Machine Learning Operations Market Will Advance at a 39.3% CAGR | P&S Intelligence

NEW YORK - Jan. 17, 2024 - PRLog -- The MLOps market was USD 1,226 million in 2022, which will increase to USD 17,335 million, advancing at a 39.3% compound annual growth rate, by 2030.

With the rising trend of imbibing entities with developed technology like artificial intelligence, the need for ML models and the operationalization of ML has been deploying swiftly to effectively process automation.

Machine learning programs have become prevalent because of their rising acceptance in mainstream commercial applications like security enhancements, financial management, cognitive services, and improved automation user behavior analysis. With the surging acceptance of such models, ML operations are necessary to effectively use AI across various sectors.

The platform category, on the basis of component, led the industry, with USD 834 million, and it will further advance at approximately 40% CAGR, in the coming years. This is because of its characteristic of improving the management and operation of ML models.

North America was the largest contributor to the industry in 2022, with a 36% share. The reason is robust research and development capabilities in AI in the developed nations and numerous major AI firms and research establishments are based in the continent.

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The rising funding for developed technologies to improve business processes and the consumer experience are likely to offer profitable growth opportunities in this continent.

APAC is likely to observe the highest compound annual growth rate in the years to come. This will be primarily because of the surge in digital penetration, coupled with the higher acceptance of cloud-based services that boost the expansion of the regional industry.

With the rise in the recognition of machine learning platforms, the MLOps industry will continue to grow in the years to come.