CHICAGO, June 25, 2024 /PRNewswire/ --
The ModelOps Market is estimated to grow from
USD 5.4 billion in 2024 to
USD 29.5 billion in 2029, at a CAGR
of 40.2% during the forecast period, according to a new report by
MarketsandMarkets™. ModelOps is revolutionizing the market by
optimizing machine learning models' deployment, management, and
governance. It accelerates time-to-market, enhances scalability
across diverse environments, ensures compliance and transparency
through standardized practices, fosters collaboration among teams,
enables continuous monitoring for performance and security, reduces
costs, manages risks effectively, and supports agile adaptation to
evolving business needs. This holistic approach transforms
organizations' operationalization of AI, making their data science
initiatives more efficient, reliable, and impactful.
Browse in-depth TOC on "ModelOps Market"
350 – Tables
50 - Figures
380 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
USD Billion
|
Segments
Covered
|
Offering, Model Type,
Application, Vertical, and Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
IBM (US), Google (US),
Oracle (US), SAS Institute (US), AWS (US), Teradata (US), Palantir
(US), Veritone (US), Altair (US), c3.ai (US), TIBCO (US),
Databricks (US), Giggso (US), Verta (US), ModelOp (US), Comet ML
(US), Superwise (Israel), Evidently Al (US), Minitab (US), Seldon
(UK), Innominds (US), Datatron (US), Domino Data Lab (US), Arthur
(US), Weights & Biases (US), Xenonstack (US), Cnvrg.io
(Israel), DataKitchen (US), Haisten AI (US), Sparkling Logic (US),
LeewayHertz (US).
|
By offering the services segment to account for higher CAGR
during the forecast period
The rapid growth of the services segment in the ModelOps Market
stems from its crucial role in managing the complexities of AI and
machine learning model deployment. Organizations face challenges in
setting up infrastructure, integrating models with existing
systems, and ensuring scalability and performance, which require
specialized expertise offered by service providers. These providers
customize models to fit specific organizational needs, integrate
them into workflows, and optimize performance, addressing skill
gaps and ensuring compliance with regulatory standards such as GDPR
and HIPAA. They also mitigate data privacy and security risks,
enhancing operational efficiency through proactive monitoring and
troubleshooting. The increasing adoption of AI across industries
further drives demand for these services, as different sectors seek
tailored solutions to maximize ROI and operational effectiveness
from their AI investments.
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By model type, ML Model is expected to hold the largest
market size for the year 2024
The predominance of machine learning (ML) models within the
ModelOps Market stems from several pivotal factors. ML models have
gained extensive traction due to their capacity to decipher
intricate patterns and furnish data-driven forecasts across diverse
sectors such as finance, healthcare, and marketing. Their
adaptability has facilitated their integration into core business
processes, prompting a surge in demand for efficient
operationalization through ModelOps methodologies. The exponential
expansion of big data has intensified the necessity for advanced
models capable of efficiently analyzing vast datasets. ML models
excel here by offering scalable solutions that can handle immense
volumes of information, essential for organizations seeking to
harness data for strategic decision-making and a competitive edge.
Advancements in AI and ML research have additionally propelled the
development of sophisticated models, such as deep learning
architectures, renowned for superior performance in tasks such as
image recognition, natural language processing, and recommendation
systems.
By Vertical, Healthcare & Life Sciences is projected to
grow at the highest CAGR during the forecast period
The healthcare and life sciences sectors are experiencing robust
growth in ModelOps due to their accelerating adoption of AI and ML
technologies. These industries rely heavily on AI models for tasks
ranging from drug discovery to personalized medicine, necessitating
effective management throughout the model lifecycle. ModelOps
ensures these models meet stringent regulatory standards while
maintaining high accuracy and reliability in clinical applications.
Also, the demand for personalized medicine drives the deployment of
AI models that analyze vast amounts of patient data to tailor
treatments. ModelOps enables scalable and efficient deployment of
these complex models, supporting healthcare organizations in
improving operational efficiency and reducing costs. By
continuously monitoring, updating, and optimizing AI models, models
ensure they remain effective and compliant with evolving healthcare
needs. Collaborations between healthcare providers, tech firms, and
research institutions further accelerate AI-driven innovations in
telemedicine and wearable technologies, necessitating robust
ModelOps capabilities to manage and deploy these advancements
effectively.
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Asia Pacific is
expected to grow at the highest CAGR during the forecast
period
The Asia-Pacific region
dominates the ModelOps Market primarily due to several key factors.
Countries such as China,
Japan, South Korea, and India have experienced significant growth in
AI and machine learning sectors, driving demand for efficient
deployment and management of AI models. The region's diverse
industries, including finance, healthcare, manufacturing, and
e-commerce, increasingly adopt AI solutions, creating a substantial
need for reliable ModelOps frameworks. Asia-Pacific's regulatory environment is
conducive to AI innovation, fostering a supportive atmosphere for
ModelOps adoption. The region also benefits from a robust IT
services industry, providing a strong foundation for ModelOps
service providers and technology vendors. Cultural factors, such as
a strong emphasis on technological innovation, further accelerate
the adoption of ModelOps solutions across various sectors.
Top Key Companies in ModelOps Market:
The significant ModelOps platform and service providers include
IBM (US), Google (US), Oracle (US), SAS Institute (US),
AWS (US), Teradata (US), Palantir
(US), Veritone (US), Altair (US), c3.ai (US), TIBCO (US),
Databricks (US), Giggso (US), Verta (US), ModelOp (US), Comet ML
(US), Superwise (Israel),
Evidently Al (US), Minitab (US), Seldon (UK), Innominds (US),
Datatron (US), Domino Data Lab (US), Arthur (US), Weights &
Biases (US), Xenonstack (US), Cnvrg.io (Israel), DataKitchen (US), Haisten AI (US), Sparkling Logic (US),
LeewayHertz (US). These companies have used organic and inorganic
growth strategies such as product launches, acquisitions, and
partnerships to strengthen their position in the ModelOps
Market.
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