What is Role of Enhanced Customer Engagement behind Monumental Automated
Machine Learning (AutoML) Market Growth?
The major reasons behind the growth of the automated machine learning (autoML)
market are the rising demand for advanced fraud detection solutions and personalized
recommendations on various products and increasing awareness about predictive lead
scoring. Due to these reasons, the market size is expected to increase from $269.6 million
in 2019 to $14,511.9 million by 2030, at a 43.7% CAGR during 2020–2030 (forecast
period), as per market research firm P&S Intelligence.
On the basis of offering, the
​autoML market has been bifurcated into service and
platform, of which the platform bifurcation held the larger share during the historical
period (2014–2019). This was because of the rapid deployment of this technology in
almost every industry, for operational cost reduction, fraud minimization, and enhanced
customer service. In the forecast period, higher CAGR will be witnessed by the service
bifurcation, on account of the rising demand for implementation, integration, consulting,
and maintenance services.
Similarly, the automated machine learning market has been categorized into sales &
marketing management, fraud detection, transport optimization, and medical testing,
when segmented by application. In 2019, the sales & marketing management category
dominated the market, and it would also witness the fastest growth during the forecast
period. This is attrib