AutoML Industry Revenue Expected to Exceed $14 Billion by 2030

The automated machine learning market is expected to grow at a CAGR of 45.6% from $346.2 million in 2020 to $14,830.8 million by 2030 as per the P&S Intelligence Report. The market is being driven by a growing need for effective fraud detection solutions, a surge in demand for tailored product suggestions, and an expanding need for predictive lead scoring.

The COVID-19 pandemic has had a significant impact on the growth of digital business models, with several healthcare organizations implementing machine-learning-enabled chatbots to enable contactless screening of COVID-19 symptoms. Furthermore, Clevy.io, a French start-up, and Amazon Web Services (AWS) have built a chatbot to make it easier to discover official government information concerning the COVID-19 virus. As a result, the pandemic has had a favorable influence on the market.

 Key Findings of Automated Machine Learning Market:

1. The service category, under the offering section, is expected to increase at a quicker rate in the future years. This may be attributed to the growing need for installation and integration, consultancy, and maintenance services, which aid in increasing business efficiency and augmenting coding tasks. Furthermore, these services help in the automation of processes, which allows for the mechanization of complicated activities.

2. In the past, the cloud category dominated the AutoML industry in terms of deployment methods. Furthermore, this area is expected to grow significantly in the coming years due to the flexibility and scalability provided by cloud-based automated machine learning (AutoML) systems.

3.North America has geographically maintained the biggest share, and this tendency is projected to continue in the coming years. This is attributed to a surge in venture capital expenditure for research and development (R & D) by artificial intelligence (AI) firms in order to boost AutoM.

4.Asia-Pacific (APAC) is expected to be the market's fastest-growing region in the next few years. This is attributed to the region's expanding information technology (IT) investments and fintech uptake. Furthermore, the region's industry is advancing due to the expanding government attention on implementing AI in many sectors.

5.Cloud-based automated machine learning systems are becoming a prominent industry trend due to their potential to provide better scalability and flexibility while lowering IT infrastructure expenses.

6.Players in the automated machine learning sector are aggressively pursuing alliances in order to acquire a competitive advantage.

As per the P&S Intelligence Report key players in the Global Automated Machine Learning markets that are shaping the entire market are 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.