The automated machine learning (AutoML) market is rapidly expanding and is projected to experience significant growth between 2023 and 2030. In recent years, the adoption of strategies by key players has contributed to the steady rise of this market. North America, particularly the United States, plays a crucial role in this growth, with the region expected to see substantial development during the forecast period.
However, it is worth noting that Europe is also emerging as a prominent player in the global AutoML market. With a remarkable growth rate in CAGR from 2022 to 2029, Europe presents substantial growth opportunities for the industry. Factors such as advanced technology adoption and the presence of major players contribute to the market’s potential in this region.
In essence, the global AutoML market is forecasted to reach multimillion USD by 2029, marking a significant increase compared to 2022. Despite intense competition, the market’s recovery trend instills optimism in investors, leading to continued investments in this field.
The market is segmented based on manufacturers, regions, types, and applications. This segmentation helps industry stakeholders understand the market landscape better. Additionally, the report provides valuable insights into product type, application, and geography, along with competitor analysis, recent status, and development trends.
Driving the growth of the AutoML market are six key applications: banking, financial services, and insurance (BFSI); information technology (IT) and telecom; healthcare; government; retail; and manufacturing. Increasing global demand for these applications directly impacts the growth of the AutoML market.
The market also offers two main types of AutoML solutions: on-premises and cloud-based. These types cater to different customer preferences and requirements.
Leading regions in the AutoML market include North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Each region possesses unique market dynamics and opportunities for growth.
In conclusion, the automated machine learning (AutoML) market is poised for significant growth in the coming years. With multiple applications, diverse customer demands, and a competitive landscape, this industry presents immense potential for innovation and investment.
Frequently Asked Questions (FAQs)
Q: What are the key factors driving the growth of the Automated Machine Learning (AutoML) market?
A: The growth of the AutoML market is primarily driven by the increasing demand for applications in the banking, financial services, and insurance (BFSI) sector, information technology (IT) and telecom industry, healthcare, government, retail, and manufacturing.
Q: What are the types of Automated Machine Learning (AutoML) available in the market?
A: The AutoML market offers two main types of solutions: on-premises and cloud-based. These solutions cater to different customer preferences and requirements.
Q: Which regions are leading the Automated Machine Learning (AutoML) market?
A: The leading regions in the AutoML market include North America (United States, Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, and Turkey), Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia, and Vietnam), South America (Brazil, Argentina, Columbia), and the Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).
Q: How much is the global Automated Machine Learning (AutoML) market worth?
A: The global AutoML market is projected to reach multimillion USD by 2029, a significant increase compared to 2022.
Q: Who are the major players operating in the Automated Machine Learning (AutoML) market?
A: The major players in the AutoML market include SAS Institute Inc, dotData Inc, Determined AI, DataRobot Inc, EdgeVerve Systems Limited, Squark, Aible Inc, Big Squid Inc, H2O.ai Inc, Google LLC, Microsoft Corporation, and Amazon Web Services Inc.