Automated Machine Learning Market
Dynamics Trends, Segmentation, Key
Players And Forecast
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A number of factors, such as the rising need for effective fraud detection solutions, surging
demand for personalized product commendations, and growing importance of projecting lead
scoring, are expected to drive the automated machine learning (AutoML) market in the
foreseeable period (2020–2030). According to P&S Intelligence, the market generated
revenue of $346.2 million in 2020, which is expected to reach $14,830.8 million by 2030,
growing at a CAGR of 45.6% in the coming years. Moreover, the market is witnessing a trend
of rising fondness toward cloud-based AutoML platforms.
One of the major factors boosting the demand for AutoML solutions is the rising need for
effective fraud detection solutions. The prevention and detection of frauds are a massive
challenge for all companies across the world. For example, according to the U.S. Government
Accountability Office, payments that were completed in an inappropriate amount and not have
been made (improper payment) totaled around $151 billion in 2018, as compared to $141
billion in 2017. Moreover, according to the Reserve Bank of India, over 6,800 incidences of
bank frauds were reported in 2018–2019, which cost around $10,079 million.
Geographically, the North American AutoML market accounted for the largest share in 2020,
and it is also expected to lead the global market during the forecast period. This is ascribed to
the rising venture capital (VC) funding of AI organizations in research and development
(R&D) activities to improve their offerings. For example, U.S. companies raised $99.5 billion
in 2018 through VC funding for AI. Moreover, technological advancement, presence of key
AutoML platform providers, developed IT infrastructure, and well-developed BFSI,
healthcare, and IT & telecom industries are the key reasons for increasing the demand for
AutoML solutions in the region.
Thus, the surging need for effective fraud detection solutions and the rising demand for
personalized product commendations across the globe are expected to propel the market
growth during the forecast period.
This study covers
Historical and the present size of the Automated Machine Learning Market
Major factors driving the market and their impact during the short, medium, and long
terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their
comparative future potential
Potential of on-demand logistics services, so the market players make informed
decisions on the sales of their offerings
Competitive scenario of various market segments across key countries in several
regions for uncovering market opportunities for the stakeholders
Major players operating in the market and their service offerings
Recent strategic developments by the major players in the market
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