According to a recent report published by Allied Market Research, titled, “Green Technology and Sustainability Market by Technology and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global green technology and sustainability market size was valued at $10.32 billion in 2020, and is projected to reach $74.64 billion by 2030, growing at a CAGR of 21.9% from 2021 to 2030.
Green technology is a set of products, processes, applications, and practices that are created and used to conserve natural resources and the environment. Conversely, sustainability is referred to as the pathway that overcomes environmental challenges and supports economic & social progress.
The green technology is gaining high traction in the global green technology and sustainability market, as it includes products, equipment, and systems to conserve natural resources and minimize & reduce the negative impact on environment by human activities. Several countries have developed and adopted green strategies to promote the development of renewable energy technologies, and its wide adoption is witnessed for electric grid applications.
Moreover, surge in environmental awareness and increase in concerns among organizations & individuals about global warming augment the growth of the market. In addition, upsurge in adoption of RFID sensors that minimizes carbon emissions and increase in consumer & industrial interest for use of clean energy resources are projected to notably contribute toward the growth of the market in the coming years. However, high product and solution cost associated with green technology and sustainability solutions acts as a major restraint if the market. In contrast, favorable government and private initiatives to tackle climate change and air pollution is an opportunistic factor of the green technology and sustainability market.
The green building segment is expected to garner a significant share during the forecast period. This is attributed to proliferation of major green building trends such as Climate Resiliency, Green Star Certification, and LEED Certification. However, the crop monitoring segment is expected to grow at the highest rate during the forecast period, owing to rise in adoption of artificial intelligence (AI) and Internet of Things (IoT)-enabled crop monitoring systems among the general public of emerging countries.
Region wise, the green technology and sustainability market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to increase in number of green building initiatives in the region. In addition, smart devices in the region operate on low emission deployed networks, which is a key growth factor of the market. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to factors such as favorable government initiatives toward adoption of green technology and high adoption of frontier technologies to promote new sources of economic & employment growth, support structural transformation, and empower access to new opportunities & markets.
The COVID-19 pandemic has brought radical changes to daily lives of people, work, and the surrounding environment. The COVID-19 outbreak has low impact on the growth of the green technology and sustainability market size, as the lockdown implemented during this global health crisis is expected to create significant demand of green technology solutions such as solar panels and LED lighting. Furthermore, increase in government initiatives to curb pollution across various emerging countries such as India and China drives the growth of the market in the pandemic situation.
The key players profiled in the green technology and sustainability market include CropX Inc., Enablon France SA, Enviance Inc., General Electric, Hortau Inc., IBM Corporation, LO3 Energy, Inc., Oracle Corporation, Tech Mahindra Limited, and Trace Genomics, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
According to a new report published by Allied Market Research, titled, “Roadside Assistance Market," The Roadside Assistance Market Size was valued at $31.9 billion in 2023, and is estimated to reach $52.5 billion by 2033, growing at a CAGR of 5.2% from 2024 to 2033.
The roadside assistance market provides on-demand services to vehicle owners experiencing mechanical failures or emergencies while on the road. This market exists to ensure timely support for issues such as flat tires, dead batteries, fuel shortages, or lockouts, offering towing, repair, and other essential services. With an increasing number of vehicles on the road and the rising complexity of automotive technology, the need for professional roadside assistance has grown. Key benefits include enhanced driver safety, minimized vehicle downtime, and convenience, as these services can prevent minor issues from escalating into major problems, supporting both individual drivers and fleet operators.
Various companies have expanded their current services to meet the continuous rise in demand for car roadside assistance. For instance, in September 2022, FixiGo and Roadzen announced their partnership to provide 24x7 nationwide roadside assistance (RSA) services. It includes on-call support, repair on-spot, towing for mechanical and electrical breakdown and accidental cases, vehicle repatriation services, fuel delivery in case of fuel run-out, minor on-site repair, battery jump-start, on-demand assistance, and key retrieval support. Customers can also benefit from new features such as real-time access, dedicated DID (direct inward dialing) numbers, hotel assistance, medical assistance, vehicle custody services, luggage transportation, hotel/house medical assistance during travel, chauffeur on-demand, replacement/courtesy cars, and chauffeur on-call for mobile applications.
