Overview and Scope
Artificial intelligence (AI) in industrial machines refers to the utilization of artificial intelligence technologies in industrial machines to upgrade them into smart machines and enable the framework to generate multiple solutions. AI provides predictive maintenance, real-time monitoring, and process optimization in industrial machinery, resulting in higher efficiency, fewer downtime, and increased total production.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the artificial intelligence (AI) in industrial machinery market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the artificial intelligence (ai) in industrial machinery market report are 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.
The artificial intelligence (ai) in industrial machinery market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence (AI) In Industrial Machinery Market Characteristics
3. Artificial Intelligence (AI) In Industrial Machinery Market Trends And Strategies
4. Artificial Intelligence (AI) In Industrial Machinery Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) In Industrial Machinery Market Size and Growth
…
32. Global Artificial Intelligence (AI) In Industrial Machinery Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) In Industrial Machinery Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Industrial Machinery Market
35. Artificial Intelligence (AI) In Industrial Machinery Market Future Outlook and Potential Analysis
36. Appendix
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