The Business Research Company’s Embedded AI Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Embedded AI Global Market Report 2023 evaluates embedded AI market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global embedded AI market is expected to grow from 11.64 billion in 2022 to 13.04 billion in 2023 at a compound annual growth rate (CAGR) of 12%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The embedded AI market is expected to reach 20.36 billion in 2027 at a CAGR of 11.8%.
An increase in industrial automation is expected to propel the growth of the embedded AI market going forward. Industrial automation uses advanced technologies, control systems, and machinery to automate industrial processes and operations. Embedded AI is widely used in industrial automation to enhance productivity, efficiency, and decision-making in manufacturing and production processes. It is used for machine vision, quality control, predictive maintenance, and robotics automation. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 23,000 industrial robots were operating in UK factories in 2021, an increase of 6% from the previous year. Further, sales of new robots were up by 8% to 2,205 units in 2020. Therefore, the increase in industrial automation is driving the growth of the embedded AI market.
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The embedded AI market segments in the report are:
1) By Offering: Hardware, Software, Services
2) By Data Type: Sensor Data, Image And Video Data, Numeric Data, Categorial Data, Other Data Types
3) By Application: Smart Phone, Wearable Device, Vehicle Electronics, Smart Home, Security Monitoring, Drone, Robot, Other Applications
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Information Technology Enabled Services (ITES), Retail And Ecommerce, Manufacturing, Healthcare And Life Sciences, Media And Entertainment, Telecom, Automotive, Other Verticals
The table of contents in TBRC’s embedded AI market report includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Regional And Country Analysis
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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