Nowadays consumers become more informed about the benefits and availability of roadside assistance services, their demand for these services increases. The convenience offered by roadside assistance plays a crucial role in driving customer interest. Increased consumer awareness regarding the potential risks and uncertainties of being stranded on the road without assistance has led to a growing demand for roadside assistance. People recognize the value of having a reliable service at their disposal in case of emergencies, breakdowns, or accidents. They understand that professional assistance may ensure a swift resolution to their roadside issues.
Moreover, the convenience factor is one of the key drivers behind the increase in demand for roadside assistance. Modern lifestyles are characterized by busy schedules and limited time availability. Individuals and businesses alike seek convenient solutions that minimize disruptions and save valuable time. Roadside assistance services offer a quick and efficient way to address vehicle-related problems, allowing customers to resume their activities without unnecessary delays.
The advent of technology has further amplified the convenience aspect of roadside assistance. Many service providers offer mobile apps or helplines that enable customers to request assistance with just a few taps on their smartphones. This ease of access, coupled with efficient service dispatching and real-time updates, enhances overall convenience and customer experience. Thus, the consumer awareness and the convenience provided by roadside assistance services drives the demand in the market.
Nowadays consumers become more informed about the benefits and availability of roadside assistance services, their demand for these services increases. The convenience offered by roadside assistance plays a crucial role in driving customer interest. Increased consumer awareness regarding the potential risks and uncertainties of being stranded on the road without assistance has led to a growing demand for roadside assistance. People recognize the value of having a reliable service at their disposal in case of emergencies, breakdowns, or accidents. They understand that professional assistance may ensure a swift resolution to their roadside issues.
Moreover, the convenience factor is one of the key drivers behind the increase in demand for roadside assistance. Modern lifestyles are characterized by busy schedules and limited time availability. Individuals and businesses alike seek convenient solutions that minimize disruptions and save valuable time. Roadside assistance services offer a quick and efficient way to address vehicle-related problems, allowing customers to resume their activities without unnecessary delays.
The advent of technology has further amplified the convenience aspect of roadside assistance. Many service providers offer mobile apps or helplines that enable customers to request assistance with just a few taps on their smartphones. This ease of access, coupled with efficient service dispatching and real-time updates, enhances overall convenience and customer experience. Thus, the consumer awareness and the convenience provided by roadside assistance services drives the demand in the Roadside Assistance Industry.
Furthermore, the market has benefited from an increase in partnerships between roadside assistance providers and automotive OEMs. For instance, in August 2024, Urgently, Inc., a major provider of digital roadside and mobility assistance, announced the extension and expansion of its partnership with a major global automotive OEM. Initially covering the U.S. Roadside Assistance Market Sizefor five years, the agreement now extends to seven years and includes Canada. Urgently is projected to continue to support the OEM's warranty roadside assistance program and post-warranty membership plans, offering help for breakdowns and accident-related towing services.
The roadside assistance market is segmented into service, vehicle, provider, and region. Depending on service, it is fragmented into towing, jump start/pull start, lockout/replacement key service, fuel delivery, and others. By vehicle, the market is differentiated into passenger vehicles and commercial vehicles. By provider, it is classified into OEM, motor insurance, independent service provider, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The roadside assistance market analysis includes top companies operating in the market such as Agero, Allianz Global Assistance, Allstate Insurance Company, ARC Europe SA, AutoVantage, Falck A/S, Paragon Motor Club, Roadside Masters, SOS International, and Viking Assistance Group AS. These players have adopted various strategies to increase their market penetration and strengthen their position in the Roadside Assistance Industry.
Key Market Findings
According to a recent report published by Allied Market Research, titled,"Client Virtualization Market by Type, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global client virtualization market was valued at $4,222 million in 2017, and is projected to reach $10,113 million by 2025, registering a CAGR of 11.8% from 2018 to 2025. In 2017, desktop virtualization segment accounted for the highest revenue in the market.
