The automated machine learning (ML) market is expected to grow from $346.2 million in 2020 to $14.8 billion by 2030, based on forecasts from P&S Intelligence,
Leading the market is a surge in demand for fraud detection solutions, personalized product recommendations, and predictive lead scoring.
Additionally, the COVID-19 pandemic has provided a significant impetus to the evolution of digital business models, with many healthcare firms adopting machine-learning-powered chatbots to detect COVID-19 symptoms without human intervention.
Among other key findings, P&S Intelligence stated that the service segment would exhibit the fastest growth in coming years. The increase is attributed to the rising demand for implementation and integration services, consulting, and maintenance services, which aid in enhancing business productivity and coding proficiency.
Geographically, North America has held the largest market share to date, and this trend is expected to continue in the future. Despite this, APAC is predicted to be the fastest-growing region in the market over the next few years. The rapid growth can be attributed to the growing information technology investments and increased fintech adoption in the region.
Furthermore, vendors in the automated machine learning market are actively seeking strategic partner alliances.
How to manage AI risk
Recommendations from the Cyber Resilience Think Tank
As an example, Hivecell, an edge as a service firm, partnered with DataRobot to address the biggest challenges and hurdles encountered at the edge by processing multiple machine learning models on-site and outside the data center. The deal was announced in October 2021.
Get the ITPro. daily newsletter
Receive our latest news, industry updates, featured resources and more. Sign up today to receive our FREE report on AI cyber crime & security - newly updated for 2023.