AutoML Market To Be USD 15,499.3 Million Opportunity by 2030
- Published: January 2023
The increasing demand for effective fraud detection solutions, growing need for tailored product recommendations, and rising importance of predictive lead scoring are the major growth drivers for the automated machine learning (AutoML) market. Thus, the industry is projected to generate USD 15,499.3 million in revenue in 2030, advancing at a rate of 49.2% during 2022–2030.
The increment in the count of new digital relationships (over 70%), usage of mobile payment applications (over 80%), and adoption of contactless payments (over 30%) have pushed the market for automated machine learning. The first wave of the pandemic triggered a 10–20% rise in online and mobile banking across the globe. The sound application and scale of preventive AI were particularly important during the pandemic, as fraud prevention activity leveled up by more than 40% from the pre-COVID-19 levels. Therefore, the trend of digital banking is expected to positively affect the demand for AutoML solutions.
Service Category To Witness Faster Growth
The AutoML market is bifurcated into platform and service, based on offering. Of these, the service category will display the highest CAGR during the forecast period. This will mainly be due to the increasing demand for integration and implementation, maintenance, and consulting services, for improving the productivity of the business and accelerating coding activities. In addition, these services help in the automation of the workflow, which further reduces the human involvement in intricate tasks.
Moreover, the market for automated machine learning is categorized into cloud and on-premises, based on deployment type. Out of these, the cloud category held the larger market share in 2022. The category is also expected to witness significant growth during the forecast period owing to the increased scalability and flexibility and reduced operational and infrastructure costs provided by cloud-based AutoML platforms.
The North American region had the largest share of the automated machine learning market in 2022, and it will maintain its position in the forecast period. This is mainly attributed to the surging IT spending and technological development in the region. The region has the strongest AI ecosystem considering the funding and initiatives of the government and private sectors, the count of companies, and global reach. Moreover, the extensive adoption of AI in the government sector is propelling the demand for these solutions in the continent. For example, as per the IDRC, the North American countries—the U.S. and Canada—are placed better in the global government AI readiness index with respect to the usage of AI technologies by government bodies globally.
The demand for AutoML solutions will grow the fastest in APAC during the forecast period. This can be mainly due to the increasing IT infrastructure investment and rising fintech adoption in the region. The regional market is also driven by the escalating government focus on the deployment of AI technologies across all verticals.
The major players operating in the AutoML market include DataRobot Inc., H2O.ai Inc., dotData Inc., EdgeVerve Systems Limited, Amazon Web Services Inc., Squark, Big Squid Inc., SAS Institute Inc., Microsoft Corporation, and Determined.ai Inc.