Increasing need for higher efficiency of employees, growing adoption of BYOD across various industry verticals, and numerous benefits offered by these solutions such as enhanced data security and better desktop management drive the growth of the global client virtualization market. However, performance and compatibility issues hamper the market growth. Based on industry vertical, the IT & telecom segment dominated the global market in 2017, owing to pressing need to bring down IT infrastructure costs. Furthermore, the healthcare segment is expected to grow at the highest CAGR during the forecast period, owing to surge in demand for client virtualization solutions in the healthcare sector so as to meet the unique challenges associated with the increasing need to shift from paper-based operations to electronic records and augmented demand for safeguarding patient information.
The global client virtualization market was dominated by the desktop virtualization segment in 2017 and is projected to maintain its dominance during the forecast period. However, the application virtualization segment is expected to witness the highest growth rate, owing to increase in adoption of application virtualization and its numerous benefits such as ease of maintenance, greater portability, and simpler deployment across several versions of Windows OS.
In 2017, the global client virtualization market was dominated by North America and is expected to maintain this trend during the forecast period. However, the Asia-Pacific segment is expected to witness the highest growth, owing to rise in BYOD solutions and need for better desktop management among organizations in developing countries.
Some of the key players of client virtualization market profiled in the report include Cisco Systems, Inc., Citrix Systems, Inc., Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, Parallels Inc., Red Hat, Inc., Toshiba Corporation, and VMware, Inc.
According to a new report published by Allied Market Research, titled, “Next Generation Computing," The next generation computing market was valued at $132.53 billion in 2020, and is estimated to reach $782.10 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.
On the basis of next generation computing market analysis Increase in demand for enhanced computing performance for data analysis and rise in usage of simulation & modeling in healthcare, BFSI, and energy sector drive the market growth. In addition, rise in need for secure computing platforms, influx of huge amounts of data, and increase in adoption of quantum computing technologies by numerous industrial sectors are also expected to drive the market growth. However, several technological challenges associated with programming quantum computers, and developing approximate and probabilistic computing algorithms are expected to hamper growth of the next generation computing technology during the forecast period.
On the basis of component, the hardware segment dominated the overall next generation computing industry in 2020, and is expected to continue this next generation computing market trends during the forecast period. This is attributed to increase in adoption of next generation computing solution among enterprises to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, these solutions save both time as well as money, leverage existing data investments, and improve image analysis capabilities, with just a single software application. Moreover, next generation computing service providers are upgrading their software solutions to expand the range of next generation computing applications to reach more customers, which provides lucrative opportunities for the market growth. However, the service segment is expected to witness highest next generation computing market growth, as service segment of next generation computing industry ensures effective coordination between software provider companies and users of next generation computing software by providing services such as implementation, training, consulting services, and managed services. The adoption of these software speeds up the customer satisfaction of various industrial verticals such as BFSI, IT & telecommunication, and healthcare, which maximizes the value of existing customer by optimizing their needs and minimizes the cost of operation. This further fuel the adoption of services that are needed to handle the software properly.
Depending on offering, the on-premise segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of next generation computing software in small and medium scale organizations.
As per Next Generation Computing market forecast post COVID-19, the global next generation computing market size is estimated to grow from $ 158.02 billion in 2021, and reach $ 782.10 billion by 2030, at a CAGR of 19.4%.
COVID-19, as a macroeconomic shock, has impacted not only individual behaviors but also enforced governments and organizations to change their policies and priorities. This is fueling the adoption of Next Generation Computing and other technologies in many areas, especially in healthcare and smart cities. On the other hand, financial stress brought by the global recession has adversely impacted the technological adoption in short term in some sectors such as transportation. However, in the mid- to long-term when financial stress is eased, this pandemic is expected to accelerate Next Generation Computing adoption in a broader range of sectors. The changes in consumer behavior, government policies, and organization priorities open a range of opportunities to adopt Next Generation Computing for innovative solutions to prepare for the new normal. Many of the changes in this new normal such as remote work and telehealth are expected to stay even after people get over the pandemic.
KEY FINDINGS OF THE STUDY BASED ON NEXT GENERATION COMPUTING MARKET SHARE
This report gives an in-depth profile of some key market players in the Next Generation Computing industry are IBM Corporation, Amazon Web Services Inc., Alibaba Group Holding Limited, Cisco Systems, Google Inc., HPE, Intel Corporation, Oracle Corporation, Atos SE and Intel Corporation. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
According to a new report published by Allied Market Research, titled, “HR Payroll Software," The hr payroll software market was valued at $23.55 billion in 2021, and is estimated to reach $55.69 billion by 2031, growing at a CAGR of 9.16% from 2022 to 2031.
