The automated machine learning solution global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automated Machine Learning Solution Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automated machine learning solution market size has grown exponentially in recent years. It will grow from $1.43 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 48.0%. The growth in the historic period can be attributed to growing demand for predictive models, data-driven decision-making, increasing demand for predictive lead scoring systems, optimization of processes.
The automated machine learning solution market size is expected to see exponential growth in the next few years. It will grow to $10.07 billion in 2028 at a compound annual growth rate (CAGR) of 47.7%. The growth in the forecast period can be attributed to increasing demand for efficient fraud detection solutions, demand for intelligent business processes is rising, rising need to automate the financial sector, increasing adoption in various industries, emerging educational interest. Major trends in the forecast period include subscription-based models, technological advancement, cloud and serverless computing.
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Scope Of Automated Machine Learning Solution Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automated Machine Learning Solution Market Overview
Market Drivers –
Increasing demand for efficient fraud detection solutions is expected to propel the growth of the automated machine learning solution market going forward. Fraud detection solutions refer to a set of tools, technologies and methodologies designed to identify and prevent fraudulent activities within various systems, processes, or transactions. Machine learning is currently being used for fraud detection applications to combat the rising danger of financial fraud. For instance, in February 2023, according to financial crimes enforcement network (FinCEN), a US-based government agency that collects and analyze information about financial transaction, in 2021, banking institutions sent over 350,000 suspicious activity reports to FinCEN to identify suspected check fraud, a 23% increase over the number of SARs filed in 2020. The rising trend continued into 2022, with over 680,000 suspicious activity reports, nearly double the previous year’s total. Therefore, increasing demand for efficient fraud detection solutions will drive the growth of the automated machine learning solution market.
Market Trends –
Major companies operating in the automated machine learning solution market are adopting new technological innovations to sustain their position in the market. Technological innovations in automated ML solutions involve enhanced model interpretability and seamless integration for streamlined and efficient machine learning model development. For instance, in April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company that provides automated machine learning solution 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 create and deploy top-notch machine learning models without coding or data science expertise swiftly and effortlessly. 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.
The automated machine learning solution market covered in this report is segmented –
1) By Offering: Platform, Service
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, SMEs
4) By End-users: BFSI, Retail and E-Commerce, Healthcare, Manufacturing
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Regional Insights –
North America was the largest region in the automated machine learning solution market in 2023. The regions covered in the automated machine learning solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automated machine learning solution market report are Microsoft Corporation, Amazon Web Services Inc, Microsoft Azure Automated Machine Learning, International Business Machines Corporation, Oracle, SAS Institute Inc, Databricks, Alteryx, H2O.ai, EdgeVerve Systems Limited, Dataiku, Datarobot Inc, KNIME, Rasa, Peltarion, RapidMiner, Auger.AI, BigML, dotData Inc, Big Squid Inc, Determined.ai Inc, Turi (formerly GraphLab), Turing Analytics
Table of Contents
- Executive Summary
- Automated Machine Learning Solution Market Report Structure
- Automated Machine Learning Solution Market Trends And Strategies
- Automated Machine Learning Solution Market – Macro Economic Scenario
- Automated Machine Learning Solution Market Size And Growth
…..
- Automated Machine Learning Solution Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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