Global ModelOps Market Size, Share, Trends, Industry Analysis Report: Information By Offering (Platforms, Services), By Model Type, By Application, By Verticals, and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024 - 2032
- Published Date:Aug-2024
- Pages: 115
- Format: PDF
- Report ID: PM5010
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global ModelOps market size was valued at USD 3.79 billion in 2023. The ModelOps industry is projected to grow from USD 5.23 billion in 2024 to USD 70.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 38.3% during the forecast period (2024 - 2032).
ModelOps encompasses a range of capabilities designed to centrally manage and govern the complete life cycle of AI and decision models. ModelOps includes models utilizing machine learning (ML), knowledge graphs, natural language processing, optimization, rules, and agents.
The growing reliance on AI and ML in various industries for integration into business processes is driving the ModelOps market. Organizations are integrating AI and ML into business processes to gain competitive advantages, enhance operational efficiency, and deliver personalized customer experiences. For instance, according to the Business Trends and Outlook Survey conducted in November 2023 by the United States Census Bureau, approximately 3.8% of businesses have reported implementing AI to generate goods and services.
Additionally, a further 6.5% of businesses are planning to integrate AI within the next six months. ModelOps facilitates continuous integration and delivery of AI solutions to provide the necessary framework to automate and streamline business processes. Thus, the increasing need for the integration of AI solutions with businesses is driving the growth of the ModelOps market.
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Furthermore, the market for the ModelOps market is driven by the growth in data generation, as it creates a need for comprehensive data management strategies. The data volumes are expanding exponentially across industries due to rising advancements in various digital platforms such as social media, e-commerce, and others. These digital platforms are leveraging machine learning models to extract actionable insights. However, managing large and diverse data sources requires advanced operational frameworks to ensure accurate training, validation, and continuous updating of models. ModelOps meets these requirements by offering tools and platforms for automated model deployment, performance monitoring, and lifecycle management. Therefore, the expanding data volumes are necessitating platforms such as ModelOps and DataOps, further driving the market growth for ModelOps.
ModelOps Market Trends
Technological Advancements in Automated Machine Learning (AutoML) Platforms Are Driving the ModelOps Market Growth
Market CAGR for ModelOps is being driven by technological advancements in automated machine learning (AutoML) platforms. Companies are continuously introducing AutoML platforms to provide methods and processes to make machine learning available for non-machine learning experts and other businesses. For instance, in April 2023, AND Solutions introduced the NIKO AutoML Platform, an advanced machine-learning solution aimed at streamlining and expediting the development of predictive models. NIKO empowered businesses of various scales to harness the potential of artificial intelligence by enhancing decision-making, boosting efficiency, and attaining a competitive advantage. Furthermore, businesses are increasingly utilizing AutoML as these platforms liberalize access to advanced machine learning capabilities by automating essential steps such as data preprocessing, model selection, hyperparameter tuning, and model validation. Thus, the surge in the use of AutoML tools creates a demand for ModelOps solutions to effectively manage the increased volume and complexity of models being deployed, further driving the ModelOps market growth.
Increasing Global Footprint Of IT/ITeS Companies is Propelling the ModelOps Market Size
The increasing global footprint of IT/ITeS companies necessitates robust data management solutions. For instance, in 2019, CompTIA reported that there were over 557,000 software and IT services companies operating in the United States. This figure encompassed suppliers of custom computer programming services, software publishers, computer systems design firms, and facilities management companies within the tech industry. These companies are adopting AI and ML technologies to enhance their service offerings and improve operational efficiencies that increase the volume and complexity of models deployed in business processes. Thus, ModelOps plays a crucial role in simplifying the deployment, monitoring, and governance of the models to ensure reliability, security, and compliance with regulatory standards. The IT/ITeS sector's rapid growth is driven by digital transformation and the increasing demand for data-driven decision-making, which is boosting the need for ModelOps solutions.
ModelOps Market Segment Insights
ModelOps Application Insights
The global ModelOps market segmentation, based on application, includes batch scoring, continuous integration/continuous deployment, dashboard & reporting, governance, risk and compliance, model lifecycle management, monitoring & alerting, parallelization & distributed computing, and others. The monitoring and alerting segment in the ModelOps market is projected to grow with a significant CAGR over the forecast period due to the increasing adoption of artificial intelligence and machine learning models across various industries such as BFSI, manufacturing, IT/ITeS, and others. Monitoring and alerting applications play an important role in identifying and mitigating issues such as model drift, data anomalies, and operational inefficiencies in real time, thereby fueling the demand and growth of the ModelOps market.
