Soaring Demand Set to Propel Artificial Intelligence (AI) In Industrial Machinery Market to $7.02 Billion by 2029

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What Is the Expected CAGR for the Artificial Intelligence (AI) In Industrial Machinery Market Through 2025?
The market size for artificial intelligence (AI) in industrial machinery has experienced substantial growth in the past few years. The projections show an increase from $1.96 billion in 2024 to $2.52 billion the following year, indicating a compound annual growth rate (CAGR) of 28.9%. This growth during the historic period is driven by factors such as the need for automation, data boom, improvements in cost and efficiency, proliferation of IoT devices, and advancements in AI algorithms.

What's the Projected Size of the Global Artificial Intelligence (AI) In Industrial Machinery Market by 2029?
The market size of artificial intelligence (AI) in industrial machinery is predicted to experience significant expansion in the coming years, reaching $7.02 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 29.1%. This anticipated growth in the forecast period can be credited to the use of AI in predictive maintenance, enforcing improved safety protocols, integrating edge computing, controlling quality, and optimizing energy usage. Several trends set to define the forecast period encompass the use of explainable AI in machinery, collaboration between humans and machines, AI-assisted optimization of supply chains, the ability to customize and provide flexibility, and additive manufacturing driven by AI.

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Top Growth Drivers in the Artificial Intelligence (AI) In Industrial Machinery Industry: What's Accelerating the Market?
The increasing adoption of artificial intelligence (AI) in the industrial realm is set to boost the AI sector in the industrial machinery market in the coming years. The industrial sector, an integral part of the economy, is constituted by businesses that support other businesses in manufacturing, delivering, or producing their goods. AI enhances industrial operations, forecasts machinery problems and offers enhanced smart services. This ultimately leads to improved productivity, issue detection and decreased machinery breakdowns for manufacturers. For example, a report issued by the United States Census Bureau, a federal statistical agency based in the US, stated in March 2024 that the use of AI is rapidly growing, rising from 3.7% of companies in Fall 2023 to 5.4% in February 2024. This trend is expected to continue, with predictions indicating an increase to 6.6% by Fall 2024. Furthermore, the employment-weighted usage rate implies that approximately 12% of workers in firms will be utilizing AI by then. Consequently, the escalating use of AI in the industrial domain is fuelling the AI in the industrial machinery market.

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What Trends Will Shape the Artificial Intelligence (AI) In Industrial Machinery Market Through 2029 and Beyond?
Product innovation is emerging as a pivotal trend in the AI in industrial machinery market. In an effort to retain their competitive edge, companies in this segment are concentrating on creating unique and advanced products. For example, Advantech Co. Ltd., a company specializing in machine automation, IoT intelligent systems, and embedded computing hailing from Taiwan, collaborated with France-based IoT connectivity solutions provider, Actility, in November 2022. They introduced an ingenious AI solution for rotating machinery, designed using the WISE-6610 LoRaWAN gateway, the WISE-2410 vibration sensor from Advantech, the advanced Advantech iMachine or prognostics and health management (PHM) application, and Actility's ThingPark Enterprise IoT network administration platform. This novel system aids the machine operation team in executing predictions and overseeing the health of machines. It provides the ability to oversee the condition of multiple machines at once due to the real-time machine health index that features ISO 10816 and deterioration degrees.

What Are the Main Segments in the Artificial Intelligence (AI) In Industrial Machinery Market?
The artificial intelligence (ai) in industrial machinerymarket covered in this report is segmented -

1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Computer Vision, Context Awareness, Natural Language Processing
3) By Application: Predictive Maintenance, Quality Control, Process Optimization, Supply Chain Optimization, Intelligent Robotics, Autonomous Vehicles And Guided Systems, Energy Management, Human-Machine Interfaces, Other Applications
4) By End-Use: Commercial, Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing

Subsegments:
1) By Hardware: AI-Enabled Sensors, Robotics And Automation Equipment, Edge Computing Devices
2) By Software: Machine Learning Algorithms, AI-Driven Analytics Platforms, Simulation And Modeling Software
3) By Services: AI Consulting Services, Integration And Implementation Services, Maintenance And Support Services

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Which Top Companies are Driving Growth in the Artificial Intelligence (AI) In Industrial Machinery Market?
Major companies operating in the artificial intelligence (AI) in industrial machinery market include Microsoft Corporation, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, ABB Ltd., NVIDIA Corporation, Rockwell Automation Inc., FANUC Corporation, Autodesk Inc., Arista Networks Private Limited, Pegasystems Inc., UiPath, Automation Anywhere Inc., Blue Prism Limited., C3.ai Inc., DataRobot Inc., Appen Limited, H2O.ai, Dataiku, WorkFusion Inc., Alphasense Inc., CrowdFlower Inc., Suki.AI, Clarifai Inc.

Which Regions Will Dominate the Artificial Intelligence (AI) In Industrial Machinery Market Through 2029?
North America was the largest region in the artificial intelligence (AI) in industrial machinery market in 2024. The regions covered in the artificial intelligence (AI) in industrial machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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