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Automated Machine Learning (AutoML) Market Size, Analysis, Trends And Strategies 2024-2033
Automated Machine Learning (AutoML) Market Size
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According to The Business Research Company's, The automated machine learning (automl) market size has grown exponentially in recent years. It will grow from $1.15 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 44.9%. 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 $7.35 billion in 2028 at a compound annual growth rate (CAGR) of 44.9%. 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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Market Drivers and Trends:
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 behaviors 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 2023, according to the Financial Crimes Enforcement Network (FinCEN), a US-based government agency that collects and analyzes information about financial transactions, in 2021, banking institutions sent over 350,000 suspicious activity reports (SARs) to FinCEN to identify suspected check fraud, a 23% increase over the number of SARs filed in 2020. This rising trend continued into 2022, with over 680,000, nearly double the previous year's total. Therefore, the rising need for advanced fraud detection solutions drives the growth of the automated machine learning (AutoML) 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 swiftly and effortlessly create and deploy top-notch machine learning models without coding or data science expertise. 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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Major Key Players of the Market:
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
Automated Machine Learning (AutoML) Market 2024 Key Insights:
• The automated machine learning (automl) market size is expected to see exponential growth in the next few years. It will grow to $7.35 billion in 2028 at a compound annual growth rate (CAGR) of 44.9%.
• Advanced Fraud Detection Drives Automl Market Growth
• Tech Innovations Transforming Automl Market Strategies
• North America was the largest region in the automated machine learning (AutoML) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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