Artificial Intelligence (AI) In Industrial Machinery Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Artificial Intelligence (AI) In Industrial Machinery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Artificial Intelligence (AI) In Industrial Machinery Global Market Report 2024, The artificial intelligence (ai) in industrial machinery market size has grown exponentially in recent years. It will grow from $1.52 billion in 2023 to $1.99 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The growth in the historic period can be attributed to automation demands, data proliferation, cost and efficiency improvements, rise of iot devices, advancements in ai algorithms.

The artificial intelligence (ai) in industrial machinery market size is expected to see exponential growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to predictive maintenance adoption, ai-powered quality control, enhanced safety protocols, edge computing integration, ai-driven energy optimization. Major trends in the forecast period include explainable ai in machinery, human-machine collaboration, ai-based supply chain optimization, customization and flexibility, ai-driven additive manufacturing.

The growing use of artificial intelligence (AI) in the industrial sector is expected to propel the growth of AI in the industrial machinery market in the coming future. The industrial sector is a component of the economy comprised of companies that assist other companies in manufacturing, delivering, or creating their goods. Artificial intelligence optimizes industrial processes, predicts machinery issues, and facilitates improved smart services, resulting in increased productivity, problem identification, and reduced machine failures for manufacturers. For instance, in May 2022, according to the report published by International Business Machines Corporation, a US-based technology company, more than a third of organizations (35%) indicated employing AI in their operations, a four-point rise versus 2021 globally, and 42% of companies are planning to explore the use of AI. Therefore, the growing use of AI in the industrial sector is driving the AI in industrial machinery market.

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The artificial intelligence (ai) in industrial machinery market 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

Product Innovation is the key trend gaining popularity in the AI in industrial machinery market. Major companies operating in the AI in industrial machinery market are focused on developing innovative products to strengthen their position in the market. For instance, in November 2022, Advantech Co. Ltd., a Taiwan-based machine automation, Internet of things (IoT) intelligent systems, and embedded computing company, in partnership with Actility, a France-based advanced IoT connectivity solutions company, launched a unique and innovative integrated AI-based solution for the rotating machine. The new solution is built using the high-performance WISE-6610 LoRaWAN gateway, the Advantech WISE-2410 vibration sensor, the sophisticated Advantech iMachine or prognostics and health management (PHM) application, and Actility’s ThingPark Enterprise IoT network administration platform. It assists the machine operation group in the implementation of machine predictions and health monitoring. It allows users to monitor the state of several machines in one place owing to the real-time machine health index, which includes ISO 10816 and deterioration levels.

The artificial intelligence (ai) in industrial machinery market report table of contents includes:

Executive Summary
Artificial Intelligence (AI) In Industrial Machinery Market Characteristics
Artificial Intelligence (AI) In Industrial Machinery Market Trends And Strategies
Artificial Intelligence (AI) In Industrial Machinery Market – Macro Economic Scenario
Global Artificial Intelligence (AI) In Industrial Machinery Market Size and Growth

Global Artificial Intelligence (AI) In Industrial Machinery Market Competitive Benchmarking
Global Artificial Intelligence (AI) In Industrial Machinery Market Competitive Dashboard
Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Industrial Machinery Market
Artificial Intelligence (AI) In Industrial Machinery Market Future Outlook and Potential Analysis
Appendix

Top Major Players: