Global Automated Machine Learning Market Size To Grow At 42.97% CAGR From 2023 to 2030

Global Automated Machine Learning Market Analysis (2023 - 2030)

As per our research report, the global Automated Machine learning market size is estimated to be growing at a CAGR of 42.97% from 2023 to 2030. 

The pandemic had a mixed impact on the AutoML market. There was an increase in demand for ML models in the healthcare sector. AutoML models were used to diagnose COVID-19 infection in patients. An AutoML classifier was used in CXR (Chest X-Ray images) to distinguish non-infection patients from infected ones. Further, ML-based models are scalable, easy to implement, and automatable for image analysis. In addition to that, it was used to categorize COVID-19 tests into positive and negative ones through deep learning models. Further, AutoML models helped to forecast potential viruses in patients through predictive modelling. It used patients' bio signatures to understand their health status. Additionally, using these bio signatures health care centres were able to analyse future mutations that helped to combat the pandemic.

Further, AutoML models witnessed significant demand from the BFSI sector during the pandemic. Owing to the increase in online fraud and cyberattacks, banks used AutoML models for risk management. As per FDC (Federal Trade Commission), consumers reported losing $1.2 billion in 2020 while doing online transactions. AutoML and data science automation helped banks to monitor and identify customer profiles, analyse fraudulent transactions and money laundering, and for managing financial portfolios for investment purposes.

Furthermore, the pandemic increased digitization and hence increased the need for automating tasks. AutoML models saved human labour and completed complicated tasks easily. Moreover, due to the pandemic, there was a restricted labour supply, which shifted companies' attention to adopting AutoML models to complete tasks. These include some common applications of AutoML models such as AI voice assistants, automated advisors in wealth management, AI assistants for automated coding, use of cloud-based automation technologies by designers and manufacturers to conduct 3D visualization, and others.

Post-pandemic there was an increase in the use of robots in the food industry for automating orders, facilitating transactions, predicting trends and forecasting consumer demand, and others.

The restraints to Automated Machine Learning Market include unemployment as a result of an increase in task automation and more exposure to hackers and attackers as they will be able to develop more advanced models to gain access to users’ data leading to data breaches and privacy issues.

KEY MARKET INSIGHTS: 

• Based on by solution, the standalone market held the largest share due to their applications in small and medium-sized enterprises. They provide cloud-based and cost-effective solutions to companies dealing with large amounts of data. Further, they are easy to install and operate, which makes them popular among small enterprises with a small budget. Further, the on-premise market is the fastest growing market due to its ease of operations and is more suitable to handle business operations of large enterprises. Further, large enterprises can control their data and technology and can freely choose servers, and decide on configurations, and system upgrades.
• Based on automation type, the data-processing market holds the highest share owing to its benefits in saving time and enhanced productivity. Further, it provides improved data storage and efficiency in validating data for quality information to companies. Furthermore, the data-modeling and visualisation market holds a sizeable market share due to its benefits in the design process and analysing and translating data sets into understandable contexts.
• Based on end-user type, the BFSI sector holds the highest share of the market. As large amounts of data are processed daily, auto ML models helped banks and other financial institutions in task automation, improving the safety, and security of its customers’ data. Further, the healthcare sector witnessed the fastest growth during the forecast period due to its benefits in diagnosing patients, performing therapy planning, maintaining patents data, and discovering drugs for future ailments.
• Based on region, North America holds the highest share of the market. As a result of advancements in technology such as the use of robo advisors in insurance, the use of AI models to forecast climate change, and the use of ML models in defence for defence combat training, threat monitoring, forecasting warfare platforms, and others boosted the demand for AutoML models in the region. Further, Asia Pacific is predicted to have the fastest-growing market in AutoML owing to its use by the government to reduce fraud and maintain data privacy.
• Companies playing a leading role in the global automated machine learning market profiled in this report are -  Datarobot Inc., Amazon web services Inc., dotData Inc., IBM Corporation, Dataiku, SAS Institute Inc., Microsoft Corporation, Google LLC, H2O.ai, and Aible Inc.

MARKET SEGMENTATION: 

By Solution

• Standalone
• On-Premises

By Automation Type

• Feature Engineering
• Data Processing
• Data Modelling
• Visualization
• Others

By End-User

• BFSI
• Retail and E-Commerce
• Healthcare
• Manufacturing
• Others

By Region: 

• North America 

• Europe 
• Asia-Pacific 
• South America 
• Middle East and Africa 

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