The global Automated Machine Learning (AutoML) Market is projected to reach an estimated value of $6.4 billion by 2028, growing at an impressive CAGR of 44.6%, according to a new report by MarketsandMarkets™. AutoML tools are revolutionizing the way businesses develop and deploy machine learning models, allowing people with little or no programming experience to build and implement their own models without needing to know the intricacies of coding. AutoML solutions do the heavy lifting for organizations by automating and optimizing the model-building process, while also providing advanced capabilities such as feature engineering, hyperparameter optimization, and model selection.
Some key applications of AutoML include data processing, feature engineering, model selection, hyperparameter optimization, and model assembly. AutoML tools are widely adopted across various verticals, including BFSI, retail & eCommerce, telecommunications, manufacturing, healthcare & life sciences, IT/ITeS, automotive, transportation and logistics, government & defense, media & entertainment, education and more.
Among the various regions, North America is expected to hold a major share of the Automated Machine Learning market. The implementation of AI and ML technologies by businesses, as well as the presence of leading players in the region, are two of the primary reasons driving the region’s market growth. On the other hand, Europe is estimated to be the second-largest market and is likely to see steady growth in AutoML solutions and services. Moreover, Asia Pacific is predicted to experience the highest growth rate during the forecast period. The rapid adoption of AI and ML technologies across various industry verticals, as well as increased investment in IT infrastructure, are two major factors spurring the region’s market growth.
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