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Industrial Artificial Intelligence Market Trends, Top Companies, Share, Growth And Forecast 2033

Industrial Artificial Intelligence Market

Industrial Artificial Intelligence Market

The industrial artificial intelligence market size has grown exponentially in recent years. It will grow from $4.01 billion in 2023 to $6.08 billion in 2024 at a compound annual growth rate (CAGR) of 51.5%. The growth in the historic period can be attributed to automation in manufacturing, quality control enhancement, energy management, data analytics for decision-making, smart grids, cybersecurity solutions..

The industrial artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $31.55 billion in 2028 at a compound annual growth rate (CAGR) of 51.0%. The growth in the forecast period can be attributed to exponential growth of big data, autonomous vehicles in logistics, regulatory support, emergence of quantum computing, customization and personalization needs.. Major trends in the forecast period include ai-driven quality control and inspection, digital twins for simulation and monitoring, ai-enhanced robotics and automation, ai for energy management and sustainability, cybersecurity with ai-powered threat detection..

Market Overview -
Industrial artificial intelligence (Industrial AI) is the application of artificial intelligence to industry, specifically to address industrial pain points for customer value creation, productivity improvement, cost reduction, site optimization, predictive analysis, and insight discovery. It includes using AI algorithms, data analytics, and automation to improve manufacturing efficiency, quality control, predictive maintenance, and production processes.

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The Rising Adoption Of Automation Technologies Driving Industrial Artificial Intelligence Market Growth
The increasing adoption of automation technologies is expected to propel the growth of the industrial artificial intelligence market going forward. Automation technologies refer to a broad range of tools, systems, and technologies designed to perform tasks or processes with minimal human intervention. Industrial artificial intelligence is used as automation technologies help to streamline operations, reduce errors, enhance productivity, lower operational costs, and enable organizations to allocate human resources to higher-value tasks, ultimately driving efficiency, competitiveness, and innovation. For instance, in May 2022, according to the International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) automation technologies, an increase of 4% from 2021. Therefore, the increasing adoption of automation technologies will drive the growth of the industrial artificial intelligence market.

Competitive Landscape -
Major companies operating in the industrial artificial intelligence market report are Alphabet Inc., Microsoft Corporation, Mitsubishi Electric Corporation, Alibaba Group Holding Limited, Robert Bosch GmbH, Huawei Technologies Co. Ltd., Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, SAP SE, ABB Ltd., NVIDIA Corporation, Salesforce.com Inc., Toshiba Corporation, Gerdau S.A., Rockwell Automation Inc., Fanuc Corporation, Yaskawa Electric Corporation, General Vision Inc., Neoris Holdings LLC, TOTVS S.A., Stefanini Inc., Sight Machine Inc., Aibrain Inc., Datarpm Inc., Softtek Servicios Corporativos S.A. de C.V.

Innovative Generative AI Platforms Enhancing Industrial Artificial Intelligence Market
Major companies operating in the industrial artificial intelligence market focus on developing innovative technologies, such as generative AI platforms, to provide reliable customer service. Generative AI describes deep-learning algorithms that can produce excellent writing, graphics, and other content based on the data they were trained on. For instance, in March 2023, SparkCognition, a US-based provider of AI solutions, launched the Generative AI Platform for the industrial sector. It is uniquely designed to generate high-quality content through fabricated text, photos, audio, and other signals to enrich data sets autonomously. With the aid of this next-generation capacity, businesses may use AI even in situations with small data sets, improving and speeding up results. The SC Generative AI Platform enhances low-fidelity data to deliver high-fidelity insights. It extrapolates low-resolution images to high-resolution views to enable a more comprehensive perspective of asset performance or an entire end-to-end process.

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Key Segments -

The industrial artificial intelligence market covered in this report is segmented -

1) By Offering: Hardware, Software, Platform, Solution
2) By Technology: Computer Vision, Deep Learning, Natural Language Processing (NLP), Context Awareness
3) By Deployment Type: On-Premises, Cloud Based, Hybrid Based
4) By Company Size: Small Medium Enterprises, Larger Enterprises
5) By Industry Vertical: Manufacturing, Automotive, Energy, Healthcare, Agriculture, Transportation And Logistics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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