The SNS Insider report highlights the MLOps Market current valuation at USD 1.55 billion in 2023 with a projected valuation of USD 24.5 billion by 2031 and forecasts a staggering CAGR of 41.2% over the forecast period 2024-2031.
Streamlining the Machine Learning Workflow: MLOps Market Set for Exponential Growth
The benefits of MLOps extend far beyond streamlined workflows. By fostering collaboration between IT professionals, data scientists, and business personnel, MLOps facilitates the seamless adoption of machine learning models across an organization. Additionally, MLOps principles establish a standardized language for all stakeholders involved, minimizing compatibility issues and accelerating the development and deployment of machine learning models.
In the financial sector, for instance, the sheer volume of customer data presents a unique challenge. MLOps empowers banks to leverage machine learning algorithms to analyze this data effectively. From purchase history and spending patterns to platform usage and geolocation choices, MLOps helps create a 360-degree view of the customer. This allows banks to offer personalized services and products tailored to individual needs and preferences.
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Major The Key Players of MLOps Market
IBM Corporation, GAVS Technologies, Amazon Web Services, Inc., Databricks, Inc., DataRobot, Inc., Microsoft Corporation, Cloudera, Inc., Akira AI, Alteryx, Google LLC, and other players
Segmentation Analysis: Solutions Lead the Charge
The MLOps market is segmented by component, deployment model, enterprise size, and end-user industry. By component, the solutions segment holds the dominant position. Technological advancements have ushered in a new era of digitalization, where advanced MLOps solutions are finding widespread adoption across enterprises globally. These solutions enhance remote workforce productivity by reducing travel and engagement costs, thereby streamlining overall operational expenditure (OPEX) and capital expenditure (CAPEX). Additionally, MLOps solutions comply with regulations like HIPAA and GDPR, facilitating adoption in highly regulated industries.
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Key Market Segments
By Component
- Platform
- Service
By Deployment
- On-Premise
- Cloud
By Organization Size
- Large Enterprise
- Small and Medium Size Enterprise
By End-Use Vertical
- IT
- Telecom Services
- Government
- BFSI
- Retail
- Consumer Goods
- Transportation
- Others
The Russia-Ukraine War and Economic Slowdown
The ongoing conflict between Russia and Ukraine has cast a shadow on the MLOps landscape. The war has disrupted the supply chain for crucial MLOps components such as GPUs and cloud computing resources. This has resulted in price hikes and extended lead times, creating challenges for MLOps teams in deploying and scaling models. Furthermore, the war has triggered a talent shortage in the MLOps industry due to the displacement of Ukrainian IT professionals. This has made it more difficult for MLOps teams to find and hire qualified engineers. The number of Ukrainian IT specialists employed in the MLOps sector has reportedly declined by 20%. Cyberattacks on MLOps teams have also witnessed a 30% rise. While these are pressing challenges, the MLOps industry is known for its adaptability. In the long run, the conflict might even accelerate the adoption of MLOps as businesses seek greater security and resilience.
Regional Development
North America is expected to retain the leading market share throughout the forecast period. The US and Canada are at the forefront of adopting machine learning technology across diverse application areas, propelling the growth of MLOps in the region. The presence of prominent technology giants like IBM, Google, Microsoft, HPE, and AWS in the US further bolsters the market. These established players, coupled with the emergence of innovative startups, create a fertile ground for investments and early adoption of AI technology in North America.
Future Growth
The future of the MLOps market appears promising. As businesses increasingly recognize the value of data-driven insights, the demand for MLOps solutions is expected to rise steadily. Additionally, the growing adoption of cloud-based MLOps solutions caters to the increasing complexity of machine learning models and the need for faster development cycles. As businesses prioritize agility and innovation in their AI strategies, the MLOps market is poised for further expansion.
Recent Development
- In November 2023:Â DataRobot partnered with Cisco to launch an MLOps solution for the Cisco FSO platform, enabling business-grade observability for AI models and enhancing customer value.
- In April 2023:Â MLflow released version 2.3, introducing new features and support for Large Language Models (LLMs), facilitating deployment and management of these complex models within the MLOps workflow
MLOps Market
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Key Takeaways
- The report highlights the segments and regions expected to witness the fastest growth, helping businesses focus their efforts in the most promising areas.
- The report analyzes key trends shaping the MLOps market, allowing businesses to stay ahead of the curve and adapt their strategies accordingly.
- The report provides information into the competitive landscape, enabling businesses to identify the right MLOps solutions and partners.
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