Modelops Market Overview
Modelops Market Size was estimated at 2.55 (USD Billion) in 2022. The Modelops Market Industry is expected to grow from 3.05(USD Billion) in 2023 to 15.0 (USD Billion) by 2032. The Modelops Market CAGR (growth rate) is expected to be around 19.38% during the forecast period (2024 - 2032).
Key Modelops Market Trends Highlighted
The Modelops market is driven by several key factors, including the growing adoption of AI and machine learning (ML) technologies, the increasing need for automation and efficiency in software development processes, and the rise of cloud computing. As organizations seek to improve the performance and reliability of their AI/ML models, the demand for Modelops solutions is expected to surge. Moreover, the market is witnessing the emergence of new trends, such as the adoption of open-source Modelops platforms, the integration of MLOps with DevOps practices, and the rise of edge computing for AI/ML deployment.
These trends are expected to create significant opportunities for market players to differentiate their offerings and cater to the evolving needs of customers. In recent times, the Modelops market has also seen the rise of strategic partnerships and collaborations between technology vendors and industry leaders. These collaborations aim to provide comprehensive solutions that address the challenges and complexities of AI/ML model development and deployment.
Additionally, the increasing focus on data security and privacy concerns is driving the adoption of Modelops solutions that ensure the ethical and responsible use of AI/ML models.
Figure 1: Modelops Market Size, 2023-2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Modelops Market Drivers
Increasing Adoption of Artificial Intelligence (AI) and Machine Learning (ML)
The Global Model Ops Market Industry Forecasts to 2024 report gives an overview of the topic. In accordance with this, the Global Model ops markets industry has such growth factors as AI and associated technologies such as machine learning and deep learning, which are widely adopted across various industry verticals. AI and ML algorithms need to be trained and retrained continuously to maintain the model's efficiency, accuracy, and validity. Modelops is a platform that provides appropriate infrastructure and tools to manage the AI/ML models throughout the lifecycle. So, as the number of companies adopting AI/ML technologies increases, the demand for Modelops will grow.
Growing Need for Model Governance and Compliance
With the demand for governance and compliance of AI/ML models, organizations are under enormous pressure. Various regulations are now being implemented across the globe for the development and operation of AI/ML systems, which pushes transparency, accountability, and bias mitigation. The tools provided by the Modelops platforms to ensure model performance tracking, bias and drift monitoring, and adherence to regulatory and compliance requirements will soon deliver a rise to the Global Modelops Market Industry.
Rising Demand for Real-Time Analytics and Decision-Making
The demand for real-time analytics and decision-making is growing in various industries. Organizations always have to analyze data and make a decision to remain competitive. Modelops platforms ensure that AI/ML models operate in real time. In other words, it makes it possible to predict and recommend companies by knowing the most recent data. It is expected that this factor will contribute to the growth of the Modelops solutions in such applications as fraud spotting, risk assessment, and predicting when certain machine parts will fail.
Modelops Market Segment Insights
Modelops Market Deployment Model Insights
The deployment model segment of the Global Modelops Market is classified into cloud-based and on-premises. The cloud-based segment is likely to govern the market across the review period. The surging adoption of cloud computing services and the benefits offered by them in terms of scalability, flexibility, and cost-effectiveness are anticipated to accelerate market expansion in this segment. Businesses are likely to witness reduced up-front costs because they can avoid investing in hardware and infrastructure. The flexibility and scalability available with this model can ensure that businesses quickly modify their IT resources in accordance with their requirement.
This aspect may benefit organizations with fluctuating workloads or enterprises that need to scale up or down their operations rapidly. Meanwhile, the on-premises model is anticipated to exhibit a sluggish CAGR in the upcoming period. The preference exhibited by some companies for exercising more control over their data may be the causal factor of on-premises deployments experiencing such kind of growth. Such deployment models offer more customization options to businesses, along with the luxury of tailoring their IT systems for their varied ranges of operations.
In addition, the on-premises deployment model can offer better security and compliance to companies that need to handle highly sensitive data. In short, there is a growing adoption of cloud computing services, which is catapulting the demand for the cloud-based mode of deployment in the Global Modelops Market. However, some businesses are expected to adhere to the on-premises deployment model over the review period, as they will have a strong need for them by virtue of their desire to exercise more control over their data. m
Figure 2: Modelops Market, By Deployment Model, 2023 & 2032
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Modelops Market Organization Size Insights
Organization size segment – Small and Medium-Sized Enterprises are expected to grow at the highest CAGR during the forecast period. According to the segmentation based on the organization size, the Global Modelops Market is classified into Small and Medium-Sized Enterprises and Large Enterprises. In 2023, the Large Enterprises segment dominated the Global Modelops Market, representing over 60% of the total revenue. The constantly increasing number of large enterprises and the rise of the adoption rates of Modelops solutions among them are the major reasons for the rapid development of the concerned segment.
