The Automated Machine Learning Solution Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 48.0%. The growth in the historic period can be attributed to growing demand for predictive models, data-driven decision-making, increasing demand for predictive lead scoring systems, optimization of 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 growth in the forecast period can be attributed to increasing demand for efficient fraud detection solutions, demand for intelligent business processes is rising, rising need to automate the financial sector, increasing adoption in various industries, emerging educational interest. Major trends in the forecast period include subscription-based models, technological advancemet, cloud and serverless computing, .
Increasing demand for efficient fraud detection solutions is expected to propel the growth of the automated machine learning solution market going forward. Fraud detection solutions refer to a set of tools, technologies and methodologies designed to identify and prevent fraudulent activities within various systems, processes, or transactions. Machine learning is currently being used for fraud detection applications to combat the rising danger of financial fraud. For instance, in February 2023, according to financial crimes enforcement network (FinCEN), a US-based government agency that collects and analyze information about financial transaction, in 2021, banking institutions sent over 350,000 suspicious activity reports to FinCEN to identify suspected check fraud, a 23% increase over the number of SARs filed in 2020. The rising trend continued into 2022, with over 680,000 suspicious activity reports, nearly double the previous year’s total. Therefore, increasing demand for efficient fraud detection solutions will drive the growth of the automated machine learning solution market.
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The automated machine learning solution market covered in this report is segmented –
1) Automated Machine Learning Solution Market By Offering: Platform, Service
2) Automated Machine Learning Solution Market By Deployment: On-Premise, Cloud
3) Automated Machine Learning Solution Market By Enterprise Size: Large Enterprises, SMEs
4) Automated Machine Learning Solution Market By End-users: BFSI, Retail and E-Commerce, Healthcare, Manufacturing
Major companies operating in the automated machine learning solution market are adopting new technological innovations to sustain their position in the market. Technological innovations in automated ML solutions involve enhanced model interpretability and seamless integration for streamlined and efficient machine learning model development. For instance, in April 2023, AND Solutions Pte Ltd., a Singapore-based fintech company that provides automated machine learning solution platforms, launched the NIKO AutoML platform, an innovative machine-learning tool created to streamline and expedite the creation of prediction models. This platform offers various tools and functionalities, enabling users to create and deploy top-notch machine learning models without coding or data science expertise swiftly and effortlessly. The platform’s user interface helps users through every procedure stage, providing optimal results in a fraction of the time traditional approaches would take. NIKO AutoML offers several key benefits, including fast and accurate model creation, streamlined workflow, increased productivity and cost-effectiveness.
The automated machine learning solution market report table of contents includes:
1. Executive Summary
2. Automated Machine Learning Solution Market Characteristics
3. Automated Machine Learning Solution Market Trends And Strategies
4. Automated Machine Learning Solution Market - Macro Economic Scenario
5. Global Automated Machine Learning Solution Market Size and Growth
.....
32. Global Automated Machine Learning Solution Market Competitive Benchmarking
33. Global Automated Machine Learning Solution Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automated Machine Learning Solution Market
35. Automated Machine Learning Solution Market Future Outlook and Potential Analysis
36. Appendix
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Moving towards the digital world, the relationship between customers and businesses has been transforming over the past decade.
Several companies have already started to switch on to AI application development services for enhanced customer experience with automated processes.In this blog, we’ll be discussing the uses of artificial intelligence that helps with improved customer service experiences.Benefits or Opportunities associated with investing in AI application development services are:* Acquisition of Customers- Companies with investments made in AI and Machine Learning development services are three times more likely to acquire new customers.
In short, investing in AI can help companies to increase their sales and revenue, with increased customer satisfaction.Using AI tools to Improve Customer ServiceHere we bring you the most common use cases of AI application development through which organizations can improve their customer experience and services.1.
Object DetectionThese solutions allow you to automate tasks related to image recognition.
Your customers can just simply upload a photo of their ID proof and a live selfie.
With OCR, you can train your systems to read a document and extract the relevant and necessary information from any given document.Using OCR, you can process your documents digitally, supporting quick and more accurate retrieval of information from the document.4.