The HR payroll software streamlines end-to-end payroll process & reduces the workload of staff members or employees. It generates various types of insightful payroll & employees or staff performance related reports within few minutes. The integration of payroll and HR software enable managers or staff members to access all essential information from a single dash-board. Combining the payroll process with the best of HR functionality enhances efficiency in managing employee data. Moreover, HR payroll software saves time & money and reduces number of errors, which provide lucrative growth opportunities for the market. Furthermore, rise in investments in the industry such as BFSI, healthcare, & manufacturing sector and increase in deployment of cloud-based HR payroll software further propel the growth of the market during the forecast period.
On the basis of organization size, the large enterprises dominated the overall HR payroll software industry in 2021 and is expected to continue this trend during the forecast period. There is an increase in the adoption of HR payroll software in large enterprises to operate a lean payroll and tax filling service. Also, as organizations expand, this balancing act becomes even more difficult. Furthermore, large enterprises are integrating their large volume of data in the cloud to augment their speed, accuracy, and value chain scalability, which is opportunistic for the market. However, the SME’s is expected to witness the highest HR payroll software market growth in the upcoming year. The adoption of HR payroll software is expected to increase to optimize the business capabilities of small & medium sized enterprises. Moreover, continuous rise in number of government initiatives through various digital SME campaigns throughout the world fuel the growth of the market.
Depending on industry vertical, the IT & telecom sector dominated the HR Payroll Software Market Share in 2021 and is expected to continue this trend during the HR Payroll Software Market Forecast period. Increase adoption of HR payroll software in IT & telecom industry to make processes paper-free, more efficient & accurate and save lot of productive hours for the HR management team. In addition, HR and payroll process move towards the digitization and technology initiatives motivated by the global pandemic, provide lucrative growth opportunities for the HR payroll software market in the IT & telecom sector. However, healthcare sector is expected to witness the highest growth in the upcoming year. The HR payroll software is gaining popularity in the healthcare sector, owing to enhanced end to end security with patient data, cost benefits, and improved connectivity benefits that it offers to users. In addition, increase in digitalization and better graphical user interaction further boost the demand for HR Payroll Software Market Share in the healthcare sector.
The HR Payroll Software Industry was valued at $25.30 billion in 2022, and is projected to reach $55.69 billion by 2031, registering a CAGR of 9.2%. The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. Governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as AI powered solution, automation, big data, and analytics to control costs while improving the customer experience. Furthermore, organizations may now transform unstructured and semi-structured data into structured and relevant data due to the advent of big data and analytics. This data can be used by HR Payroll System to help enterprises speed up data management, process & analyze data, and improve the efficiency of business processes. In addition, artificial intelligence (AI) integration aids in the extraction of new insights from existing data in order to improve credit decisions, financial risk management, and consumer experience via intelligent chatbots. As a result, the growth in requirement to modernize HR and payroll operations is expected to propel market growth globally during the forecast period. For instance, in May 2020; the cloud-based HR Payroll System provider, Paylocity introduced the product features for the automation of the “IRS Form 7200” to advance payment of employer credits, along with product mobilization to help clients recruit, rehire and engage their workforce during the COVID-19 crisis.
KEY FINDINGS OF THE STUDY
This report gives an in-depth profile of some key market players in the HR payroll software market, include ADP, LLC, Ascentis Corporation, Cornerstone OnDemand, Inc., Epicore Software, Oracle Corporation, Patriot software, Paycom software Inc., Sage Plc., SAP SE, and SumTotal Systems Inc. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
The automotive and transportation industry is undergoing a transformative evolution, driven by rapid technological advancements, sustainability goals, and shifting consumer preferences. From electric and autonomous vehicles to smart mobility solutions and connected infrastructure, the sector is redefining how people and goods move across urban and rural landscapes. Governments, automakers, and tech companies are increasingly collaborating to create efficient, eco-friendly, and intelligent transportation systems that not only reduce environmental impact but also enhance safety and convenience.
