AI in Industrial Automation Market Opportunities Emerging from Government Initiatives and Accelerated Digital Transformation in Industrial Sectors

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 conventional manufacturing processes by enhancing productivity, streamlining operational workflows, and enabling real-time decision-making. The increasing deployment of advanced technologies such as AI and robotics is anticipated to drive substantial growth in the AI-enabled industrial automation market throughout the forecast period. The rising demand for high-precision, superior-quality products, coupled with the need to reduce operational costs and improve efficiency across multiple industries, is expected to serve as a primary growth driver.

Moreover, shifting consumer preferences towards AI-powered solutions, alongside accelerating urbanization and increasing disposable incomes, are projected to create significant revenue opportunities for market participants. Key industry players have made considerable investments, and ongoing technological innovations across various end-use sectors have opened new avenues for growth among manufacturers and suppliers of AI-based industrial automation systems. Furthermore, government initiatives supporting the adoption of AI in industrial automation-driven by a global focus on technological progress-are poised to accelerate market expansion.

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 global AI in industrial automation market is primarily propelled by the escalating demand for data-driven decision-making aimed at enhancing product efficiency and quality. Increasing consumer expectations for precision and elevated product standards further contribute significantly to market growth. Additionally, heightened focus on workplace safety and risk reduction, particularly in hazardous industrial environments through the deployment of AI-powered solutions, is expected to drive further market development.

Challenges:
The market faces several challenges, including limited awareness and adoption of AI technologies in developing regions, which may hinder overall expansion. Moreover, the high initial costs associated with integrating AI into industrial automation, coupled with insufficient advanced infrastructure in certain areas, are likely to restrict short-term growth. The COVID-19 pandemic has exacerbated these constraints by curtailing investment activities among global enterprises, leading to financial disruptions within the industrial sector. This has adversely impacted essential training programs, delayed major software upgrades, and slowed the implementation of AI-based systems by leading market participants.

Regional Trends:
North America is projected to capture a significant share of the AI in industrial automation market, demonstrating a strong compound annual growth rate (CAGR) throughout the forecast period. This growth is driven by extensive adoption of AI-driven solutions across industries such as telecommunications, information technology, and manufacturing, alongside robust research and development initiatives from key industry players. Europe also holds a prominent market position, supported by its solid economic infrastructure and increasing acceptance of AI-enabled technologies. Strategic collaborations and initiatives among industry leaders further reinforce growth, creating a favorable environment for the advancement of AI applications within industrial automation.

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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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.