Automated Machine Learning - Industry Trends and Future Analysis

NEW YORK - Feb. 28, 2024 - PRLog -- The AutoML market will grow at a considerable rate of 49.2% by the end of this decade, reaching a total value of USD 15,499.3 million by 2030. The main factors, which are accountable for the advance of the industry are the growing requirement for efficient fraud detection solutions and increasing need for tailored product recommendations.

The platform category had the larger share of revenue, of 73%, in the recent past, on the basis of offering. This is majorly credited to the growing acceptance of these platforms across all verticals for minimization of fraud, reduction of operational cost, and customer service enhancement.

Furthermore, the pandemic augmented digital transformation in nearly every industry, such as healthcare, manufacturing, and BFSI, which brought about the growing acceptance of this tech.

APAC is predicted to grow the fastest, because of the swift financial growth, growing investments in the IT infra, growing acceptance of emerging technologies, and growing number of government initiatives for the expansion of AI technologies.

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Also, the APAC nations are the preferred for IT outsourcing. As a result of this, IT companies have large-scale requests for App development, boosting the growth of the industry.

Cloud-based AutoML platforms are trending in the industry. Cloud based solutions include the SaaS model, in which users can access the solutions virtually with the help of a secured platform, over the internet. The cloud decreases IT infra costs.

It is because of the increasing demand for effective systems for fraud detection, the demand for AutoML solutions is on the rise. This trend will continue to grow in the years to come as well.