Automated Machine Learning Solution Global Market Report 2024

The automated machine learning solution market size has grown exponentially in recent years. It will grow from $1.43 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 48%. The growth observed in the historic period for automated machine learning solutions can be attributed to an escalating demand for predictive models, a shift towards data-driven decision-making practices, increasing requirements for predictive lead scoring systems, and a widespread adoption of optimization processes. Organizations across various industries recognized the value of leveraging automated machine learning to enhance their predictive modeling capabilities, enabling more informed decision-making and optimizing their operational processes.

The automated machine learning solution market size is expected to see exponential growth in the next few years. It will grow to $10.07 billion in 2028 at a compound annual growth rate (CAGR) of 47.7%. The projected growth in the forecast period for automated machine learning solutions can be attributed to an increasing demand for efficient fraud detection solutions, a rising need for intelligent business processes, growing automation trends in the financial sector, expanding adoption across various industries, and a growing educational interest in this technology. Additionally, major trends in the forecast period encompass subscription-based models, ongoing technological advancements, and a notable shift towards cloud and serverless computing in the deployment of automated machine learning solutions.

The anticipated surge in demand for effective fraud detection solutions is poised to drive the growth of the automated machine learning solution market in the coming years. Fraud detection solutions encompass a suite of tools, technologies, and methodologies specifically designed to identify and prevent fraudulent activities across various systems, processes, or transactions. Machine learning has emerged as a pivotal technology in combating the escalating threat of financial fraud within these solutions. For example, according to the Financial Crimes Enforcement Network (FinCEN), a US-based government agency responsible for collecting and analyzing information related to financial transactions, banking institutions reported over 350,000 suspicious activity reports (SARs) to FinCEN in 2021 to detect suspected check fraud. This marked a notable 23% increase compared to the number of SARs filed in 2020. The upward trajectory continued into 2022, with over 680,000 suspicious activity reports, nearly doubling the total from the previous year. Consequently, the growing demand for efficient fraud detection solutions is expected to propel the automated machine learning solution market.

Key players in the automated machine learning solution market are actively embracing new technological advancements to fortify their market positions. Technological innovations in automated machine learning (ML) solutions focus on improved model interpretability and seamless integration to facilitate streamlined and efficient machine learning model development. In April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company providing automated machine learning solution platforms, introduced the NIKO AutoML platform. This innovative machine-learning tool is designed to simplify and accelerate the creation of prediction models. Equipped with various tools and functionalities, the NIKO AutoML platform empowers users to swiftly and effortlessly develop and deploy high-quality machine learning models without requiring coding or data science expertise. The user-friendly interface guides users through each step of the process, delivering optimal results in a fraction of the time typically associated with traditional approaches. NIKO AutoML offers several advantages, including rapid and accurate model creation, streamlined workflow, heightened productivity, and cost-effectiveness.

In September 2021, Qlik, a US-based vendor specializing in data analytics and integration software, completed the acquisition of Big Squid for an undisclosed amount. This strategic move aims to enhance Qlik's augmented analytics capabilities, enabling data and analytics teams to leverage powerful automated machine learning (AutoML) and no-code AI-generated insights directly within the Qlik platform. Big Squid is a US-based provider of no-code automated machine learning (AutoML).

Major companies operating in the automated machine learning solution market report are Microsoft Corporation, Amazon Web Services Inc, Microsoft Azure Automated Machine Learning, International Business Machines Corporation, Oracle, SAS Institute Inc, Databricks, Alteryx, H2O.ai, EdgeVerve Systems Limited, Dataiku, Datarobot Inc, KNIME, Rasa, Peltarion, RapidMiner, Auger.AI, BigML, dotData Inc, Big Squid Inc, Determined.AI Inc, Turi (formerly GraphLab), Turing Analytics.

North America was the largest region in the automated machine learning solution market in 2023. The regions covered in the automated machine learning solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automated machine learning solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The automated machine learning solutions market consist of revenues earned by entities by providing services such as automated machine learning solutions services. AutoML solutions aim to automate these tasks, enabling individuals with diverse backgrounds to leverage machine learning without extensive manual intervention. The market value includes the value of related goods sold by the service provider or included within the service offering. Automated machine learning solutions market also include sales of cloud-based services, virtual reality, and augmented reality systems that are used in providing solutions for enhanced automated machine learning solutions and the overall well-being of individuals. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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).

Automated machine learning solutions, categorized as software platforms, streamline and automate the entire process of developing machine learning models. These AutoML solutions are designed to automate crucial tasks in the machine learning model development lifecycle, including feature engineering, model selection, hyperparameter tuning, and model evaluation. This comprehensive automation simplifies the intricate workflow associated with building machine learning models.

The primary offerings of automated machine learning solutions include platforms and services, and they can be deployed either on-premise or on the cloud. In a broader context, a platform serves as a foundation or framework supporting various activities, functions, or applications. AutoML platforms offer an integrated environment that facilitates the seamless execution of the end-to-end machine learning process. Enterprises, ranging from large enterprises to SMEs, across industries such as BFSI, retail and e-commerce, healthcare, and manufacturing, deploy automated machine learning solutions to enhance their machine learning capabilities.

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

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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