Machine learning uses statistical analysis to generate prediction output without requiring explicit programming. It employs a chain of algorithms that learn to interpret the relationship between datasets to achieve its goal. Unfortunately, most data scientists are not software engineers, which can make it difficult to scale up to meet the needs of a growing firm. Data scientists can easily handle these complications thanks to Machine Learning as a Service (MLaaS).
What is MLaas?
Machine Learning as a service (MLaaS) has recently gained much traction due to its benefits to data science, machine learning engineering, data engineering, and other machine learning professionals. The term “machine learning as a service” refers to a wide range of cloud-based platforms that employ machine learning techniques to offer answers.
The term “machine learning as a service” (MLaaS) refers to a suite of cloud-based offerings that make machine learning resources available to users. Customers may reap the benefits of machine learning with MLaaS without incurring the overhead of building an in-house machine learning team or taking on the associated risks. A wide variety of services, including predictive analytics, deep learning, application programming interfaces, data visualization, and natural language processing, are available from various suppliers. The service provider’s data centers take care of all the computing.
Although the concept of machine learning has been around for decades, it has only lately entered the mainstream, and MLaaS represents the next generation of this technology. MLaaS aims to reduce the complexity and cost of implementing machine learning within an organization, allowing quicker and more accurate data analysis. Some MLaaS systems are designed for specialized tasks like picture recognition or text-to-speech synthesis, while others are built with broader, cross-industry uses in mind, such as in sales and marketing.
How do MLaaS works?
MLaaS is a collection of services that provides pre-built, rather general machine learning tools that each company may tailor to its needs. Data visualization, APIs galore, facial recognition, NLP, PA, DL, and more are all on the menu here. Data pattern discovery is the primary application of MLaaS algorithms. These regularities are then employed as the basis for mathematical models, which are then used to create predictions based on new information.
In addition to being the first full-stack AI platform, MLaaS unifies a wide variety of systems, including but not limited to mobile apps, business data, industrial automation and control, and cutting-edge sensors like LiDar. In addition to pattern recognition, MLaaS also facilitates probabilistic inference. This offers a comprehensive and reliable ML solution, with the added benefit of allowing the organization to choose from various approaches when designing a workflow tailored to its unique requirements.
What are the benefits of MLaas?
The main perk of using MLaaS is not worrying about putting together your infrastructure from the ground up. Many firms, especially smaller and medium-sized enterprises (SMEs), lack the resources and capacity to store and handle large amounts of data. The expense is compounded by the need to purchase or build massive storage space to house all this information. Here, the MLaaS infrastructure takes over data storage and administration.
Because MLaaS platforms are cloud providers, they offer cloud storage; they give means to manage data for machine learning experiments correctly, data pipelining, and so on, making it easier for data engineers to access and analyze the data.
Businesses can use MLaaS providers’ predictive analytics and data visualization solutions. In addition, they provide application programming interfaces (APIs) for a wide variety of other uses, such as emotion analysis, facial recognition, credit risk evaluation, corporate intelligence, healthcare, etc.
With MLaaS, data scientists may begin using machine learning immediately instead of waiting around for lengthy software installations or sourcing their servers, as is the case with most other cloud computing services. With MLaaS, the actual computing takes place in the provider’s data centers, making it extremely handy for enterprises.
Top MLaaS Platforms
1. AWS Machine Learning
When it comes to cloud services, AWS Machine Learning can do it all. It paves the way for businesses to use almost limitless resources, including computational power and data storage. There are even more advanced technologies available, like MLaaS.
Machine learning solutions provided by AWS Machine learning are – Amazon Polly, Amazon Lex, Amazon Sagemaker, Amazon Rekognition, Amazon Comprehend, and Amazon Transcribe.
2. Google Cloud Machine Learning
Developers and data scientists may use the Google Cloud Machine Learning (GCP) AI platform to create, launch, and manage machine learning models. The Tensor Processing Unit, a chip developed by Google specifically for machine learning, is a key differentiator of this service.
Machine learning solutions provided by GCP are – Build with AI, Conversational AI, and Dialogflow CX
3. Microsoft Azure ML Studio
Microsoft Azure ML Studio is the online interface developers, and data scientists can use when developing, training rapidly, and deploying machine learning models. Despite starting in the offline world, Microsoft has made great strides to catch up to the leading web players.
Sci-kit learns TensorFlow, Keras, MxNet, and PyTorch are popular frameworks that can be used with Azure Machine Learning Studio.
4. IBM Watson Machine Learning
One can create, train, and release Machine Learning models with IBM Watson Machine Learning. Popular frameworks like TensorFlow, Caffe, PyTorch, and Keras provide graphical tooling that makes model construction a breeze.
BigML is an all-encompassing machine-learning platform with many methods for managing and creating machine-learning models. The tool helps with predictive applications in many fields, including aviation, automobiles, energy, entertainment, finance, food and agriculture, healthcare, and the Internet of Things. BigML offers its services via a web interface, a command line interface, and an application programming interface.
Global Market and Impact so far
ReportLinker, a market research provider, predicts that the machine learning as a service market will grow to $36.2 billion globally by 2028, expanding at an annual growth rate (CAGR) of 31.6% between 2018 and 2028.
Major growth factors for the machine learning as a service business include rising interest in cloud computing and developments in AI and cognitive computing. The need for effective data management is increasing as more companies move their data from on-premises to cloud storage. Since MLaaS platforms are essentially cloud providers, they make it easier for data engineers to access and process data for machine learning experiments and data pipelines.
The global economic and financial institutions are in shambles after Covid-19 killed millions of people. With the rise of this COVID-19 pandemic, it is conceivable that artificial intelligence technologies will help in the battle against it. Using population monitoring strategies made possible by machine learning and artificial intelligence, COVID-19 instances are being monitored and traced in numerous nations.
Below are the drivers driving the MLaaS industry:
- Machine learning as a driving force in artificial intelligence
- The rise of Big Data and the need for cloud computing
To Sum It Up:
Many different tools exist to aid in the creation of ML. Machine learning development environments may be found with specialized tools that take care of automation, allow for many versions, and provide a comprehensive ML research and development setting. Since it can be grown to infinity and then back down to the size of a current PC with only a few clicks, MLaaS is a suitable solution for the complexity and dynamic of the modern world.
If you’re a data scientist or engineer, you know how hectic your days can get. MLaaS provides a wealth of resources to help you get more done in less time. The key benefit is that you won’t spend money on brand-new infrastructure, computers, setup, or upkeep.
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Dhanshree Shenwai is a Computer Science Engineer and has a good experience in FinTech companies covering Financial, Cards & Payments and Banking domain with keen interest in applications of AI. She is enthusiastic about exploring new technologies and advancements in today’s evolving world making everyone's life easy.