Press release
Revolutionizing Industry with Artificial Intelligence (AI) in Industrial Machinery Market: Forecasting Market Share, Growth Trends, and Key Players
Artificial Intelligence AI In Industrial Machinery Market
The Business Research Company offers in-depth market insights through Artificial Intelligence AI In Industrial Machinery Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The artificial intelligence (ai) in industrial machinery market size has grown exponentially in recent years. It will grow from $1.52 billion in 2023 to $1.99 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The growth in the historic period can be attributed to automation demands, data proliferation, cost and efficiency improvements, rise of iot devices, advancements in ai algorithms.
The artificial intelligence (ai) in industrial machinery market size is expected to see exponential growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to predictive maintenance adoption, ai-powered quality control, enhanced safety protocols, edge computing integration, ai-driven energy optimization. Major trends in the forecast period include explainable ai in machinery, human-machine collaboration, ai-based supply chain optimization, customization and flexibility, ai-driven additive manufacturing.
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Market Segmentation:
The artificial intelligence (ai) in industrial machinery market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Computer Vision, Context Awareness, Natural Language Processing
3) By Application: Predictive Maintenance, Quality Control, Process Optimization, Supply Chain Optimization, Intelligent Robotics, Autonomous Vehicles And Guided Systems, Energy Management, Human-Machine Interfaces, Other Applications
4) By End-Use: Commercial, Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing
Major Driver - The Surge Of AI Adoption In Manufacturing
The growing use of artificial intelligence (AI) in the industrial sector is expected to propel the growth of AI in the industrial machinery market in the coming future. The industrial sector is a component of the economy comprised of companies that assist other companies in manufacturing, delivering, or creating their goods. Artificial intelligence optimizes industrial processes, predicts machinery issues, and facilitates improved smart services, resulting in increased productivity, problem identification, and reduced machine failures for manufacturers. For instance, in May 2022, according to the report published by International Business Machines Corporation, a US-based technology company, more than a third of organizations (35%) indicated employing AI in their operations, a four-point rise versus 2021 globally, and 42% of companies are planning to explore the use of AI. Therefore, the growing use of AI in the industrial sector is driving the AI in industrial machinery market.
Competitive Landscape:
Major companies operating in the artificial intelligence (ai) in industrial machinery market report are Microsoft Corporation, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, ABB Ltd., NVIDIA Corporation, Rockwell Automation Inc., FANUC Corporation, Autodesk Inc., Arista Networks Private Limited, Pegasystems Inc., UiPath, Automation Anywhere Inc., Blue Prism Limited., C3.ai Inc., DataRobot Inc., Appen Limited, H2O.ai, Dataiku, WorkFusion Inc., Alphasense Inc., CrowdFlower Inc., Suki.AI, Clarifai Inc.
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Top Trend - The Role Of Innovation In Strengthening Market Position For AI In Industrial Machinery
Product Innovation is the key trend gaining popularity in the AI in industrial machinery market. Major companies operating in the AI in industrial machinery market are focused on developing innovative products to strengthen their position in the market. For instance, in November 2022, Advantech Co. Ltd., a Taiwan-based machine automation, Internet of things (IoT) intelligent systems, and embedded computing company, in partnership with Actility, a France-based advanced IoT connectivity solutions company, launched a unique and innovative integrated AI-based solution for the rotating machine. The new solution is built using the high-performance WISE-6610 LoRaWAN gateway, the Advantech WISE-2410 vibration sensor, the sophisticated Advantech iMachine or prognostics and health management (PHM) application, and Actility's ThingPark Enterprise IoT network administration platform. It assists the machine operation group in the implementation of machine predictions and health monitoring. It allows users to monitor the state of several machines in one place owing to the real-time machine health index, which includes ISO 10816 and deterioration levels.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Intelligence AI In Industrial Machinery Market Characteristics
3. Artificial Intelligence AI In Industrial Machinery Market Trends And Strategies
4. Artificial Intelligence AI In Industrial Machinery Market - Macro Economic Scenario
5. Artificial Intelligence AI In Industrial Machinery Market Size And Growth
…..
27. Artificial Intelligence AI In Industrial Machinery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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