Global Automated Machine Learning (AutoML) Market Report 2023: Increasing Need for Accurate Fraud Detection Drives Growth
DUBLIN, May 24, 2023 /PRNewswire/ -- The "Automated Machine Learning (AutoML) Market by Offering (Solutions & Services), Application (Data Processing, Model Selection, Hyperparameter Optimization & Tuning, Feature Engineering, Model Ensembling), Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The market for Automated Machine Learning is projected to grow from USD 1.0 billion in 2023 to USD 6.4 billion by 2028, at a CAGR of 44.6% during the forecast period.
Explainable AI is a crucial aspect of AutoML that aims to provide transparency into how machine learning models make predictions. By using explainable AI techniques, such as feature importance and decision trees, businesses can gain insights into how their models work and make more informed decisions.
The BFSI vertical is projected to be the largest market during the forecast period.
AutoML is an emerging technology used in the BFSI sectors to automate iterative and time-consuming tasks, build machine learning models with productivity, efficiency, and high scale, and minimize the knowledge-based resources needed to implement and train machine learning models.
AutoML can be used for credit card fraud detection, risk assessment, and real-time gain and loss prediction for investments. AutoML can also help reduce deployment time by automating data extraction and algorithms, eliminating manual parts of the analyses, and significantly reducing deployment time. For instance, the Consensus Corporation reduced its deployment time from 3-4 weeks to eight hours using AutoML.
AutoML can help enterprises boost insights and enhance model accuracy by minimizing the chances of error or bias in the BFSI sector. AutoML provides several benefits to the BFSI industry. It helps to reduce the need for manual data science processes, which can be complex and time-consuming and can accelerate the work of data scientists. AutoML can also help optimize business performance driven by data, enabling business leaders to make decisions with real-time analytics.
Among Applications, the model ensembling segment is registered to grow at the highest CAGR during the forecast period.
AutoML for model ensembling involves the use of automated techniques to create a collection of models that can be combined to improve prediction accuracy. Ensembling is a popular technique in machine learning that involves combining the predictions of multiple models to generate a more accurate final prediction. AutoML can use various techniques for model ensembling, such as bagging, boosting, and stacking.
AutoML can automatically create multiple models using different algorithms and hyperparameters and combine them using ensembling techniques. This can improve the robustness and accuracy of the final model, as it reduces the risk of overfitting and leverages the strengths of diffeent algorithms.
The benefit of using AutoML for model ensembling is that it can automate the process of selecting and combining models, which can save time and effort for data scientists. AutoML can also evaluate the performance of different ensembling methods and select the one that performs the best on the given dataset.
Among services, the consulting services segment is anticipated to account for the largest market size during the forecast period.
Consulting services are typically offered by third-party vendors or consulting firms, providing expertise and guidance on machine learning strategy and implementation. Consulting services can help organizations evaluate their data readiness, identify use cases, and develop a roadmap for implementing machine learning within their organization. AutoML consulting services can help organizations navigate the complex landscape of machine learning tools and platforms and make informed decisions about which tools and technologies to use based on their specific needs and goals.
Consultants can also guide data preparation, model selection, and hyperparameter tuning and can help organizations evaluate the performance and effectiveness of their machine-learning models. Consultants may work onsite or remotely and provide ongoing support and guidance throughout the machine learning lifecycle. By providing expertise, guidance, and education, consultants can help organizations make informed decisions and achieve better results with their machine-learning initiatives.
North America to account for the largest market size during the forecast period.
North America is estimated to account for the largest share of the Automated Machine Learning market. The global market for Automated Machine Learning is dominated by North America. North America is the highest revenue-generating region in the global Automated Machine Learning market, with the US constituting the highest market share, followed by Canada.
The region has a high adoption rate of machine learning and artificial intelligence technologies across various industries, including healthcare, finance, and retail, which is expected to drive the demand for AutoML solutions. Moreover, the presence of a large number of data-driven startups and companies in the region is further fueling the growth of the AutoML market in North America.
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