Automated Machine Learning Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Automated Machine Learning (AutoML) Market Trends, and it is segmented by solution (standalone or on-premises and cloud), by automation type (data processing, feature engineering, modeling, and visualization), and by end users (BFSI, retail and E-commerce, healthcare, and manufacturing), and geography (North America, Europe, Asia-pacific, Latin America, and Middle East and Africa). The market size and forecasts are provided in terms of value (USD) for all the above segments.

Automated Machine Learning (AutoML) Market Size

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Automated Machine Learning Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 1.80 Billion
Market Size (2029) USD 11.12 Billion
CAGR (2024 - 2029) 43.90 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Automated Machine Learning Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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.
  • The adoption of AI is witnessing an increase after the COVID-19 pandemic as companies move towards leveraging intelligent solutions for automating their business processes. This trend is expected to continue over the coming years, further driving the adoption of AI in organizational processes.

Automated Machine Learning (AutoML) Market Trends

BFSI to be the Largest End-user Industry

  • In recent years, artificial intelligence (AI) and machine technologies have been increasingly adopted in the banking, financial services, and insurance (BFSI) industry to enhance operational efficiency and improve the consumer experience. As data gain more attention, the demand for machine learning BFSI applications grows. Automated machine learning can produce accurate and rapid results with enormous data, affordable processing power, and economical storage.
  • Machine learning (ML)-powered solutions also enable finance firms to replace manual labor by automating repetitive operations through intelligent process automation, increasing corporate productivity. Over the predicted period, examples include chatbots, paperwork automation, and employee training gamification. Machine learning is expected to be used to automate financial processes.
  • Post-COVID-19 pandemic, financial institutions are showing a growing interest in reaching and assisting customers through digital channels. Various digital solutions, including chatbots, support for account opening and management, and technical assistance, have seen a surge in adoption within the financial sector. Notably, fintech companies like Posh.Tech, Spixii, and numerous others now provide intelligent chatbots designed to facilitate essential customer-facing functions for banks
  • Banks must enhance their services to offer better customer service with the rising pressure in managing risk and increasing governance and regulatory requirements. The rising number of bank fraud cases is expected to increase the adoption of AI and ML. Some fintech brands have been increasingly using AI and ML in various applications across multiple channels to leverage available client data and predict how customers' needs are evolving, which fraudulent activities have the highest possibility to attack a system, and what services will prove beneficial, among others.
Automated Machine Learning Market: Number of Bank Fraud Cases, India, FY 2013 - FY 2023

North America to Hold Significant Market Share

  • The United States is expected to hold a substantial share in the market owing to the strong innovation ecosystem, fueled by strategic federal investments into advanced technology, complemented by the existence of visionary scientists and entrepreneurs coming together from across the world and recognized research institutions, which has driven the development of automated machine learning (AutoML).
  • Various governments, including state and local governments, handle enormous quantities of citizen data, which had earlier been stored on paper and processed manually. However, as artificial intelligence (AI) and machine learning technologies provide faster and more accurate data-gathering and processing methods, governments can focus on more complex and long-term social and cultural issues. Further, an increase in commercial applications for federatedML is further expected to drive demand for AutoML.
  • According to the Government of Canada, artificial intelligence (AI) technologies hold great promise for enhancing how the Canadian government serves its citizens. As the government investigates the use of artificial intelligence in government programs and services, it ensures that clear values, ethics, and rules guide it.
  • While the US is trying to establish AutoML supremacy, Canada is also gearing up for such developments. For instance, in April 2023, ePayPolicy launched Payables Connect, the new addition to its suite of insurance payment and reconciliation products. It leverages ePay's existing integration and machine learning technology to completely automate the reconciliation, creation, and payment of due payables.
  • Though Canada is still in the initial phase of deploying automated machine learning across various industries, some factors, including the rising need to automate the financial sector and the emerging educational interest among students, are expected to drive market growth.
  • The region's AutoML marketplace is changing due to the cloud, and serverless computing allows creators to get ML applications up and running quickly.
Automated Machine Learning Market - Growth Rate by Region

Automated Machine Learning (AutoML) Industry Overview

The global automated machine learning market exhibits moderate fragmentation, with numerous players meeting market demands. Intensifying competition is driven by the influx of new entrants, prompting existing participants to devise strategies for expanding their customer base. This dynamic landscape also spurs innovation as existing market players strive to develop cutting-edge products. Notable industry leaders include Datarobot Inc., Amazon Web Services Inc., dotData Inc., IBM Corporation, and Dataiku.

