary include decreasing time to deployment, increasing scalability, and reducing error percentages.
By Applications:
• Fraud Detection
• Predictive Maintenance
• Recommendation Engines
• Others
Fraud Detection, Predictive Maintenance, and Recommendation Engines all three are expected to drive the growth of the MLOPs Market during the forecast period. MLOps has been used for fraud detection, where ML models are trained to detect fraudulent activity in real time.
MLOps Market Key competitors include:
- Microsoft
- Amazon
- IBM
- Dataiku
- Lguazio
- Databricks
- DataRobot, Inc.
- Cloudera
- Modzy
- Algorithmia
- HPE
- Valohai
- Allegro AI
- Comet
- FloydHub
- Paperpace
- Cnvrg.io
Microsoft Azure is a leading company- A cloud-based service that helps users build, train, and deploy ML models. Recently, Azure launched Azure Applied AI Services, a suite of pre-built AI models and workflows that can be easily integrated into existing business applications. Microsoft Azure and NVIDIA announced a collaboration in 2021 to integrate NVIDIA's GPUs with Azure's AI services.
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Key questions answered in the MLOps Market are:
- What is MLOps Market?
- What was the MLOps Market size in 2022?
- What is the expected MLOps market size during the forecast period?
- What are the global trends in the MLOps Market?
- What are the major restraints for the MLOps Market?
- Which segment dominated the MLOps Market growth?
- What is the demand pattern for the MLOps Market?
- What growth strategies are the players considering to increase their presence in MLOps Market?
- What are the upcoming industry applications and trends for the MLOps Market?
- Who are the leading companies and what are their portfolios in MLOps Market?
- Which region dominates the largest market share in MLOps Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2017 to 2022)
- Past Pricing and price curve by region (2017 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities and Challenges
- Market Segmentation – A detailed analysis by Deployment Mode, Organization Size, Industry Vertical, Component and Applications
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
