NEW YORK, July 19, 2023 /PRNewswire/ -- The automated machine learning market was worth around USD 631.0 million in 2022, and it is set to hit USD 15,499.3 million by 2030, advancing at a 49.2% compound annual growth rate between 2023 and 2030. According to P&S Intelligence, this growth is primarily due to the booming demand for personalized product recommendations and surging requirements for efficient fraud detection solutions.
Moreover, as the popularity of online shopping grows, there will be a higher demand for individualized content, as consumers favor products that can cater to their demands. By analyzing browsing history, clickstream data, demographics, prior purchases, and previous product searches for patterns in the consumer behavior, autoML systems may provide customized products as per each customer's needs and interests.
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Platforms Witness Higher Demand Globally
The platform offering accounts for the larger share, of 73%, owing to the growing usage of autoML platforms across all verticals for operational cost reduction, customer service enhancement, and fraud minimization.
Based on deployment type, the cloud category generates the higher revenue in 2022. This is attributed to the enhanced flexibility and scalability of cloud-based AutoML platforms, which customers can customize as per their needs.
The large enterprise category dominates the industry due to the varied operations of these companies around the world. This encourages them to use automated machine learning solutions for cost-cutting, competitive analysis, client retention, and efficient marketing and sales campaigns.
AutoML Usage Burgeoning for Sales & Marketing Management
Sales & marketing management will register the fastest growth in the years to come. This is mainly due to the enormous number of businesses across all industries adopting these platforms to support lead scoring, content personalization, customer segmentation, and client engagement.
Based on industry, healthcare is set to witness the fastest growth, attributed to the rising requirement for machine learning for research, training, treating patients quickly and effectively, and detecting illnesses early, while saving money, resources, and time.
Solution Providers Generating Majority of Revenue in North America
The North American market for autoML generates the highest revenue due to its developed information technology infrastructure, existence of key platform providers, and strong IT & telecom, healthcare, and BFSI industries.
In addition, the market in the region is expanding as a result of the broad application of AI across a variety of sectors, including government entities.
Browse detailed report on AutoML Market Size, Share, Growth, Development and Demand Forecast to 2030
Moreover, the APAC autoML market is predicted to achieve the fastest growth in the future. This is credited to the growing investments in the IT infrastructure, surging acceptance of niche technologies, and escalating government support for the development of AI.
Furthermore, the industry is rapidly growing due to the numerous requests for application development that IT organizations in the region receive from companies based in Europe and North America.
AutoML Market Report Coverage
Report Metric | Details |
Market Size in 2022 | USD 631 Million |
Revenue Forecast in 2030 | USD 15,499.3 million |
Forecast Period | 2023-2030 |
Projected Growth Rate (CAGR) | 49.2 % |
Key Market Players | DataRobot Inc., H2O.ai Inc., dotData Inc., EdgeVerve Systems Limited, Amazon Web Services Inc., Squark, Big Squid Inc., SAS Institute Inc., Microsoft Corporation, Determined.ai Inc. |
Segments Analyzed | By Offering; By Deployment Type; By Enterprise Size; By Application; By Industry; By Region |
AutoML Market Segmentation Coverage in the Report
AutoML Market Segmentation by Offering
- Platform
- Service
- Professional
- Managed
AutoML Market Segmentation by Deployment type
- Cloud
- On-Premises
AutoML Market Segmentation by Enterprise Size
- Large Enterprise
- SME
AutoML Market Segmentation by Application
- Fraud Detection
- Sales & Marketing Management
- Medical Testing
- Transport Optimization
AutoML Market Segmentation by Industry
- BFSI
- IT & Telecom
- Healthcare
- Government
- Retail
- Manufacturing
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