The automated machine learning (AutoML) market is expected to accelerate at a monumental CAGR of 43.7% during the forecast period (2020–2030), on account of the increasing importance of predictive lead scoring, spurring demand for efficient fraud detection solutions, and soaring need for personalized product recommendations. The market generated $269.6 million in 2019, and it is projected to touch $14,511.9 million by 2030. Moreover, the rising preference for cloud-based platforms, such as software-as-a-service (SaaS), will support the market growth in the coming years, as it allows users to access AutoML solutions Securely.
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Moreover, the surging importance of effective product assortment is also expected to accelerate the automated machine learning market in the coming years. Selecting the correct mix of products in a retail store is important for retailers to meet customers’ needs and retain their customer base. AutoML solutions are being deployed by retailers for having an attractive assortment of products, as these solutions consider the store location, weather pattern, customer segments, past sales records, and store display space to assess the best fit of products for a given location.
The categories under the offering segment of the automated machine learning market are platform and service. In 2019, the platform category accounted for the larger market share due to the growing utilization of AutoML platforms across industries for enhanced consumer service, reduced operational costs, and minimized frauds. However, the service category will display the faster growth in the forecast period, on account of the burgeoning demand for maintenance, consulting, integration, and implementation services.
Globally, Europe and North America are expected to emerge as the leaders in the AutoML market in 2030. This can be attributed to the improving IT infrastructure, technological advancements, and high adoption of futuristic technologies in these regions. France, the U.S., Canada, the U.K., and Germany have been making much of the autoML investments in the regions. The Asia-Pacific (APAC) market will register the fastest growth in the forecast years due to the rising government initiatives to develop the AI technology, surging investments in the IT infrastructure, and increasing adoption of emerging technologies.