On the other hand, small and medium-sized enterprises are expected to grow at the highest CAGR over the forecast period. The explanation for such a phenomenon lies in the fact that these days, more and more companies are starting to become aware of the need and advantages of Modelops solutions, and small and medium-sized enterprises perceive them as central to their continued success.
Modelops Market Industry Vertical Insights
The Global Modelops Market revenue is segmented into various industry verticals, including manufacturing, healthcare, financial services, retail, IT and telecom, and others. Among these segments, manufacturing is expected to hold a significant market share in 2023, owing to the increasing adoption of automation and digitalization in the industry. The healthcare sector is also anticipated to witness substantial growth, driven by the rising demand for personalized medicine and the integration of AI in healthcare systems. Financial services, retail, and IT and telecom industries are projected to contribute significantly to the overall market growth due to the increasing need for fraud detection, risk management, and customer experience enhancement.
The "Other" segment encompasses various industries, such as education, transportation, and energy, which are also expected to adopt modelops solutions to improve their operational efficiency and decision-making capabilities.
Modelops Market Component Insights
The Software segment held the largest share of the Global Modelops Market revenue in 2023, and it is expected to continue to dominate the market throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of ML models and the need for efficient tools to manage and operate these models. Key players in this segment include Amazon Web Services, Google Cloud Platform, and Microsoft Azure. The Services segment is also expected to witness significant growth during the forecast period. The growth of this segment can be attributed to the increasing demand for managed services, consulting services, and training services related to ML models.
The growth of the market is driven by the increasing adoption of ML models across various industries, the growing need for efficient tools to manage and operate these models, and the increasing availability of managed services, consulting services, and training services related to ML models.
Modelops Market Application Insights
The application segment of the Global Modelops Market plays a critical role in driving market growth. Model Development and Training held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growing adoption of machine learning and artificial intelligence (AI) technologies is fueling the demand for efficient model development and training tools. Model Deployment and Monitoring is another key application segment, with increasing demand for real-time monitoring and management of deployed models to ensure optimal performance and minimize downtime.
Model Governance and Management is gaining traction as organizations seek to establish best practices and ensure compliance with regulatory requirements. Model Analytics and Reporting are also witnessing significant growth as businesses leverage insights from model performance data to improve decision-making and optimize operations. Overall, the application segment of the Global Modelops Market is expected to experience robust growth in the coming years, driven by the increasing adoption of AI and ML technologies across various industries.
Modelops Market Regional Insights
Regionally, North America is expected to dominate the market, followed by Europe, APAC, South America, and MEA. North America is expected to hold the largest market share due to the presence of major technology companies and early adoption of AI technologies. Europe is also expected to witness significant growth due to increasing government initiatives and investments in AI research and development. APAC is expected to be the fastest-growing region due to the rising adoption of AI in various industries and growing government support for AI development. South America and MEA are expected to experience moderate growth due to the increasing adoption of AI in various sectors and growing awareness of the benefits of AI technologies.
Figure 3: Modelops Market, By Regional, 2023 & 2032
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Modelops Market Key Players And Competitive Insights
In the Modelops Market, major players continue to be focused on expansion of product range through acquisitions and partnerships, additionally concentrating on investments in research and development. Competition in the market is anticipated to continue among the major players with no prominent consolidation. A variety of leading players attempt to gain a competitive advantage with the help of diversification of features and functionalities available in the offered products.
These companies are generally concerned with providing the best customer service. At a higher level, the Modelops Market is most likely to expand in size due to the ongoing growth and development of the AI and ML industry overall. It can be anticipated that large companies will see increasing gains from Modelops in the foreseeable future. These companies typically have the necessary resources to maintain the scale and capabilities of the ML models.
Databricks, a company that specializes in providing businesses with data engineering and machine learning platforms, offers a relatively wide range of more specific products and services. With the help of the company's data and machine learning platforms, businesses can build and deploy ML models at scale. Databricks offers a relatively simple product for their users. Their MLflow platform supports various models and works together with the User Interface. The wide functionality and available tools create conditions for users to make data science simple and easy.
