Automated Machine Learning Solution Market Report 2024: Global Insights and Trends

The automated machine learning solution market size has grown exponentially in recent years. It will grow from $1.43 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 48.0%. The growth in the historic period can be attributed to growing demand for predictive models, data-driven decision-making, increasing demand for predictive lead scoring systems, optimization of processes.

The automated machine learning solution market size is expected to see exponential growth in the next few years. It will grow to $10.07 billion in 2028 at a compound annual growth rate (CAGR) of 47.7%. The growth in the forecast period can be attributed to increasing demand for efficient fraud detection solutions, demand for intelligent business processes is rising, rising need to automate the financial sector, increasing adoption in various industries, emerging educational interest. Major trends in the forecast period include subscription-based models, technological advancemet, cloud and serverless computing, .

Market Overview -
Automated machine learning solutions are software platforms that streamline and automate the end-to-end process of developing machine learning models. AutoML solutions typically automate tasks such as feature engineering, model selection, hyperparameter tuning, and model evaluation, simplifying the complex workflow of building machine learning models.

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Surge In Demand For Fraud Detection Drives The Automated Machine Learning Solutions Market
Increasing demand for efficient fraud detection solutions is expected to propel the growth of the automated machine learning solution market going forward. Fraud detection solutions refer to a set of tools, technologies and methodologies designed to identify and prevent fraudulent activities within various systems, processes, or transactions. Machine learning is currently being used for fraud detection applications to combat the rising danger of financial fraud. For instance, in February 2023, according to financial crimes enforcement network (FinCEN), a US-based government agency that collects and analyze information about financial transaction, in 2021, banking institutions sent over 350,000 suspicious activity reports to FinCEN to identify suspected check fraud, a 23% increase over the number of SARs filed in 2020. The rising trend continued into 2022, with over 680,000 suspicious activity reports, nearly double the previous year's total. Therefore, increasing demand for efficient fraud detection solutions will drive the growth of the automated machine learning solution market.

Competitive Landscape -
Major companies operating in the automated machine learning solution market report are Microsoft Corporation, Amazon Web Services Inc, Microsoft Azure Automated Machine Learning, International Business Machines Corporation, Oracle, SAS Institute Inc, Databricks, Alteryx, H2O.ai, EdgeVerve Systems Limited, Dataiku, Datarobot Inc, KNIME, Rasa, Peltarion, RapidMiner, Auger.AI, BigML, dotData Inc, Big Squid Inc, Determined.ai Inc, Turi (formerly GraphLab), Turing Analytics

Focus On Revolutionizing The Automated Machine Learning Solution Market With Technological Innovations
Major companies operating in the automated machine learning solution market are adopting new technological innovations to sustain their position in the market. Technological innovations in automated ML solutions involve enhanced model interpretability and seamless integration for streamlined and efficient machine learning model development. For instance, in April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company that provides automated machine learning solution 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.

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Key Segments -

The automated machine learning solution market covered in this report is segmented -

1) By Offering: Platform, Service
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, SMEs
4) By End-users: BFSI, Retail and E-Commerce, Healthcare, Manufacturing

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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