Latest News- AutoML Market: Services is expected to lead the Type segment during 2025-2029

The AutoML Market is being driven by Increasing democratization of AI amid persistent data science talent shortage

The AutoML Market is expected to grow at a CAGR of 44.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13531.2 million. The global autoML market is experiencing a significant shift as traditional automated machine learning converges with generative artificial intelligence (AI). Initially, autoML platforms focused on automating predictive tasks, such as classification and regression, using structured data. However, this trend signifies a broader expansion of autoML's scope to encompass the entire generative AI lifecycle. Enterprises seek to leverage foundation models and large language models (LLMs) for various applications, including advanced conversational agents, content generation, and code creation. Yet, adapting a general-purpose foundation model for a specific business context poses considerable challenges. Expertise in areas like model selection, unstructured data preparation, prompt engineering, fine-tuning, and safety and accuracy evaluation is essential. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Services
  • Platforms
  • Software tools
• Deployment
  • Cloud
  • On-premises
• Application
  • Data processing
  • Model selection
  • Hyperparameter tuning
• Sector
  • BFSI
  • Retail and e-commerce
  • Manufacturing
  • Healthcare
• End-user
  • Large enterprises
  • SMEs
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing democratization of AI amid persistent data science talent shortage
• Growing imperative for operational efficiency and intelligent business process automation
• Proliferation of generative AI and subsequent demand for automated model development and governance

However, the market also witnesses some limitations, which are as follows:

• lack of trust and inherent black box nature of complex models
• Persistent challenges in data quality, preparation, and integration
• High costs, implementation risks, and governance complexities of generative AI

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Market Scope in AutoML Market Research Report

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Research Analysis Overview

In the realm of AutoML, various strategies exist for model deployment, including cloud-based and on-premise solutions. Automated Machine Learning (AutoML) software platforms and open-source tools offer API integration for seamless implementation. Data version control and model versioning ensure consistency, while model monitoring tools and retraining strategies maintain accuracy. Scalable systems cater to real-time and batch processing, and use cases span industries. Applications include image recognition, natural language processing, and predictive analytics. Limitations include dependency on data quality and computational resources. The AutoML workflow encompasses pipeline development and framework utilization, with libraries providing essential functionality.

Market Research Overview

In the vast IT software market, the application software segment holds a significant position, encompassing businesses specializing in developing and supplying software solutions for specific business or consumer applications. This segment includes enterprise and technical software, as well as cloud-based offerings. Notably, it excludes companies dealing in interactive home entertainment software and those producing systems or database management software. According to Technavio's analysis, the global application software market size is determined by the consolidated revenue of these companies, incorporating both traditional and cloud-based business models. Key components of this market include automl model training, hyperparameter optimization, and feature engineering techniques, which are crucial for enhancing software performance and efficiency.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/