Automated Machine Learning (AutoML) Global Market Report 2024

The automated machine learning (AutoML) market size has grown exponentially in recent years. It will grow from $1.15 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 44.9%. The historical period's growth can be attributed to factors such as the complexity of machine learning, a shortage of data science talent, the need for rapid solutions, advancements in AI and computing power, and a focus on cost efficiency.

The automated machine learning (AutoML) market size is expected to see exponential growth in the next few years. It will grow to $7.35 billion in 2028 at a compound annual growth rate (CAGR) of 44.9%. The anticipated growth in the forecast period can be ascribed to the integration of AI across various industries, the proliferation of IoT and big data, the emergence of edge computing, the adoption of hybrid cloud and on-premises solutions, and the increasing regulatory compliance requirements. Key trends expected in the forecast period encompass advancements in automated feature engineering, progress in federated learning, the emphasis on explainable AI and model interpretability, the application of AutoML for unstructured data, and the utilization of AutoML for autonomous systems.

The anticipated growth in the automated machine learning (AutoML) market is driven by the escalating demand for advanced fraud detection solutions. Fraud detection involves the identification and prevention of fraudulent activities or behaviors within an organization or system. AutoML contributes to fraud detection by efficiently processing and analyzing large datasets, identifying patterns, and detecting anomalies indicative of potentially fraudulent activities. For example, the Financial Crimes Enforcement Network (FinCEN), a US government agency, reported that banking institutions sent over 350,000 suspicious activity reports (SARs) in 2021 to identify suspected check fraud, representing a 23% increase compared to 2020. This upward trend continued in 2022, with over 680,000 SARs, nearly doubling the previous year's total. Hence, the increasing need for advanced fraud detection solutions is a key driver of the automated machine learning (AutoML) market.

The proliferation of IoT devices is poised to contribute to the growth of the automated machine learning (AutoML) market. Internet of Things (IoT) devices, embedded with sensors, software, and other technologies, exchange data with other devices or systems over the internet. The exponential growth in IoT devices results in a vast amount of data that can be utilized for valuable insights. AutoML facilitates the development of machine learning models to extract meaningful information from the data generated by IoT devices. According to TechJury Official, a Czech Republic-based online media company, there were approximately 42.62 billion installed IoT devices, sensors, and actuators in 2022, marking a significant increase from 35.82 billion in 2021 and 30.73 billion in 2020. Consequently, the growing number of IoT devices is a catalyst for the growth of the automated machine learning (AutoML) market.


The automated machine learning (AutoML) market is witnessing a significant trend in technological innovations, with major companies adopting new advancements to maintain their market positions. For example, in April 2023, AND Solutions Pte Ltd., a fintech company based in Singapore, launched the NIKO AutoML platform - a cutting-edge machine-learning tool designed to simplify and accelerate the creation of prediction models. Offering various tools and functionalities, NIKO AutoML enables users to swiftly create and deploy high-quality machine learning models without the need for coding or data science expertise. The user-friendly interface guides users through each stage of the process, delivering optimal results in a fraction of the time required by traditional methods. NIKO AutoML offers key benefits, including fast and accurate model creation, streamlined workflows, increased productivity, and cost-effectiveness.

Major players in the AutoML market are dedicated to developing innovative solutions, such as an AutoML platform for Arm compilers. AutoML for Arm compiler involves integrating AutoML capabilities with the Arm compiler, which generates machine code for Arm processors. In March 2023, TDK Corporation, a Tokyo-based electronic solutions manufacturer, introduced the ‘Qeexo AutoML’ platform tailored for lightweight Cortex-M0 to -M4 class processors. This platform supports various machine learning algorithms, excelling in ultra-low latency and power consumption. Qeexo AutoML empowers users to rapidly create and implement machine learning solutions using sensor data, making it ideal for deployment in resource-constrained environments such as industrial, IoT, wearables, automotive, and mobile.

In September 2021, Qlik Tech International AB, a US-based software company specializing in data analytics and business intelligence solutions, acquired Big Squid Inc. for an undisclosed amount. This acquisition aims to leverage advanced augmented analytics capabilities, enhancing the industry's most robust augmented analytics suite for cloud analytics. Big Squid Inc. is a US-based software company providing no-code automated machine learning (AutoML).

Major companies operating in the automated machine learning (automl) market report are Google LLC, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Salesforce Inc., Teradata Corporation, Alteryx, Altair Engineering Inc., EdgeVerve Systems Limited, TIBCO Software Inc., DataRobot Inc., Dataiku, BigPanda., H2O.AI Inc., KNIME, Cognitivescale, Anyscale Inc., RapidMiner, Squark AI Inc., Auger.AI, DotData Inc., BigML Inc., Valohai, DarwinAI, Aible Inc., SigOpt, Zerion, Xpanse AI, Neptune Labs.

North America was the largest region in the automated machine learning (AutoML) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automated machine learning (automl) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automated machine learning (automl) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary offerings in automated machine learning (AutoML) include solutions and services. Solutions involve the implementation of software tools to address specific organizational issues. Automated machine learning solutions enable business users to easily adopt machine learning, allowing data scientists to focus on more complex challenges. These solutions can be deployed in various settings, such as cloud and on-premises, catering to both small and medium enterprises as well as large enterprises. They find applications in data processing, feature engineering, model selection, hyperparameter optimization and tuning, model assembling, and other areas. AutoML is utilized by various end-users, including industries such as banking, financial services, and insurance (BFSI), retail and e-commerce, healthcare, manufacturing, among others.

The automated machine learning (AutoML) market research report is one of a series of new reports that provides automated machine learning (AutoML) market statistics, including automated machine learning (AutoML) industry global market size, regional shares, competitors with an automated machine learning (AutoML) market share, detailed automated machine learning (AutoML) market segments, market trends and opportunities, and any further data you may need to thrive in the automated machine learning (AutoML) industry. This automated machine learning (AutoML) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automated machine learning (AutoML) market includes revenues earned by entities by providing data visualization, deployment of technology, monitoring and problem cracking, fraud detection, neural architecture search (NAS), and workflow optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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