Further, the rise in regulatory requirements and the need for continuous compliance monitoring fuel the demand for advanced monitoring and alerting tools. Organizations are acknowledging the importance of maintaining the accuracy of their AI models, leading to a surge in investments in the monitoring and alerting segment. Thus, the monitoring and alerting segment is projected to grow with a significant CAGR over the forecast period in the ModelOps market.
ModelOps Verticals Insights:
The global ModelOps market segmentation, based on verticals, includes BFSI, energy & utilities, government & defense, healthcare & life sciences, IT/ITeS, manufacturing, retail & eCommerce, telecommunications, transportation & logistics, and others. The BFSI sector dominated the ModelOps market in 2023 due to the extensive use of decision-making models in banking, credit, and investment processes within institutions. Furthermore, there is an increased emphasis on establishing robust model risk management teams and processes. Organizations are aiming to enhance security, streamline customer interactions, and improve operational efficiency with the rapid advancement of AI technology. ModelOp models play a crucial role in providing AI initiatives across large enterprises, mitigating risks, and ensuring compliance with regulations. Also, they help enable the development of valuable models at scale for banks, investment firms, financial institutions, insurance companies, and regulatory bodies. Consequently, the extensive utilization of ModelOps solutions is contributing to the dominance of the BFSI sector in the ModelOps market.
ModelOps Regional Insights
By region, the study provides the ModelOps market insights into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North America ModelOps market held the highest revenue share in the global market due to the presence of several established and emerging ModelOps companies, including ModelOp, Teradata, Verta, SAS Institute Inc., and IBM. The aforementioned companies are at the forefront of innovation, developing advanced tools and platforms that streamline the deployment, monitoring, and management of machine learning models. Furthermore, the concentration of tech giants and startup ecosystems promoted a competitive environment that propelled continuous improvements and rapid advancements in ModelOps solutions. Thus, the region's well-developed infrastructure that promotes technological advancements contributed to the dominance of the North America region in the global ModelOps market.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The Asia Pacific ModelOps market is expected to grow with a significant CAGR over the forecast period due to the growth in key industries such as BFSI, IT, manufacturing, retail and e-commerce, and telecommunications. The aforementioned industries are increasingly adopting AI and machine learning technologies to enhance operational efficiency, customer experience, and competitive advantage.
Furthermore, the India ModelOps market is anticipated to grow significantly due to rising growth in the telecommunications industry and significant investments made by the public and private sectors in the industry. For instance, as per the IBEF, in India's Union Budget 2023-24, the Department of Telecommunications received an allocation of US$ 11.92 billion. The allocation included US$ 48.88 million for research and development and US$ 611.1 million reserved for Bharatnet. These investments have opened up the potential for the growth of ModelOps solutions in the telecommunications industry. Thus, the Asia Pacific ModelOps market is anticipated to grow significantly over the next ten years.
ModelOps Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their offerings, which will help the ModelOps market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including innovative launches, international collaborations, higher investments, and mergers and acquisitions between organizations. To expand and survive in a more competitive and rising market environment, the ModelOps industry must offer innovative solutions.
The ModelOps market is fragmented, with the presence of numerous global and regional market players. The companies are competing in the market by offering comprehensive ModelOps platforms that integrate with their broader cloud and AI offerings. The players are leveraging extensive resources and customer bases to enhance ModelOps capabilities. Major players in the ModelOps market include Altair Engineering Inc., C3.ai, Inc., Cloud Software Group, Inc., Databricks, DataKitchen, Inc., Datatron, Domino Data Lab, Inc., Giggso, IBM, LeewayHertz, Minitab, LLC, ModelOp, Palantir Technologies Inc., SAS Institute Inc., Sparkling Logic, Teradata, Veritone, Inc., and Verta.
ModelOp is an AI Governance software company that specializes in assisting enterprises in safeguarding all AI initiatives, including generative AI, large language models (LLMs), and third-party, in-house, and embedded systems. ModelOp enables enterprises to tackle the governance and scalability challenges required to protect and recognize the transformational value of enterprise AI. In May 2024, ModelOp launched ModelOp Version 3.3. The new software enables corporate enterprises to assess AI risks and maintain oversight over AI projects as international regulations evolve.
