AutoML Market Size is Expected to Reach $14,511.9 Million by 2030

iCrowdNewswire Oct 21, 2020 3:00 AM ET

The automated machine learning market is being propelled by the increasing demand for solutions that can efficiently detect frauds, rising requirement for personalized product recommendations, and surging awareness about the benefits of predictive lead scoring. As a result, the sale of such solutions will generate $14,511.9 million by 2030, compared to $269.6 million in 2019; the industry is set to experience a massive 43.7% CAGR during 2020–2030.

Automated Machine Learning Market

Service and platform are the bifurcations within the offering segment of the market, of which platform was the larger bifurcation in 2019. This is ascribed to the increasing deployment of AutoML solutions in almost all industries to improve the customer service, reduce operational costs, and minimize fraud. The higher CAGR in the automated machine learning market is predicted to be witnessed in the service bifurcation during the forecast period. With the increasing adoption of AutoML solutions, the demand for consulting, implementation & integration, and maintenance services is also growing.

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The major trend in the AutoML market currently is the usage of cloud-based solutions. Cloud computing has several advantages over having the software and applications deployed on the premises. There is no requirement for procuring expensive IT components, as, in cloud computing, the data and software are stored on the servers of a third-party agency, which reduces the IT expenditure for users. Moreover, the storage capacity of cloud platforms can be reduced and increased as per preference. Similarly, cloud-deployed software and databases can be accessed from any internet-connected device, from anywhere.

North America will be the largest contributor to the automated machine learning market till 2030. The strongest factors that are driving the market advance in the region are the advanced IT infrastructure, presence of numerous globally operating software and technology companies, and hugely productive banking, financial services, and insurance (BFSI) and healthcare industries. The BFSI sector accounts for the highest AutoML usage, especially for efficient anti-money laundering, fraud detection, customer churn prediction, and credit risk scoring operations.

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AutoML Market Segmentation

By Offering