A new report by Cognilytica revealed that Automated Machine Learning tools and Machine Learning Operations within the ML market will increase exponentially over the next few years.
Indeed, the report found out that the market for machine learning platforms will be going up to $126.1 billion by 2025, which would then represent a 33.73% compound annual growth rate. Hence, the report highlights the importance of the ML market, especially in the near future.
It is very likely Automated Machine Learning (AutoML) tools will be increasingly adopted by companies, especially the ones that find it difficult to hire data science experts or want to have more efficient data science teams.
Besides, the report showed that there would be an accelerated consolidation of the machine learning platform market with the pace of acquisitions, mergers, and IPOs increasing in the year to come. As ML platforms will expand, there will also be increased MLOps capabilities within existing machine learning platform solutions.
Moreover, it is also expected for the AI software market to grow importantly in the next five years.