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.

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350 – Tables
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Scope of the Report

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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