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The Rising Adoption Of Automation Technologies Driving Industrial Artificial Intelligence Market Growth: An Emerging Driver Transforming The Industrial Artificial Intelligence Market Landscape
Industrial Artificial Intelligence Market Growth
What Is the Projected Growth of the Industrial Artificial Intelligence Market?
The size of the industrial artificial intelligence market has seen a significant increase in recent times. The market's growth rate is expected to rise from $6.08 billion in 2024 to $9.12 billion in 2025, with a staggering compound annual growth rate (CAGR) of 50.0%. The historical growth of this market can be associated with factors such as manufacturing automation, improvements in quality control, effective energy management, the use of data analytics for better decision-making, the advent of smart grids, and cybersecurity solutions.
The market size of industrial artificial intelligence is anticipated to expand exponentially over the coming years, increasing to $48.22 billion by 2029 with a compound annual growth rate (CAGR) of 51.6%. The surge during the forecast period is due to factors such as the significant growth of big data, the use of autonomous vehicles in logistics, regulatory backing, the advent of quantum computing, and the demand for customization and personalization. Key trends to watch during this period comprise AI-based quality control and inspection, digital twins used for simulation and monitoring, AI-assisted robotics and automation, AI application in energy management and sustainability, and cybersecurity featuring AI-enabled threat detection.
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What Are the Different Industrial Artificial Intelligence Market 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
Subsegments:
1) By Hardware: AI-Powered Sensors, Edge Devices, Specialized AI Chips
2) By Software: Machine Learning Algorithms, Computer Vision Software, Natural Language Processing (NLP) Tools
3) By Platform: AI Development Platforms, Data Management Platforms, Cloud-Based AI Platforms
4) By Solution: Predictive Maintenance Solutions, Quality Control Solutions, Supply Chain Optimization Solutions
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What Are the Primary Drivers Shaping the Industrial Artificial Intelligence Market?
The growth of the industrial artificial intelligence market is projected to be catapulted by the escalating adoption of automation technologies. These technologies essentially consist of a wide spectrum of systems, tools, and methods constructed to execute tasks with minimal human intervention. Automation technologies enable the utilization of industrial artificial intelligence by smoothing operations, minimizing errors, boosting productivity, cutting operational expenses, and permitting firms to divert human resources towards tasks of higher value. This catalyzes efficiency, innovation, and competitiveness. The International Federation of Robotics (IFR), a non-profit professional entity based in Germany, reported in September 2023 that the overall supply of service robots for professional use would culminate in 158,000 units in 2022, marking a rise of 48%. A global total of 553,052 industrial robot deployments has been recorded, indicating a 5% annual growth rate in 2022. As such, the growing application of automation technologies will fuel the expansion of the industrial artificial intelligence market. The industrial artificial intelligence market is further projected to be bolstered by the proliferation of Internet of Things (IoT) devices. IoT devices, a vast network of physical entities in-built with sensors, software, and other forms of technology, collect and exchange data with other systems and devices online. Industrial AI is frequently integrated into IoT devices to elevate their capabilities, optimize efficiency, and facilitate smarter decision-making in industrial and manufacturing contexts. As reported by GSMA Intelligence, a mobile communication association located in the UK, the number of IoT connections is expected to soar high to 23.3 billion by 2025, a significant increase from 15.1 billion in 2021. Hence, the surge of IoT devices is propelling the growth of the industrial artificial intelligence market.
Which Companies Are Leading in the Industrial Artificial Intelligence Market?
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, accenture* 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.
What Trends Are Expected to Dominate the Industrial Artificial Intelligence Market in the Next 5 Years?
In the industrial artificial intelligence market, major firms have concentrated their efforts on creating groundbreaking technologies such as generative AI platforms, to improve customer service reliability. Generative AI refers to sophisticated deep-learning algorithms that are capable of creating high-quality written and graphic content based on the data they are trained on. A case in point is SparkCognition, a leading provider of AI solutions in the USA, that unveiled a cutting-edge Generative AI Platform tailored for the industrial sector in March 2023. This distinguished platform is designed to produce top-quality content, including text, images, audio, among others, self-reliantly enriching data sets. This advanced capability allows businesses to utilise AI even in situations characterized by small data sets, thus improving and accelerating outcomes. The SC Generative AI Platform upgrades low-fidelity data to provide high-fidelity insights, transforming low-resolution images into high-resolution views. This provides a more extensive overview of asset performance or an entire end-to-end process.
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What Are the Top Revenue-Generating Geographies in the Industrial Artificial Intelligence Market?
North America was the largest region in the industrial artificial intelligence market in 2024. The regions covered in the industrial artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Industrial Artificial Intelligence Market?
2. What is the CAGR expected in the Industrial Artificial Intelligence Market?
3. What Are the Key Innovations Transforming the Industrial Artificial Intelligence Industry?
4. Which Region Is Leading the Industrial Artificial Intelligence Market?
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