Industrial artificial intelligence (Industrial AI) is the application of artificial intelligence to industry, specifically to address industrial pain points for customer value creation, productivity improvement, cost reduction, site optimization, predictive analysis, and insight discovery. It includes using AI algorithms, data analytics, and automation to improve manufacturing efficiency, quality control, predictive maintenance, and production processes.
Sizing and Forecast
The industrial artificial intelligence market size has grown exponentially in recent years. It will grow from $4.01 billion in 2023 to $6.08 billion in 2024 at a compound annual growth rate (CAGR) of 51.5%. The growth in the historic period can be attributed to automation in manufacturing, quality control enhancement, energy management, data analytics for decision-making, smart grids, cybersecurity solutions..
The industrial artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $31.55 billion in 2028 at a compound annual growth rate (CAGR) of 51.0%. The growth in the forecast period can be attributed to exponential growth of big data, autonomous vehicles in logistics, regulatory support, emergence of quantum computing, customization and personalization needs.. Major trends in the forecast period include ai-driven quality control and inspection, digital twins for simulation and monitoring, ai-enhanced robotics and automation, ai for energy management and sustainability, cybersecurity with ai-powered threat detection..
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Segmentation & Regional Insights
The industrial artificial intelligence market covered in this report is segmented –
1) By Offering: Hardware, Software, Platform, Solution
2) By Technology: Computer Vision, Deep Learning, Natural Language Processing (NLP), Context Awareness
3) By Deployment Type: On-Premises, Cloud Based, Hybrid Based
4) By Company Size: Small Medium Enterprises, Larger Enterprises
5) By Industry Vertical: Manufacturing, Automotive, Energy, Healthcare, Agriculture, Transportation And Logistics
North America was the largest region in the industrial artificial intelligence market in 2023. The regions covered in the industrial artificial intelligence 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 increasing adoption of automation technologies is expected to propel the growth of the industrial artificial intelligence market going forward. Automation technologies refer to a broad range of tools, systems, and technologies designed to perform tasks or processes with minimal human intervention. Industrial artificial intelligence is used as automation technologies help to streamline operations, reduce errors, enhance productivity, lower operational costs, and enable organizations to allocate human resources to higher-value tasks, ultimately driving efficiency, competitiveness, and innovation. For instance, in May 2022, according to the International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) automation technologies, an increase of 4% from 2021. Therefore, the increasing adoption of automation technologies will drive the growth of the industrial artificial intelligence market.
Key Industry Players
Major companies operating in the industrial artificial intelligence market report are Alphabet Inc., Microsoft Corporation, Mitsubishi Electric Corporation, Alibaba Group Holding Limited, Robert Bosch GmbH, Huawei Technologies Co. Ltd., Siemens AG, General Electric Company, Intel Corporation, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, SAP SE, ABB Ltd., NVIDIA Corporation, Salesforce.com Inc., Toshiba Corporation, Gerdau S.A., Rockwell Automation Inc., Fanuc Corporation, Yaskawa Electric Corporation, General Vision Inc., Neoris Holdings LLC, TOTVS S.A., Stefanini Inc., Sight Machine Inc., Aibrain Inc., Datarpm Inc., Softtek Servicios Corporativos S.A. de C.V.
The industrial artificial intelligence market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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