A number of factors, such as the rising need for effective fraud detection solutions, surging demand for personalized product commendations, and growing importance of projecting lead scoring, are expected to drive the automated machine learning (AutoML) market in the foreseeable period (2020–2030). According to PS Intelligence, the market generated revenue of $346.2 million in 2020, which is expected to reach $14,830.8 million by 2030, growing at a CAGR of 45.6% in the coming years.
Moreover, the market is witnessing a trend of rising fondness toward cloud-based AutoML platforms. Geographically, the North American AutoML market accounted for the largest share in 2020, and it is also expected to lead the global market during the forecast period. This is ascribed to the rising venture capital (VC) funding of AI organizations in research and development (RD) activities to improve their offerings.
For example, U.S. companies raised $99.5 billion in 2018 through VC funding for AI. Moreover, technological advancement, presence of key AutoML platform providers, developed IT infrastructure, and well-developed BFSI, healthcare, and IT telecom industries are the key reasons for increasing the demand for AutoML solutions in the region.
Furthermore, based on the application segment, the AutoML market is categorized into fraud detection, medical testing, sales marketing management, and transport optimization. Among these, the sales marketing management category is expected to record the fastest growth in the coming years.
Furthermore, based on the application segment, the AutoML market is categorized into fraud detection, medical testing, sales marketing management, and transport optimization. Among these, the sales marketing management category is expected to record the fastest growth in the coming years.
This can be attributed to a large number of organizations across all sectors are using AutoML platforms significantly to gain insights into shopper sentiment, and also these platforms offer content personalization, customer engagement, and lead scoring for sales marketing management.
Thus, the surging need for effective fraud detection solutions and the rising demand for personalized product commendations across the globe are expected to propel the market growth during the forecast period.
