Thriving Development in the Automated Machine Learning (AutoML) Sector notable for a Compound Annual Growth Rate (CAGR) of 43.7%
The Automated Machine Learning (AutoML) market is experiencing significant growth, with the APAC region leading the charge. This growth is noteworthy due to its potential to challenge the market dominance of North America and Europe.
According to recent reports, the global AutoML market generated revenue of $269.6 million in 2019. This figure is expected to skyrocket, with the market forecasted to advance at a Compound Annual Growth Rate (CAGR) of 43.7% during 2020-2030, reaching an impressive $14,511.9 million by 2030.
The APAC region's economic growth, investment in IT infrastructure, and adoption of emerging technologies create a favourable environment for the growth of the AutoML market. Major investments in the AutoML market are predominantly being made in the U.S., Canada, Germany, U.K., and France. However, the rapid growth of the AutoML market in APAC suggests that other countries in the region may soon become significant investment destinations.
AutoML solutions find patterns in customer behaviour from various sources, including clickstream data, prior purchases, demographics, browsing history, and previous product searches. These insights enable companies to create 1:1 personalized product recommendation lists that match consumer needs and preferences, thereby increasing average order value.
The increasing popularity of online shopping is driving the demand for personalized content. Personalized product recommendations not only enhance the shopping experience but also contribute to companies' revenue growth. This is why companies are investing heavily in new technologies to offer the best product recommendations.
Increasing government initiatives toward the development of AI technology are also contributing to the growth of the AutoML market in APAC. The APAC region's growth in the AutoML market could potentially lead to a more balanced global market share distribution.
AutoML solutions can be ideal for retailers for effective product assortment, considering the rising importance of effective product assortment in retail store networks. By leveraging AutoML, retailers can optimise their product offerings to meet consumer demands, thereby improving sales and customer satisfaction.
In conclusion, the growth of the AutoML market in APAC is a testament to the region's commitment to technological advancement and its potential to shape the future of AI technology. As the market continues to evolve, it will be interesting to see how the balance of power in the global AI landscape shifts.
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