NEW YORK, April 6, 2020 /PRNewswire/ -- Automated
Machine Learning (AutoML) Market Research Report: By Offering
(Platform, Service), Deployment Type (On-Premises, Cloud),
Enterprise Size (Large Enterprise, Small & Medium Enterprise),
Application (Fraud Detection, Sales & Marketing Management,
Medical Testing, Transport Optimization), Industry (BFSI, IT &
Telecom, Healthcare, Government, Retail, Manufacturing) - Industry
Size, Share, Development and Demand Forecast to 2030
Read the full report:
https://www.reportlinker.com/p05879068/?utm_source=PRN
The global automated machine learning (AutoML) market generated the
revenue of $269.6 million in 2019,
and is expected to reach $14,511.9
million by 2030, advancing at a CAGR of 43.7% during the
forecast period (2020–2030). The cloud category under the
deployment type segment is expected to record the fastest growth
during the forecast period. This can be ascribed to the enhanced
scalability and flexibility offered by cloud-based platform, where
clients can customize solutions and services as per their
requirements.
With the increasing popularity of online shopping, demand for
personalized content is increasing, owing to customers preference
for products to meet their specific demand. Personalized product
recommendations help companies to increase average order value.
Thus, to meet the evolving needs of customers for updated products,
companies are investing heavily in new technologies to offer best
product recommendations. AutoML solutions find patterns in customer
behavior from clickstream data, prior purchases, demographics,
browsing history, and previous product searches, and create 1:1
personalized product recommendation list that matches consumer
needs and preferences.
The rising importance of effective product assortment in retail
store network is expected to generate immense opportunities in the
automated machine learning market. Choosing the right mix of
products in a retail store is very important for retailers in order
to meet the needs of customers and retain customer base. AutoML
solutions can be ideal for retailers for effective product
assortment. The solution can look at various factors, such as
location, customer segments, weather patterns, store display space,
and past sales records, to find out which products would be the
best fit for a given store location.
Together, North America and
Europe are expected to hold over
65% share cumulatively in the automated machine learning market in
2030. All the major investments are being recorded in the U.S.,
Canada, Germany, U.K., and France. Further, technological advancement,
developed IT infrastructure, and increasing adoption of emerging
technologies are some of the key factors driving the growth of the
market in the regions.
APAC is expected to register fastest growth in the market during
the forecast period. This can be attributed to the rising economic
growth, increasing investment in IT infrastructure, significant
adoption of emerging technologies, and increasing government
initiatives toward the development of artificial intelligence (AI)
technology.
Read the full report:
https://www.reportlinker.com/p05879068/?utm_source=PRN
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