In 2022, the automated machine learning market size stood at USD 631.0 million, which is projected to witness a 49.2% CAGR during 2022–2030, reaching USD 15,499.3 million by 2030 as per P&S Intelligence.
The major factors accountable for the development of the market include the growing demand for effective fraud-finding solutions and the rising need for personalized product recommendations.
In 2022, The platform category generated the larger revenue share, of 73%, on the basis of offering. This growth can be credited to the growing acceptance of such platforms across all verticals for operational cost reduction, customer service improvement, and fraud deduction.
Furthermore, the pandemic helped in lifting digital transformation in nearly every industry, like healthcare, manufacturing, and BFSI, which is contributing to the adoption of this technology.
In 2022, The cloud category held the higher market share, on the basis of deployment type. This is due to the advanced flexibility and scalability of cloud-based automated machine-learning channels, which clients can modify according to their needs. Furthermore, as the cloud lessens the infrastructure and operational expenses, a huge number of businesses are more and more accepting cloud-based solutions.
On the basis of application, the sales and marketing management category are set to witness the fastest growth in the coming years. this can be owed to the huge number of businesses are utilizing such platforms in order to gain insights into buyer emotion and offer content personalization, customer segmentation, customer engagement, and lead scoring.
On the basis of industry, the healthcare category is set to experience the highest growth in the coming years. This is due to the hike in the demand for ML by the healthcare sector for the early recognition of illnesses, training, research and treating patients fast and efficiently, while reducing money, time, and resources.
In 2022, North America accounted for the highest revenue in the automated machine learning market. this can be credited to the advanced information technology infrastructure, prosperous BFSI, IT & telecom, the existence of main AutoML platform providers, and the healthcare sector are the key factors boosting the market growth in the continent.
The APAC market is projected to experience the fastest growth in the forecast period. This is because of snowballing spending on the IT infrastructure, a growing number of government efforts for the growth of AI technologies, and smooth economic development.
Additionally, APAC nations are preferring destinations for IT outsourcing. Credited to this, IT businesses are obtaining significant requests for application development, which fuels the growth of the market.
Thus, the growing demand for effective fraud-finding solutions and the rising need for personalized product recommendations will drive the automated machine-learning industry in the future.