Verta is a startup located in Palo Alto that specializes in creating software infrastructure to assist enterprise data science and machine learning (ML) teams in developing and deploying ML models. Verta offers comprehensive model management and operational solutions for the entire AI and ML model lifecycle, including production registry, experiment tracking, inference and serving, deployment, and monitoring. In March 2020, Verta launched ModelDB 2.0, an open-source system for versioning machine learning models. The system aims to ensure the reliability, safety, and reproducibility of machine learning development and deployment processes.
Key companies in the ModelOps market include
- Altair Engineering Inc.
- C3.ai, Inc.
- Cloud Software Group, Inc.
- Databricks
- DataKitchen, Inc.
- Datatron
- Domino Data Lab, Inc.
- Giggso
- IBM
- LeewayHertz
- Minitab, LLC
- ModelOp
- Palantir Technologies Inc.
- SAS Institute Inc.
- Sparkling Logic
- Teradata
- Veritone, Inc.
- Verta
ModelOps Industry Developments
March 2022: ModelOp released ModelOp Center 3.0, featuring notable upgrades and new functionalities in its leading ModelOps platform. The release underscores the company's capabilities to govern and expand AI initiatives.
October 2021: ModelOp introduced advanced automated AI governance features to meet the model risk management regulations outlined in the European Commission’s proposed rules on Artificial Intelligence, the Federal Reserve’s SR 11-7 guidelines, and AI regulations set forth by organizations such as the SEC, OCC, and FINRA.
September 2023: Teradata introduced new upgrades to its ClearScape Analytics software, specifically its ModelOps feature, which focuses on AI/ML model management. The enhancements are designed to cater to the increasing global need for advanced analytics and AI capabilities within organizations.
ModelOps Market Segmentation
ModelOps Offering Outlook
- Platforms
- By Type
- Development & Experimentation Platforms
- Monitoring & Observability Tools
- Automated Machine Learning (AutoML) Platforms
- Performance Tracking & Management Platforms
- Model Explainability & Interpretability Tools
- Serving & Deployment Tools
- Other types
- By Deployment Mode
- Cloud
- On-Premises
- Services
- Consulting Services
- Deployment & Integration
- System & Maintenance
ModelOps Model Type Outlook
- Agent-Based Models
- Bring Your Own Models
- Graph-Based Models
- Linguistic Models
- ML Models
- Rule & Heuristic Models
- Others
ModelOps Application Outlook
- Batch Scoring
- Continuous Integration/Continuous Deployment
- Dashboard & Reporting
- Governance, Risk and Compliance
- Model Lifecycle Management
- Monitoring & Alerting
- Parallelization & Distributed Computing
- Others
ModelOps Verticals Outlook
- BFSI
- Energy & Utilities
- Government & Defense
- Healthcare & Life sciences
- IT/ITeS
- Manufacturing
- Retail & eCommerce
- Telecommunications
- Transportation & Logistics
- Others
ModelOps Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
ModelOps Report Scope
|
Report Attributes |
Details |
|
Market Size Value in 2023 |
USD 3.79 billion |
|
Market Size Value in 2024 |
USD 5.23 billion |
|
Revenue Forecast in 2032 |
USD 70.07 billion |
|
CAGR |
38.3% from 2024 – 2032 |
|
Base Year |
2023 |
|
Historical Data |
2019 – 2022 |
|
Forecast Period |
2024 – 2032 |
|
Quantitative Units |
Revenue in USD Billion and CAGR from 2024 to 2032 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
|
|
Regional Scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global ModelOps market size was valued at USD 3.79 billion in 2023 and is projected to grow to USD 70.07 billion by 2032.
The global market is projected to grow at a CAGR of 38.3% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are Altair Engineering Inc., C3.ai, Inc., Cloud Software Group, Inc., Databricks, DataKitchen, Inc., Datatron, Domino Data Lab, Inc., Giggso, IBM, LeewayHertz, Minitab, LLC, ModelOp, Palantir Technologies Inc., SAS Institute Inc., Sparkling Logic, Teradata, Veritone, Inc., and Verta.
The monitoring & alerting application segment is projected for significant growth in the global market.
The BFSI segment dominated the ModelOps industry in 2023.