The global golf cart size was valued at $1.9 billion in 2023, and is projected to reach $3.5 billion by 2033, growing at a CAGR of 6.7% from 2024 to 2033.
A golf cart is a small, motorized vehicle designed primarily for transporting golfers and their equipment across a golf course. The golf cart market has witnessed steady growth, driven by an increase in demand across golf courses, resorts, residential communities, industrial facilities, and commercial establishments. While traditionally used for golf course mobility, the market has expanded significantly into sectors such as hospitality, urban transport, and industrial applications.
Rise in population, coupled with increase in purchasing power, stringent government rules & regulations toward vehicle emission, and increase in number of golf courses & country clubs boosts the growth of the market across the globe. However, high initial maintenance & purchasing cost, low power & speed, and short overall drive range hamper the market growth to a certain extent. Rise in carbon emissions from fuel combustion has become a major concern for governments and environmentalists, driving demand for electric and solar powered golf carts.
This shift is expected to further boost market growth globally. Moreover, increase in fuel prices at international level, rise in pollution, and traffic congestion, especially in urban areas, have increased acceptance of golf carts to be used as recreational vehicles across the globe. In addition, the higher running and maintenance cost of gasoline golf carts has led to a shift in preference for electric golf carts for shorter transits, which, in turn, is expected to boost market growth during the forecast period.
In addition, the expansion of the commercial and industrial segment is driven by the rise of industrial automation, smart warehouses, and large-scale logistics hubs. For instance, in November 2024, Massimo Group introduced the MVR Series electric carts, including the MVR 2X Golf Cart and MVR Cargo Max Utility Cart, to meet the surge in demand for low-speed electric vehicles (LSVs). These high-performance carts provide versatile mobility solutions for both recreational and professional applications, particularly in commercial and industrial environments where efficient, eco-friendly transportation is essential. This trend boosts the adoption of electric carts, supporting logistics, warehousing, and industrial mobility needs.
The market is expected to witness steady growth due to stringent vehicle emission norms and increase in demand for fuel-efficient & low-emission vehicles. Strategic collaborations and distribution agreements further shape the market landscape, enhancing accessibility and expanding product offerings. For instance, in January 2025, Yamaha Golf-Car Company (YGC) entered into an exclusive distribution agreement with Pilotcar Otomotiv San. Ve Tic. for Pilotcar-branded low-speed vehicles (LSVs) in North America. According to Stephen Donnell, President of Yamaha Golf-Car Company, Yamaha’s extensive retail dealer network is expected to enhance sales, parts, and service support, ensuring better accessibility for LSV-specific consumers and dealer partners. Sukru Ozkilic, co-founder and general manager of Pilotcar Otomotiv, emphasized that this collaboration is projected to set a new benchmark in personal transportation, offering high-quality, street-legal LSVs that prioritize safety, sustainability, and customer satisfaction.
Furthermore, the solar golf cart segment is expected to witness the fastest growth in the global golf cart market during the forecast period. Stringent government rules and regulations toward vehicle emission and rise in investment in building golf carts across the globe drive its demand in the market. Asia-Pacific is expected to witness a considerable increase in growth rate during the forecast period.
Moreover, popularity of outdoor recreational activities and adventure tourism boosts demand for golf carts in the recreation and leisure segment. For instance, in July 2024, EA Carts, founded by entrepreneur Theodore “TJ” Johnson, entered the recreational golf cart market with a focus on providing affordable, stylish, and fun golf carts. The company has rapidly gained traction, securing two key partnerships that highlight its fast growth and innovative approach in the industry. This trend reflects the expanding use of golf carts beyond traditional golf courses, catering to leisure, tourism, and outdoor adventure markets.
The golf cart market is segmented into product type, application, sales channel, and region. On the basis of product type, the market is divided into electric golf carts, gasoline golf carts, and solar golf carts. As per application, the market is categorized into golf course, residential communities, resorts & hospitality, commercial & industrial, personal, recreation & leisure, and others. On the basis of sales channel, the market is bifurcated into online and offline. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA.
