The North America Automated Machine Learning Market would witness market growth of 41.3% CAGR during the forecast period (2023-2029).
AutoML's transfer learning technique, which uses previously trained models to enhance the performance of fresh models, is crucial. As a result, businesses generate more precise models with less training data & spend less time and money developing high-performing models by applying the information gained from one activity to another.
The market's growth is primarily attributable to two important factors: the rising need for individualized product suggestions and the rising demand for effective fraud detection solutions. Another element is increasing demand for AutoML solutions is the usage of automated lead scoring systems for customer segmentation & targeting new consumers. To operate a business successfully, locating new clients is essential. The process of finding potential customers used to take a lot of time, money, and resources for firms. A lead scoring system is simpler to implement than conventional client acquisition techniques.
One of the largest markets for automated machine learning is North America, which has several significant industries and a strong IT infrastructure. Increased expenditures in the defense, healthcare, and BFSI industries, as well as technical developments in the telecom sector and the uptake of services like security information & cloud applications, are anticipated to fuel the expansion of the North American ML market over the forecast period. Some North American IoT platform providers use machine learning technology to enhance their operations management skills to maintain control of huge IoT systems. These elements will increase the demand for machine learning (ML) solutions in North America while also supporting the growth of the market in the upcoming years.
The US market dominated the North America Automated Machine Learning Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $2,489.9 million by 2029. The Canada market is poised to grow at a CAGR of 44.5% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 43.3% during (2023 - 2029).
Based on Application, the market is segmented into Data Processing, Feature Engineering, Model Selection, Hyperparameter Optimization & Tuning, Model Ensembling and Others. Based on Offering, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Platform and Software Based on Solution Deployment, the market is segmented into Cloud and On-premise. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Retail & Ecommerce, Media & Entertainment, Healthcare & Life Sciences, Government & Defense, Manufacturing, Automotive, Transportations, & Logistics, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Automated Machine Learning Market is Projected to reach USD 9.1 Billion by 2029, at a CAGR of 42.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, IBM Corporation, Microsoft Corporation, Google LLC (Alphabet Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), Salesforce, Inc., Hewlett-Packard enterprise Company, Teradata Corporation, Alibaba Cloud (Alibaba Group Holding Limited) and Databricks, Inc.
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