Market Overview
Machine learning has become a disruptive trend in the technology industry with computers learning to accomplish tasks without being explicitly programmed. The manufacturing industry is relatively new to the concept of machine learning. Machine learning is well aligned to deal with the complexities of the manufacturing industry. Manufacturers can improve their product quality’ ensure supply chain efficiency’ reduce time to market’ fulfil reliability standards’ and thus’ enhance their customer base through the application of machine learning.
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Machine learning algorithms offer predictive insights at every stage of the production’ which can ensure efficiency and accuracy. Problems that earlier took months to be addressed are now being resolved quickly. The predictive failure of equipment is the biggest use case of machine learning in manufacturing. The predictions can be utilized to create predictive maintenance to be done by the service technicians. Certain algorithms can even predict the type of failure that may occur so that correct replacement parts and tools can be brought by the technician for the job.
Market Analysis
According to Report Ocean Research’ Machine Learning as a Service (MLaaS) Market will witness a CAGR of 49% during the forecast period 2017-2023. The market is propelled by certain growth drivers such as the increased application of advanced analytics in manufacturing’ high volume of structured and unstructured data’ the integration of machine learning with big data and other technologies’ the rising importance of predictive and preventive maintenance’ and so on. The market growth is curbed to a certain extent by restraining factors such as implementation challenges’ the dearth of skilled data scientists’ and data inaccessibility and security concerns to name a few.
Segmentation by Components
The market has been analyzed and segmented by the following components – Software Tools’ Cloud and Web-based Application Programming Interface (APIs)’ and Others.
Segmentation by End-users
The market has been analyzed and segmented by the following end-users’ namely process industries and discrete industries. The application of machine learning is much higher in discrete than in process industries.
Segmentation by Deployment Mode
The market has been analyzed and segmented by the following deployment mode’ namely public and private.
Regional Analysis
The market has been analyzed by the following regions as Americas’ Europe’ APAC’ and MEA. The Americas holds the largest market share followed by Europe and APAC. The Americas is experiencing a high adoption rate of machine learning in manufacturing processes. The demand for enterprise mobility and cloud-based solutions is high in the Americas. The manufacturing sector is a major contributor to the GDP of the European countries and is witnessing AI driven transformation. China’s dominant manufacturing industry is extensively applying machine learning techniques. China’ India’ Japan’ and South Korea are investing significantly on AI and machine learning. MEA is also following a high growth trajectory.
Vendor Analysis
Some of the key players in the market are Microsoft’ Amazon Web Services’ Google’ Inc.’ and IBM Corporation. The report also includes watchlist companies such as BigML Inc.’ Sight Machine’ Eigen Innovations Inc.’ Seldon Technologies Ltd.’ and Citrine Informatics Inc.
Benefits
The study covers and analyzes the Global MLaaS Market in the manufacturing context. Bringing out the complete key insights of the industry’ the report aims to provide an opportunity for players to understand the latest trends’ current market scenario’ government initiatives’ and technologies related to the market. In addition’ it helps the venture capitalists in understanding the companies better and take informed decisions.
drivers’ restraints’ and opportunities (DRO) affecting the market growth during the forecast period (2017-2023).
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> It also contains an analysis of vendor profiles’ which include financial health’ business units’ key business priorities’ SWOT’ strategy’ and views.
> The report covers competitive landscape’ which includes M&A’ joint ventures and collaborations’ and competitor comparison analysis.
> In the vendor profile section’ for the companies that are privately held’ financial information and revenue of segments will be limited.
Region/Country Cover in the Report
Regions -Americas’ Europe’ APAC and MEA
Key Players Covered in the Report
Microsoft’ Amazon Web Services’ Google’ Inc.’ and IBM Corporation
Some of the metrics this research service discusses are:
Market Size:
- This metric quantifies the total value or volume of a market, providing an understanding of the market’s scale and potential.
Market Growth Rate:
- This metric measures the rate at which the market is growing over a specific period.
- It helps assess the market’s attractiveness and potential for investment.
Market Share:
- Market share metrics indicate the portion or percentage of the market captured by a specific company or product.
- It provides insights into the competitive position of market players.
Customer Satisfaction:
- Customer satisfaction metrics assess the level of satisfaction or dissatisfaction among customers with a product, service, or brand.
- It helps gauge customer loyalty and identify areas for improvement.
Pricing Analysis:
- Pricing metrics analyze the pricing strategies used in the market.
- This includes metrics such as average prices, price differentials between products or competitors, and price elasticity.
Market Segmentation:
- Segmentation metrics involve dividing the market into distinct segments based on factors such as demographics, geography, behavior, or psychographics.
- This helps understand the varying needs and preferences of different customer groups.
Customer Acquisition Cost (CAC):
- CAC is a metric that calculates the cost of acquiring a new customer. It helps evaluate the efficiency of marketing and sales efforts.
Customer Lifetime Value (CLV):
- CLV measures the total value a customer generates over their entire relationship with a company. It helps assess the long-term profitability of customer relationships.
Return on Investment (ROI):
- ROI metrics evaluate the profitability and effectiveness of an investment or marketing campaign.
- It measures the return or gain generated relative to the cost of investment.
Competitive Analysis:
- Competitive analysis metrics assess the performance and strategies of competitors in the market.
- This includes metrics such as market share, revenue growth, product portfolio, and customer satisfaction.
Key Performance Indicators (KPIs):
- KPIs are specific metrics that measure the performance of a business or organization.
- They can include metrics such as sales growth, market penetration, customer retention rate, and profitability.
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