The generative artificial intelligence (ai) in automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative Artificial Intelligence (AI) In Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The generative artificial intelligence (AI) in automation market size has grown rapidly in recent years. It will grow from $1.31 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to increase in computational power, rise of big data, improvements in natural language processing, growth in demand for personalized solutions, widespread adoption of cloud computing, and the evolution of neural networks.
The generative artificial intelligence (AI) in automation market size is expected to see rapid growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 17%. The growth in the forecast period can be attributed to increasing demand for intelligent process automation, cross-industry adoption, rising investments in AI, expanding applications in various sectors, growing emphasis on operational efficiency, and increasing need for enhanced customer experiences. Major trends in the forecast period include advancements in enhanced machine learning models, integration with IoT devices, improved natural language processing capabilities, adoption of AI-driven decision-making tools, personalized AI solutions, and development of more ethical and transparent AI systems.
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Scope Of Generative Artificial Intelligence (AI) In Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative Artificial Intelligence (AI) In Automation Market Overview
Market Drivers –
The increasing adoption of industrial robots is expected to propel the growth of the generative AI in automation market going forward. Industrial robots refer to programmable, automated machines designed to perform a wide range of manufacturing tasks with precision, speed, and consistency. The adoption of industrial robots is attributed to their ability to enhance production efficiency, improve product quality, reduce labor costs, and perform complex tasks with precision and consistency. Generative AI in automation enable industrial robots to optimize their operations through advanced planning and decision-making, enhance their adaptability to new tasks with minimal reprogramming, and improve their performance by generating precise, context-aware instructions and simulations for complex manufacturing processes. For instance, in June 2023, according to the International Federation of Robotics, a Germany-based non-profit organization to promote, strengthen, and protect the robotics industry worldwide, the number of installations of industrial robots in Europe was 72,000 units in 2022, a rise of 6% from 2021. Therefore, increasing adoption of industrial robots is driving the generative AI in automation market.
Market Trends –
Major companies operating in the generative artificial intelligence (AI) in automation market are developing workflow automation platforms to streamline complex workflows by automating repetitive tasks and decision-making processes. Workflow automation platforms are essential tools that enable organizations to optimize their operations by automating and managing business processes, leading to increased efficiency, reduced manual effort, and consistent execution across various tasks. For instance, in February 2024, Tungsten Automation, a US-based software company, launched TotalAgility 8, a business process management (BPM) and workflow automation platform designed to help organizations streamline and optimize their processes. The platform’s innovative features, including AI-powered Copilots and extensive document libraries, empower users of all skill levels to streamline operations effectively. With this launch, Tungsten Automation solidifies its position as a leader in the Intelligent Automation sector, driving transformative change for organizations.
The generative artificial intelligence (AI) in automation market covered in this report is segmented –
1) By Technology: Computer Vision, Natural Language Processing (NLP), Reinforcement Learning, Deep Learning, Other Technologies
2) By Application: Robotic Process Automation (RPA), Process Optimization, Intelligent Chatbots, Predictive Maintenance, Quality Control And Anomaly Detection, Other Applications
3) By End Users: Automotive, Aerospace, Electronics, Consumer Goods, Other End Users
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Regional Insights –
North America was the largest region in the generative artificial intelligence (AI) in automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative artificial intelligence (AI) in automation market are Microsoft Corporation, Amazon Web Services Inc., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Salesforce Inc., Nvidia Corporation, Zebra Technologies Corp., Autodesk Inc., SAS Institute Inc., OpenAI, Databricks Inc., UiPath Inc., Quantiphi, Darktrace plc, Automation Anywhere Inc., C3.ai Inc., Blue Prism, Google DeepMind Technologies Limited, Cerebras Systems Inc., Syntiant Corp., Clarifai Inc., Trifacta
Table of Contents
1. Executive Summary
2. Generative Artificial Intelligence (AI) In Automation Market Report Structure
3. Generative Artificial Intelligence (AI) In Automation Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In Automation Market – Macro Economic Scenario
5. Generative Artificial Intelligence (AI) In Automation Market Size And Growth
…..
27. Generative Artificial Intelligence (AI) In Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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