Automated Machine Learning Market Size (2024 - 2029)

Automated Machine Learning (AutoML) Market Analysis

The Automated Machine Learning Market size is estimated at USD 1.8 billion in 2024, and is expected to reach USD 11.12 billion by 2029, growing at a CAGR of 43.90% during the forecast period (2024-2029).

Machine learning (ML) is a subfield of artificial intelligence (AI) that enables training algorithms to make classifications or predictions through statistical methods, uncovering key insights within data mining projects. These insights drive decision-making within applications and businesses, ideally impacting key growth metrics. Since it revolves around algorithms, models, and computational complexity, skilled professionals must develop these solutions.

• Machine learning (ML) has become an essential component of many parts of the business. On the other hand, building high-performance machine learning applications necessitates highly specialized data scientists and domain experts. Automated machine learning (AutoML) aims to decrease data scientists' needs by allowing domain experts to automatically construct machine learning applications without considerable knowledge of statistics and machine learning.
• The performance of automated machine learning has advanced due to data science and artificial intelligence improvements. Companies recognize the potential of this technology, and hence its adoption rate is likely to rise over the forecast period. Companies are selling automated machine learning solutions on a subscription basis, making it easier for customers to use this technology. Furthermore, it offers flexibility on a pay-as-you-go basis.
• Machine learning (ML) is increasingly used in many applications, but there are insufficient machine learning experts to support this growth adequately. With automated machine learning (AutoML), the aim is to make machine learning easier to use. Therefore, experts should be able to deploy more machine learning systems, and less expertise would be needed to work with AutoML than when working with ML directly. However, the technology adoption is still shallow, restraining the market's growth.

Automated Machine Learning (AutoML) Industry Segmentation

Automated machine learning or AutoML refers to a process of automating the time-consuming, iterative tasks of machine learning model development. It allows data scientists, developers, and analysts to build large-scale, productive, and efficient ML models while sustaining model quality.

The automated machine learning market is segmented by solution (standalone or on-premise and cloud), by automation type (data processing, feature engineering, modeling, and visualization), by end-users (BFSI, retail and e-commerce, healthcare, manufacturing, and other end-users), by geography (North America, Europe, Asia Pacific, and the Rest of the World). 

The market sizes and forecasts are provided in terms of value in USD for all the above segments.