AI in Industrial Automation Market Growth Driven by Demand for Predictive Maintenance and Process Optimization

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Industrial Automation Market - (By Type (Machine Learning, (Supervised Learning, Unsupervised Learning, Reinforcement Learning), Deep Learning (Convolutional Neural Networks (CNN), Recurrent Neural Networks (RNN), Generative Adversarial Networks (Gans)), Natural Language Processing (Sentiment Analysis, Language Translation, Speech Recognition), Computer Vision, (Object Detection, Image Classification, Video Analytics)), By Application (Predictive Maintenance, Quality Control And Inspection, Supply Chain Optimization, Industrial Robotics, Process Optimization, Safety And Security), By Industry Vertical (Manufacturing, Automotive, Energy And Utilities, Healthcare, Retail, Aerospace And Defense), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Industrial Automation Market is valued at US$ 17.3 Billion in 2023, and it is expected to reach US$ 65.8 Billion by 2031, with a CAGR of 18.5% during the forecast period of 2024-2031.

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The integration of artificial intelligence (AI) into industrial automation is revolutionizing traditional manufacturing processes by enhancing productivity, streamlining operational workflows, and enabling real-time decision-making. The growing adoption of advanced technologies such as AI and robotics is anticipated to drive the expansion of AI in industrial automation in the coming years. The demand for high-precision, high-quality products, coupled with the need for cost reduction and improved operational efficiency across multiple industries, is expected to propel the growth of the global AI in industrial automation market.

In addition, shifting consumer preferences toward AI-driven solutions, along with increased urbanization and higher disposable incomes, are expected to create significant revenue opportunities for companies operating within the market. Major industry players have made substantial investments, while ongoing advancements in the development of a broad range of end-use applications have opened attractive revenue potential for leading manufacturers and suppliers of AI-powered industrial automation solutions. Furthermore, government initiatives supporting the adoption of AI in industrial automation, driven by a global focus on technological progress, are expected to accelerate market growth.

List of Significant Players in the AI in Industrial Automation Market:
• Siemens AG
• ABB Ltd.
• General Electric Company
• Mitsubishi Electrical Corporation
• Schneider Electric SE
• Rockwell Automation, Inc.
• IBM Corporation
• Honeywell International Inc.
• Fanuc Corporation
• Bosch Rexroth AG
• Cognex Corporation
• Kuka AG

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Market Dynamics
Drivers:
The growing demand for data-driven decision-making to improve product efficiency and quality is a key factor driving the expansion of the global AI in industrial automation market. The increasing need for precision and high-quality products to meet evolving consumer expectations is also expected to significantly contribute to market revenue growth. Additionally, the heightened focus on improving workplace safety and mitigating risks to human life through AI-powered solutions in hazardous environments is further anticipated to support the market's growth.

Challenges:
A primary challenge facing the market is the limited awareness and commercialization of AI solutions in developing economies, which may hinder overall market development. Moreover, the high initial implementation costs associated with AI integration in industrial automation, coupled with a lack of advanced infrastructure in certain regions, are expected to restrict market growth in the near term. The COVID-19 pandemic has further exacerbated these challenges, slowing investments from global organizations and leading to financial setbacks within the industrial sector. This has resulted in disruptions to training programs, large-scale software updates, and the implementation of AI-based systems by major market players.

Regional Trends:
North America is projected to capture a significant share of the AI in industrial automation market and is expected to experience a strong compound annual growth rate (CAGR) throughout the forecast period. The widespread adoption of AI-driven solutions across various industries, including telecommunications, information technology, and manufacturing, along with increased research and development activities by key industry participants, is anticipated to drive market growth in the region. Europe also holds a considerable market share due to its robust economic infrastructure and the growing acceptance of AI-based products. This expansion is supported by strategic initiatives from leading market players and heightened collaboration among key stakeholders, fostering favorable conditions for market growth in the AI in industrial automation sector.

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Recent Developments:
• In April 2023, Microsoft and Siemens are using the cooperative capabilities of generative artificial intelligence (AI) to assist industrial enterprises in enhancing efficiency and fostering innovation across the engineering, product design, production, and operating lifecycles. To enhance cross-functional communication, the organizations are combining Siemens' product lifecycle management (PLM) Team centre software with Microsoft Teams, the language models in Azure OpenAI Service, and other Azure AI features.

Segmentation of AI in Industrial Automation Market-
By Type:
• Machine Learning
o Supervised Learning
o Unsupervised Learning
o Reinforcement Learning
• Deep Learning
o Convolutional Neural Networks (CNN)
o Recurrent Neural Networks (RNN)
o Generative Adversarial Networks (GANs)
• Natural Language Processing
o Sentiment Analysis
o Language Translation
o Speech Recognition
• Computer Vision
o Object Detection
o Image Classification
o Video Analytics
By Application:
• Predictive Maintenance
• Quality Control and Inspection
• Supply Chain Optimization
• Industrial Robotics
• Process Optimization
• Safety and Security
By Industry Vertical:
• Manufacturing
• Automotive
• Energy and Utilities
• Healthcare
• Retail
• Aerospace and Defense
• Other industries (agriculture, transportation, logistics, finance, etc.)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.