MLOps Market Sets New Record, Projected at USD 37.4 Billion By 2032 at 39.3% CAGR: AMR

The small and medium-sized enterprises (SMEs) segment is expected to experience fastest growth in the coming years.

WILMINGTON, DE, UNITED STATES, November 21, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “MLOps Market, by Component (Platform, Service), by Deployment Mode (On-premise, Cloud), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, Manufacturing, IT and Telecom, Retail and E-commerce, Energy and Utility, Healthcare, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032".

The mlops market was valued at $1.4 billion in 2022, and is estimated to reach $37.4 billion by 2032, growing at a CAGR of 39.3% from 2023 to 2032.

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AI and ML practices are no longer the luxury of research institutes or technology giants, they are becoming an integral part of any modern business application. According to analysts, most organizations fail to successfully deliver AI-based applications and are stuck in the process of turning data-science models, which were tested on sample or historical data, into interactive applications which work with real-world and large-scale data. A new engineering practice called MLOps has emerged to address the challenges. As the name indicates, it combines AI/ML practices with DevOps practices, and its goal is to create continuous development and delivery (CI/CD) of data and ML intensive applications. For instance, the year 2023 will also experience an expansion of AI and MLOps across various organizations, decreased time to market for AI projects, and for organizations using online feature stores to enable real-time use cases to be implemented.

On the basis of industry vertical, the IT and telecom sector dominated the MLOps market in 2022 and is expected to continue this trend during the forecast period. The IT and telecom industry are implementing MLOps, to make the best decisions for continuing to be successful in the marketplace. These factors will notably contribute towards the growth for MLOps in this industry. However, the healthcare sector has the highest growth market share in the upcoming year. The adoption of MLOps helps healthcare companies to address issues such as securities, regulations, financial factors, and standards which are in the path of the digital transformation process.

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Region-wise, North America dominated the market share in 2022 for the MLOps Industry. The adoption of MLOps growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. In addition, North America is expected to exhibit high growth potential, as biopharmaceutical companies in this region are increasingly adopting MLOps for various applications such as research, drug discovery, and clinical trials, which is significantly fueling the market growth. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to the increase in penetration of advanced technology such as AI/ML big data and others, which is particularly fueling regional market growth. In addition, surge in digitalization toward business operation, is projected to provide lucrative growth opportunities for the MLOps market in Asia-Pacific region.

The COVID-19 outbreak positively impacted the growth of the MLOps market. This is attributed to investment in advanced technologies such as AI, big data, DevOps and machine learning, due to rise in adoption digitalization by various companies across the globe. In addition, rise in solutions for managing various hospitals and clinics are expected to provide lucrative opportunities for market growth.

In addition, the pandemic brought big challenges in the manufacturing sector from supply chain disruptions and drop in workforce availability to raw material shortages. Thus, manufacturers had to rely on the power of their data and analytics to stay competitive and innovate ahead. Such factors prompted the demand for MLOps solutions in the manufacturing sector.

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Furthermore, various researches indicate that there is tremendous opportunity for AI growth in new sectors in China in the coming decade, including automotive, transportation, and logistics, manufacturing, healthcare, and other sectors. These factors help define the market leaders in each sector. For instance, in June 2023, industry leaders and experts from renowned companies, including NVIDIA, Alibaba, Megvii, Lenovo, AsiaInfo, xFusion, and AsiaInfo, and others, gathered at the online meetup, to explore the latest trends in MLOps and Kubeflow. The meetup provided a great opportunity for people to share knowledge and collaborate, encouraging new ideas and advancements in cloud-native technologies for MLOps.

Key Findings of the Study

By component, the platform segment accounted for the largest MLOps market share in 2022.
By deployment mode, the on-premise segment accounted for the largest MLOps market share in 2022.
On the basis of organization size, the large enterprise segment accounted for the largest MLOps market share in 2022.
Depending on industry vertical, the IT and Telecom sector accounted for the largest MLOps market share in 2022.
Region wise, North America generated the highest revenue in 2022.

The key players that operate in the MLOps market analysis are Akira AI, Alteryx, Amazon Web Services, Inc., Cloudera, Inc., Databricks, Inc., DataRobot, Inc., GAVS Technologies, Google LLC, IBM Corporation and Microsoft Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the MLOps industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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