In addition, the market is highly competitive, with several key players dominating the industry. Leading manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. Major market players include companies such as ELLWEE, Textron Inc., Marshell Green Power, Maini Corporate Pvt Ltd., HDK Electric Vehicles, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., Evolution Electric Vehicles, ICON Electric Vehicles, Waev Inc., VIVID EV, Dealer Spike (Advanced EV), Nordic Group of Companies, Ltd., Club Car, Yamaha Motor Co., Ltd., Denago EV, Kandi America, and Star EV Corporation, USA.
Browse More Trending Reports :
Automotive Cybersecurity Market
The report provides an in-depth analysis of top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
According to a new report published by Allied Market Research, titled, “Deep Learning Industry ," The deep learning market was valued at $16.9 billion in 2022, and is estimated to reach $406 billion by 2032, growing at a CAGR of 37.8% from 2023 to 2032.
Deep learning is a technology that directs computers to process data according to the human perspective. The models of deep learning can analyze complex patterns, texts, sounds, and other data to produce accurate insights and predictions. In addition, it is a subset of machine learning and artificial intelligence, that focuses on modeling and stimulating the behavior of human brain neural networks. In deep learning, large datasets are used to train artificial neural networks to carry out tasks without explicit programming. Furthermore, the technology is used in computer vision, speech recognition, natural language processing (NLP), and others. Moreover, various trends are associated with deep learning technology such as transfer learning (pre-trained models), generative adversarial networks (GANs), self-supervised learning and others. Using pre-trained models that have been optimized for tasks performed on the base of huge datasets is called transfer learning. With a smaller dataset, this strategy enhances performance while accelerating training. In addition, the self-supervised model of deep learning helps in generating own information and codes from existing data without the requirement of large datasets. Furthermore, generative adversarial networks of deep learning technology are used for image generation, data augmentation, and realistic synthetic data creation for training. Therefore, these trends are driving the growth of the deep learning market.
Furthermore, the major market players adopted various strategies to increase the competition and offer enhanced services to their customers. For instance, in March 2023 Amazon Web Services, Inc. collaborated with NVIDIA Corporation to build world largest on-demand artificial intelligence infrastructure to train complex large language models (LLMs) and develop generative AI applications. This collaboration has the potential to drive the growth of deep-learning models. Moreover, in August 2021, IBM Corporation launched IBM Telum Processor. The processor is designed to deploy deep learning into enterprise workloads to address fraud in real time in the finance and insurance sector. The processor contains chip hardware that helps customers achieve business insights at scale across banking, finance, trading, insurance applications, and customer interactions. Therefore, such strategies foster deep learning market growth in the ICT sector.
On the basis of application, image recognition holds the largest market share of the deep learning market in the year 2022. This is attributed to the growing demand for pattern recognition, optical character recognition, code recognition, facial recognition, object recognition, and digital image processing.
On the basis of region, North America dominated the deep learning market forecast in the year 2022, owing to the availability of high-performance graphics processing units (GPUs) and specialized hardware accelerators that boosts the development and deployment of deep learning models, enabling faster training and inference times. Further, high investments and the availability of settled IT infrastructure in the region boosts the growth of the market.
The pandemic has significantly pushed the demand for deep learning technology. This is mainly attributed to the rise in demand for anti-money laundering (AML), fraud detection solutions, and various other solutions. In addition, the COVID-19 epidemic has led to changes in model performance in contrast to static validation and testing approaches, which in turn drive the development of deep learning models, resulting in more continuous monitoring and validation required to mitigate various sorts of risk. Furthermore, the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have been implemented by various governments in response to the growing digital revolution, which is fueling market expansion. Therefore, COVID-19 had a positive impact on the deep learning industry.
The key players profiled in the deep learning market analysis are Advanced Micro Devices Inc., Amazon Web Services, Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Qualcomm Technologies Inc., Samsung and Xilinx. These players have adopted various strategies to increase their market penetration and strengthen their position in the deep learning industry.
According to a new report published by Allied Market Research, titled, “Machine learning as a Service Market Trend," The machine learning as a service market was valued at $13.95 billion in 2020, and is estimated to reach $302.66 billion by 2030, growing at a CAGR of 36.2% from 2021 to 2030.
The global machine learning as a service market is influenced by a number of factors, including growth in demand for cloud computing, increase in adoption of analytical solutions, growth of artificial intelligence & cognitive computing market, increased application areas. However, the restraints include dearth of trained professionals.