However, there are certain features that are more relevant than others to the business of analysis on operationalizing ML models. For example, the model monitoring, model lineage tracking, and model governance capabilities of Databricks can contribute to the improvement of the effectiveness and efficiency of the business.
Key Companies in the Modelops Market Include
Modelops Market Industry Developments
The global Modelops market is projected to reach USD 15.0 billion by 2032, exhibiting a CAGR of 19.38% during the forecast period (2024-2032). The market growth is attributed to the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies across various industries. The growing need for efficient and automated model development and deployment processes is further driving market growth.
Recent developments in the Modelops market include
In March 2023, Google Cloud launched the Vertex AI Model Registry, a centralized repository for managing and tracking ML models throughout their lifecycle. In February 2023, Amazon Web Services (AWS) announced the availability of Amazon SageMaker Model Monitor, a service that helps monitor and analyze ML models in production. In January 2023, Microsoft Azure introduced Azure Machine Learning Managed Endpoints, a fully managed service for deploying and managing ML models at scale. These developments indicate the growing importance of Modelops in the AI/ML ecosystem.
Modelops Market Segmentation Insights
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Modelops Market Deployment Model Outlook
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Modelops Market Organization Size Outlook
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Modelops Market Industry Vertical Outlook
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Manufacturing
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Healthcare
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Financial Services
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Retail
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IT and Telecom
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Other
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Modelops Market Component Outlook
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Modelops Market Application Outlook
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Model Development and Training
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Model Deployment and Monitoring
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Model Governance and Management
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Model Analytics and Reporting
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Modelops Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.55 (USD Billion) |
| Market Size 2023 |
3.05( USD Billion) |
| Market Size 2032 |
15.0 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
19.38% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Iguazio, Determined AI, TIBCO, Iterative.ai (acquired by Google Cloud), Tecton AI, Google Cloud, DataRobot, Fiddler Labs, IBM, Microsoft, Comet.ml, Amazon Web Services, SAS Institute, Algorithmia Inc, Verta AI |
| Segments Covered |
Deployment Model, Organization Size, Industry Vertical, Component, Application, Regional |
| Key Market Opportunities |
1 Growing demand for automated ML 2 Need for improving model performance 3 Increasing adoption in healthcare and finance 4 Focus on cloud-based platforms 5 Rise of model monitoring and governance tools |
| Key Market Dynamics |
Increasing Model ComplexityGrowing Adoption of CloudBased DeploymentsFocus on Model Governance and ComplianceEmergence of Automated Machine Learning AutoMLIntegration with DataOps and DevOps |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Modelops Market is expected to reach a valuation of USD 3.05 billion in 2023, showcasing significant growth potential in the coming years.
The Global Modelops Market is anticipated to expand at a robust CAGR of 19.38% during the forecast period from 2024 to 2032, indicating a promising growth trajectory.
North America is anticipated to maintain its dominance in the Global Modelops Market, with a sizeable market share due to the presence of major technology providers and early adoption of AI and ML technologies.
The adoption of Modelops solutions across various industries is fueling market growth. Key applications include fraud detection, risk management, predictive maintenance, and personalized recommendations, among others.
Some of the prominent players in the Global Modelops Market include DataRobot, Fiddler Labs, Algorithmia, Determined AI, and Iguazio, among others. These companies offer a range of Modelops platforms and services, catering to the diverse needs of enterprises.
The Global Modelops Market faces challenges related to data security and privacy concerns, the need for skilled professionals, and the complexity of integrating Modelops solutions into existing IT systems.
The growing adoption of AI and ML technologies across industries is driving the demand for Modelops solutions. As enterprises seek to operationalize their AI and ML models effectively, the need for platforms and services that streamline the model development and deployment process is increasing.
The convergence of AI, DevOps, and MLOps practices is shaping the future of the Global Modelops Market. Additionally, the adoption of cloud-based Modelops platforms and the increasing demand for automated model monitoring and governance solutions are emerging trends.
The competitive landscape of the Global Modelops Market is characterized by a mix of established players and emerging startups. Strategic partnerships, acquisitions, and the introduction of innovative solutions are key strategies adopted by companies to gain market share.
The increasing demand for AI and ML adoption, the need for efficient model development and deployment processes, and the growing focus on data governance and compliance are key factors driving the growth of the Global Modelops Market.
