As per a report by P&S Intelligence, in 2019, the global automated machine learning market attained a value of $269.6 million and is projected to generated a revenue of $14.511.9 million by 2030, progressing at a 43.7% CAGR during the forecast period (2020–2030). AutoML solutions are offered through platform and service, including managed and professional.
The demand for AutoML platforms was higher in the past because of their rising adoption across different industries for operational cost reduction, fraud minimization, and improved customer services. These services and platforms are used by both small & medium enterprises and large enterprises. Other than fraud detection, AutoML services and platforms are used in transport optimization, medical testing, and sales & marketing management applications.
AutoML solutions are projected to be adopted at a considerable rate for sales & marketing management applications in the coming years, which is ascribed to the fact that a number of companies are using these solutions for gaining insights into customer emotion and further facilitate content personalization, customer segmentation, lead scoring, and customer engagement. Industries including manufacturing, banking, financial services, & insurance (BFSI), information technology & telecom, retail, government, and healthcare are increasingly using AutoML platforms for different applications.
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The demand for AutoML platforms was higher in the past because of their rising adoption across different industries for operational cost reduction, fraud minimization, and improved customer services. These services and platforms are used by both small & medium enterprises and large enterprises. Other than fraud detection, AutoML services and platforms are used in transport optimization, medical testing, and sales & marketing management applications.
AutoML solutions are projected to be adopted at a considerable rate for sales & marketing management applications in the coming years, which is ascribed to the fact that a number of companies are using these solutions for gaining insights into customer emotion and further facilitate content personalization, customer segmentation, lead scoring, and customer engagement. Industries including manufacturing, banking, financial services, & insurance (BFSI), information technology & telecom, retail, government, and healthcare are increasingly using AutoML platforms for different applications.
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North America has emerged as the largest automated machine learning market, which is ascribed to technological advancements, presence of major companies, developed IT infrastructure, and advanced BFSI, healthcare, and IT & telecom industries. Other than North America, Asia-Pacific is also expected to increasingly adopt AutoML platforms and services in the coming years, owing to the increasing economic growth, adoption of emerging technologies, rising investments in IT infrastructure, and growing government initiatives towards the development of artificial intelligence technology.
In conclusion, the demand for AutoML is growing because of the growing need for personalized product recommendations.
North America has emerged as the largest automated machine learning market, which is ascribed to technological advancements, presence of major companies, developed IT infrastructure, and advanced BFSI, healthcare, and IT & telecom industries. Other than North America, Asia-Pacific is also expected to increasingly adopt AutoML platforms and services in the coming years, owing to the increasing economic growth, adoption of emerging technologies, rising investments in IT infrastructure, and growing government initiatives towards the development of artificial intelligence technology.
In conclusion, the demand for AutoML is growing because of the growing need for personalized product recommendations.