In 2021, on the basis of component, the service segment dominated the machine learning as a service market, and is expected to maintain its dominance in the upcoming years. This is attributed to factors such as increase in application areas and growth associated with end-use industries among developing economies, which is expected to drive the market growth for machine learning services. Industry players are focused toward implementation of technologically advanced solutions to increase adoption of machine learning services. The use of machine learning services in the healthcare industry for detection of cancer as well as to check ECG, MRI will increase the market in the healthcare sector. Benefits offered by machine learning services such as cost reduction, demand forecasting, real-time data analysis, and growth in adoption of cloud market are expected to unlock major opportunities in the market. For instance, in April 2021, Microsoft Corporation announced an open Dataset for transportation, health & genomics, labor & economics, population & safety, and supplemental & common datasets to improve accuracy of machine learning models with publicly available datasets. This also allows companies to deliver insights at hyperscale using Azure Open Datasets with Azure’s machine learning and data analytics solutions that boosts sales MLaaS of companies.
On the basis of end user industry, the IT & telecom segment is the fastest growing segment of ML as a Service, and is projected to keep its hold on the market in the next years. Moreover, a number of IT & telecom organizations use machine learning as a service to predict the effects of forthcoming promotional strategies and sift through and utilize this refined data to find the most profitable customers. Machine learning used in analytics provides business intelligence to various telecommunication organizations, which helps in increasing their sales, predicting churn rates, improving fraud management, and decreasing operational costs. Rise in adoption of analytics in the telecom industry is to improve its core operations and internal processes to establish trends and to enable future forecasts. The IT and telecom industry has a wide array of growth opportunities, owing to data generated from phone calls, phone applications, social media, and data network. Applications of machine learning, such as real-time data analytics, also provide marketing and sales opportunities, while offering customized customer services. Companies are focused on implementation of machine learning capabilities to gain a competitive edge in the market.
Asia-Pacific is expected to be the fastest-growing regional segment during the forecast period, with the highest CAGR. Industry participants are realizing the importance of providing multi-modal platforms to ensure superior customer service. Growth in penetration of AI applications is expected to be the key trend influencing the market growth in this region. In addition, government organizations have adopted key initiatives to further spur penetration of machine learning and adjacent technologies in this region. North America is the leading region, in terms of technological advancements and adoption. It possesses well-equipped infrastructure and the ability to afford machine learning as a service solutions. Furthermore, rise in investments in the defense sector, along with technological advancements in the telecommunication industry, is expected to drive the market growth during the Machine learning as a Service Market Forecast period. Government regulations regarding data security are expected to continue to be a strong driver for the machine learning services market. Services such as security information and cloud application are expected to drive the market. In addition, strong presence of industry leaders such as Google, IBM, Microsoft, and Amazon Web Services and diversified product offerings have further led to rise in demand for machine learning solutions in this region. Furthermore, growth associated with artificial intelligence and cognitive computing is expected to create lucrative opportunities for market players to leverage varied industry applications such as predictive analytics, natural language processing, computer vision, fraud detection & management, and others.
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 pandemic has had a significant effect on countries' health, financial, and social systems. Individuals can profit from understanding and coping with their mental, psychological, and social well-being if knowledge of individual-level susceptibility factors is accessible. The application of artificial intelligence technology is likely to help combat the COVID-19 pandemic. Several countries are using population surveillance methods to track and trace COVID-19 cases. For example, in South Korea, researchers use surveillance camera footage, geo-location data to track coronavirus patients. Using this data, the data scientists leverage machine intelligence algorithms to predict the location of the next outbreak and inform the responsible authorities, helping to track the disease in real-time. Such active initiatives are likely to surge the demand for machine intelligence solutions in the upcoming period.
Some of the key Machine learning as a Service Industry players profiled in the report include Google Inc., SAS Institute Inc., FICO, Hewlett Packard Enterprise, Yottamine Analytics, Amazon Web Services, BigML, Inc., Microsoft Corporation, Predictron Labs Ltd., and IBM Corporation. This study includes Machine Learning as a Service Market share, trends, machine learning as a service market analysis, and future estimations to determine the imminent investment pockets.