In August 2023, DataRobot introduced a new generative artificial intelligence (AI) offering comprising platform capabilities and applied AI services designed to expedite the journey from concept to value with generative AI.

In August 2023, dotData Inc. launched dotData Ops, a next-generation no-code MLOps platform. This platform empowers ML engineers by delivering an intuitive, self-service environment for the efficient deployment and operationalization of data, feature, and prediction pipelines.

Automated Machine Learning (AutoML) Market Leaders

  1. Datarobot Inc.

  2. Amazon web services Inc.

  3. dotData Inc.

  4. IBM Corporation

  5. Dataiku

*Disclaimer: Major Players sorted in no particular order

Automated Machine Learning Market Concentration
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Automated Machine Learning (AutoML) Market News

  • July 2023: dotData introduced dotData Enterprise 3.2, offering advanced feature leakage detection, API automation capabilities, visualizations for handling extensive data sets, and enhanced integration with BI platforms. These improvements aim to enhance the overall customer experience, boosting productivity and efficiency for BI and analytics professionals.
  • March 2023: Aible established a strategic alliance with Google Cloud, significantly reducing analysis costs by 1,000x and cutting analysis timeframes from months to days. This partnership focuses on simplifying the deployment of the Aible platform on Google Cloud, supporting Aible's architecture, scalability, and model training with Google Cloud infrastructure, BigQuery, and Vertex AI.

Automated Machine Learning (AutoML) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Increasing Demand for Efficient Fraud Detection Solutions

      2. 4.1.2 Growing Demand for Intelligent Business Processes

    2. 4.2 Market Restraints

      1. 4.2.1 Slow Adoption of Automated Machine Learning Tools

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Assessment of the Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Solution

      1. 5.1.1 Standalone or On-Premise

      2. 5.1.2 Cloud

    2. 5.2 By Automation Type

      1. 5.2.1 Data Processing

      2. 5.2.2 Feature Engineering

      3. 5.2.3 Modeling

      4. 5.2.4 Visualization

    3. 5.3 By End Users

      1. 5.3.1 BFSI

      2. 5.3.2 Retail and E-Commerce

      3. 5.3.3 Healthcare

      4. 5.3.4 Manufacturing

      5. 5.3.5 Other End Users

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 South Korea

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles*

      1. 6.1.1 DataRobot Inc.

      2. 6.1.2 Amazon web services Inc.

      3. 6.1.3 dotData Inc.

      4. 6.1.4 IBM Corporation

      5. 6.1.5 Dataiku

      6. 6.1.6 SAS Institute Inc.

      7. 6.1.7 Microsoft Corporation

      8. 6.1.8 Google LLC (Alphabet Inc.)

      9. 6.1.9 H2O.ai

      10. 6.1.10 Aible Inc.

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OF THE MARKET

**Subject to Availability
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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.

By Solution
Standalone or On-Premise
Cloud
By Automation Type
Data Processing
Feature Engineering
Modeling
Visualization
By End Users
BFSI
Retail and E-Commerce
Healthcare
Manufacturing
Other End Users
By Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
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Automated Machine Learning (AutoML) Market Research FAQs

The Automated Machine Learning Market size is expected to reach USD 1.80 billion in 2024 and grow at a CAGR of 43.90% to reach USD 11.12 billion by 2029.

In 2024, the Automated Machine Learning Market size is expected to reach USD 1.80 billion.

Datarobot Inc., Amazon web services Inc., dotData Inc., IBM Corporation and Dataiku are the major companies operating in the Automated Machine Learning Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Automated Machine Learning Market.

In 2023, the Automated Machine Learning Market size was estimated at USD 1.25 billion. The report covers the Automated Machine Learning Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automated Machine Learning Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Auto Machine Learning Industry Report

Statistics for the 2024 Auto Machine Learning market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Auto Machine Learning analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Automated Machine Learning Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)