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Industrial Artificial Intelligence Market Growth, Industry Latest Trends, Size, Key Drivers, Top Players And Forecast To 2033
Industrial Artificial Intelligence Market Overview
As per the report, 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 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%.
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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.
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.
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
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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, Accentur*e plc, 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.
Contents of the report:
1. Executive Summary
2. Industrial Artificial Intelligence Market Report Structure
3. Industrial Artificial Intelligence Market Trends And Strategies
4. Industrial Artificial Intelligence Market - Macro Economic Scenario
5. Industrial Artificial Intelligence Market Size And Growth
…..
27. Industrial Artificial Intelligence Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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