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Global Industrial Artificial Intelligence Market Projected to Grow at 51.6% CAGR, Reaching $48.22 Billion by 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shiftsWhat Will the Industrial Artificial Intelligence Industry Market Size Be by 2025?
The size of the industrial artificial intelligence market has experienced considerable expansion in the past few years. The market is projected to escalate from a worth of $6.08 billion in 2024 to a whopping $9.12 billion in 2025, representing an impressive compound annual growth rate (CAGR) of 50.0%. The underlying drivers of this remarkable growth during the historical period can be traced back to the implementation of automation in manufacturing processes, improvement in quality control strategies, managing energy resources, employment of data analytics for informed decision-making processes, the introduction of smart grids and solutions aimed at enhancing cybersecurity.
What's the Long-Term Growth Forecast for the Industrial Artificial Intelligence Market Size Through 2029?
In the coming years, the market size of industrial artificial intelligence is projected to witness tremendous growth, escalating to a whopping $48.22 billion in 2029 with a compound annual growth rate (CAGR) of 51.6%. This forecasted growth can be linked to the explosive growth of big data, the implementation of autonomous vehicles in logistics, regulatory backing, the advent of quantum computing, as well as the pressing demand for customization and personalization. Key trends that are expected to shape the market during the forecast period encompass AI-focused quality control and inspection, the utilization of digital twins for simulation and monitoring, the enhancement of robotics and automation through AI, the use of AI for energy management and sustainability, and cybersecurity fortified by AI-driven threat detection.
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What Are the Key Growth Drivers Fueling the Industrial Artificial Intelligence Market Expansion?
The industrial artificial intelligence market is projected to expand due to the growing implementation of automation technologies. These technologies encompass various tools, systems, and procedures developed to execute tasks with minimal human input. They play a critical role in industrial AI as they streamline operations, minimize mistakes, bolster productivity, reduce operational expenses, and direct human resources to more critical tasks, thereby bolstering efficiency, competitiveness, and creativity. For example, the International Federation of Robotics (IFR), a nonprofit professional organization based in Germany, projected in September 2023 that in 2022 the total supply of service robots for professional use will hit 158,000 units, marking a surge of 48%. The organization also reported the installation of 553,052 industrial robots globally, registering an annual growth of 5% in 2022. Hence, the surge in automation technology adoption is projected to catalyze the industrial AI market. Industrial Artificial Intelligence Market Driver: Surge in IoT Devices Accelerates Industrial AI Market Expansion
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What Are the Key Trends Driving Industrial Artificial Intelligence Market Growth?
Leading enterprises in the industrial artificial intelligence market are emphasizing on the creation of innovative technologies such as generative AI platforms to ensure reliable customer service. Generative AI refers to deep-learning algorithms capable of creating superior writing, illustrations, and other content based on the data they've been trained on. For example, SparkCognition, an American company delivering AI solutions, launched the Generative AI Platform specifically for the industrial sector in March 2023. This unique platform can produce high-quality content such as fabricated text, images, audio, and other signals to autonomously enrich data sets. With this cutting-edge capability, companies can utilize AI even in scenarios with limited data sets, thereby accelerating and enhancing outcomes. The SC Generative AI Platform improves low-quality data to offer high-quality insights. It intensifies low-resolution images to high-resolution views for a broader perspective on asset performance or a complete end-to-end process.
How Is the Industrial Artificial Intelligence Market Segmented?
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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Which Companies Are Leading the Charge in Industrial Artificial Intelligence Market Innovation?
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.
Which Regions Are Leading the Global Industrial Artificial Intelligence Market in Revenue?
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
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