The Business Research Company’s report on the Automated Machine Learning (AutoML) Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the automated machine learning (automl) market?
The rising need for advanced fraud detection solutions is expected to propel the growth of the automated machine learning (AutoML) market going forward. Fraud detection involves identifying and preventing fraudulent activities or behaviours within a system or organization. Automated machine learning (AutoML) can be used for fraud detection by leveraging its capabilities to process and analyze large volumes of data, identify patterns, and detect anomalies that may indicate fraudulent activities. For instance, in February 2024, according to Allianz Insurance plc, a Germany-based company offering insurance and asset management services, $95.2 million (£77.4 million worth of claims fraud were identified in 2023, marking an increase from $86.96 million (£70.7 million) in 2022. Therefore, the rising need for advanced fraud detection solutions drives the growth of the automated machine learning (AutoML) market.
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How has the automated machine learning (automl) market size evolved, and what are the latest forecasts for its expansion?
The automated machine learning (AutoML) market size has grown exponentially in recent years. It will grow from $1.64 billion in 2024 to $2.35 billion in 2025 at a compound annual growth rate (CAGR) of 43.6%. The growth in the historic period can be attributed to complexity of machine learning, scarcity of data science talent, demand for speedy solutions, advancements in ai and computing power, cost efficiency
The automated machine learning (AutoML) market size is expected to see exponential growth in the next few years. It will grow to $10.93 billion in 2029 at a compound annual growth rate (CAGR) of 46.8%. The growth in the forecast period can be attributed to ai integration across industries, expansion of IoT and big data, rise of edge computing, hybrid cloud and on-premises solutions, regulatory compliance requirements. Major trends in the forecast period include automated feature engineering, federated learning advancements, explainable ai and model interpretability, AutoML for unstructured data, AutoML for autonomous systems.
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Which major companies dominate the automated machine learning (automl) market?
Major companies operating in the automated machine learning (AutoML) market include Google LLC, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Salesforce Inc., Teradata Corporation, Alteryx, Altair Engineering Inc., EdgeVerve Systems Limited, TIBCO Software Inc., DataRobot Inc., Dataiku, BigPanda., H2O.ai Inc., KNIME, Cognitivescale, Anyscale Inc., RapidMiner, Squark AI Inc., Auger.AI, DotData Inc., BigML Inc., Valohai, DarwinAI, Aible Inc., SigOpt, Zerion, Xpanse AI, Neptune Labs
What trends will shape the future of the auto finance market?
Technological innovations are a key trend gaining popularity in the automated machine learning (AutoML) market. Major companies operating in the automated machine learning (AutoML) market are adopting new technological innovations to sustain their position in the market. For instance, in April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company that provides automated machine learning (AutoML) platforms, launched the NIKO AutoML platform, an innovative machine-learning tool created to streamline and expedite the creation of prediction models. This platform offers various tools and functionalities, enabling users to create and deploy top-notch machine learning models without coding or data science expertise swiftly and effortlessly. The platform’s user interface helps users through every procedure stage, providing optimal results in a fraction of the time traditional approaches would take. NIKO AutoML offers several key benefits, including fast and accurate model creation, streamlined workflow, increased productivity, and cost-effectiveness.
Which region dominates the automated machine learning (automl) market, and what factors contribute to its leadership?
North America was the largest region in the automated machine learning (AutoML) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automated machine learning (AutoML) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How is the automated machine learning (automl) market segmented, and which segment holds the largest share?
The automated machine learning (AutoML) market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise: Small And Medium Enterprise, Large Enterprise
4) By Application: Data Processing, Feature Engineering, Model Selection, Hyperparameter Optimization And Tuning, Model Assembling, Other Applications
5) By End User: Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Healthcare, Manufacturing, Other End Users
Subsegments:
1) By Solutions: Cloud-Based Solutions, On-Premises Solutions, Integrated Development Environments (IDEs)
2) By Services: Consulting Services, Implementation Services, Training And Support Services
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How is the automated machine learning (automl) market defined?
Automated machine learning (AutoML) is the process of applying machine learning to practical issues AutoML automates machine learning models’ selection, composition, and parameterization, making the machine learning process more user-friendly and often providing faster, more accurate outputs than hand-coded algorithms.
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