Automated Machine Learning (AutoML) Market worth $6.4 billion by 2028, growing at a CAGR of 44.6%: Report by MarketsandMarkets™ (2023)

Chicago, May 24, 2023 (GLOBE NEWSWIRE) -- The global Automated Machine Learning (AutoML) Market size is projected to grow from USD 1.0 billion in 2023 to USD 6.4 billion by 2028, at a CAGR of 44.6% during the forecast period, according to a new report by MarketsandMarkets™. No code and low code platforms have revolutionized the way businesses approach machine learning. They allow users with little to no programming experience to build and deploy machine learning models quickly and easily. AutoML tools in no code and low code platforms offer a streamlined approach to automate and optimize the model-building process.

Browse in-depth TOC on "Automated Machine Learning Market"

324 - Tables
56 - Figures
347 - Pages

Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=193686230

Scope of the Report

Based on offering, the market for Automated Machine Learning is segmented into solutions and services. The solutions segment is expected to grow at a higher Compound Annual Growth Rate (CAGR) during the forecast period. The solutions segment is bifurcated based on type and deployment. By type, the segment studies platforms and software applications. By deployment it is further bifurcated into cloud and on-premises. AutoML solutions are designed to automate many of the tasks involved in developing and deploying machine learning models, making it easier for organizations to leverage the power of machine learning without requiring significant expertise in data science or machine learning. AutoML solutions are becoming an increasingly important tool for organizations looking to leverage the power of machine learning to gain insights from their data and make better decisions.

Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=193686230

Based on application, the market is segmented into data processing, feature engineering, model selection, hyperparameter optimization and tuning, model assembling, and other applications (Evaluation metric selection, monitoring and problem checking, and result analysis). These capabilities are crucial to the success of AutoML platforms as they enable users to create accurate and reliable models without the need for extensive knowledge of machine learning algorithms. AutoML platforms that provide these capabilities allow domain experts to build machine learning applications without significant knowledge of statistics and machine learning, thus increasing the speed and efficiency of model creation.

Based on vertical, the automated machine learning market is segmented into BFSI, retail & eCommerce, telecommunications, manufacturing, healthcare & life sciences, IT/ITeS, automotive, transportation, and logistics, government & defense, media & entertainment, and other verticals (education and transportation and logistics). Many businesses are rapidly using machine learning and artificial intelligence (AI). There is an increasing trend in investment banking to replace human labor with this new technology, especially when it comes to processing and assimilation of massive volumes of data. For instance, several investment banks have replaced entry-level financial analysts with automated systems to analyze financial data and generate insightful conclusions. Data validation and ensuring that data sources from various systems are synced is done using AI bots. The healthcare & life sciences industry verticals are expected to grow at the highest CAGR during the forecast period.

The Automated Machine Learning market is segmented into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The presence of various players and the growing adoption of AI and ML technologies by businesses are some of the key factors favoring the growth of the AutoML market in North America. Europe is steadily adopting AutoML solutions and services within its market. Europe is expected to be second in terms of market size and share during the forecast period. The growing demand for AutoML solutions that can automate the machine learning process and make it more accessible to businesses boosts the growth of the market in Europe. Asia Pacific is expected to record the fastest growth rate during the forecast period. The AutoML market is expected to witness considerable developments and adoption of solutions across Asia Pacific during the forecast period. The growing investment in IT infrastructure along with the rapid adoption of emerging technologies across several business verticals are expected to drive the AutoML market.

Frequently Asked Questions (FAQ)

What is Automated Machine Learning?

Automated Machine Learning (AutoML) is a process that automates many tasks involved in building machine learning models. It applies algorithms to handle tasks such as feature engineering, hyperparameter tuning, and model selection, making it more user-friendly and efficient. AutoML is a valuable tool for businesses and individuals looking to leverage the benefits of machine learning without requiring extensive knowledge or expertise.

Which are the key drivers supporting the market growth for Automated Machine Learning?

The key drivers supporting the market growth for Automated Machine Learning include Growing demand for improved customer satisfaction and personalized product recommendations through AutoML, increasing need for accurate fraud detection, Growing data volume and complexity, Rising need to transform businesses with Intelligent automation using AutoML.

Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting

Browse Other Reports:

DevOps Market - Global Forecast to 2028

Healthcare Cybersecurity Market - Global Forecast to 2028

Blockchain Gaming Market - Global Forecast to 2027

Video Conferencing Market - Global Forecast to 2027

Identity Verification Market - Global Forecast to 2027

Contact Data

 About MarketsandMarkets™MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: sales@marketsandmarkets.com