(EMAILWIRE.COM, September 28, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Industrial Automation Market is valued at US$ 17.3 Billion in 2023, and it is expected to reach US$ 65.8 Billion by 2031, with a CAGR of 18.5% during the forecast period of 2024-2031.
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Artificial intelligence in industrial automation is revolutionizing conventional production processes, increasing productivity, streamlining manufacturing procedures, and facilitating instantaneous decision-making. Due to the growing rapid utilization of cutting-edge technologies such as artificial intelligence, robots, and more, the adoption of AI in Industrial Automation is expected to increase in the coming years. Demand for accurate and quality products, cost savings, and operational efficiency applications in various industries are among the other factors expected to boost the growth of global AI in the Industrial Automation market.
Furthermore, the changing preferences of consumers towards AI technology, together with the increasing urbanization and high disposable income, are anticipated to generate prospective revenue prospects for companies operating in the global AI in the Industrial Automation market. The substantial expenditures made by prominent industry players and the continuous breakthroughs in the creation of numerous end-use goods have resulted in highly profitable revenue potential for leading manufacturers and suppliers of Artificial Intelligence in Industrial Automation. The target market is likely to experience expansion due to favorable government measures aimed at promoting the use of AI in Industrial Automation, driven by global concerns about technology proficiency.
List of Significant Players in the AI in Industrial Automation Market:
Siemens AG
ABB Ltd.
General Electric Company
Mitsubishi Electrical Corporation
Schneider Electric SE
Rockwell Automation, Inc.
IBM Corporation
Honeywell International Inc.
Fanuc Corporation
Bosch Rexroth AG
Cognex Corporation
Kuka AG
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Market Dynamics:
Drivers-
Growing demand for data-driven decision-making owing to support organizations making informed decisions to upgrade product efficiency and quality is a key factor expected to drive the growth of the target market. Increasing demand for precision and high-quality products to meet customers’ demands and expectations is another factor expected to contribute significantly to revenue share in global AI in the industrial automation market. Additionally, the rising demand for safety and lowering the risk to human life due to its features of providing harmless alternatives in hazardous situations is another factor expected to augment the growth of global AI in the Industrial Automation market.
Challenges:
The prime challenge is the lack of awareness and commercialization regarding AI products in developing countries, which is predicted to minimize the growth of AI in the Industrial Automation market. However, the high cost of AI in Industrial Automation and the lack of advanced systems are factors expected to slowdown the overall growth of AI in the industrial Automation market over the coming years. Owing to the COVID-19 pandemic, the reduction in global organization investments has been reducing the growth of the market. Recent reports indicate that the industrial sector is experiencing significant financial setbacks as a result of interruptions in worldwide training investments, large-scale software updates, and the implementation of systems for major players in the global AI in the Industrial Automation industry.
Regional Trends:
The North American AI in Industrial Automation market is expected to register a very large market revenue share. It is projected to grow at a high CAGR in the near future. The growing adoption of AI in industrial automation in different industries, including telecom, IT, and the manufacturing industry, coupled with increasing R&D activities by important players, are factors expected to increase the growth of AI in the Industrial Automation market in the region. In addition, Europe held a significant portion of the market as a result of its advanced economy and increasing acceptance of the AI product. This can be attributed to the implementation of novel strategies by the key participants in the AI in the Industrial Automation market. Furthermore, the existence of prominent market participants and the growing cooperation among significant companies to expand their market share in the region create favorable conditions for the expansion of the global AI in the Industrial Automation market.
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Recent Developments:
In April 2023, Microsoft and Siemens are using the cooperative capabilities of generative artificial intelligence (AI) to assist industrial enterprises in enhancing efficiency and fostering innovation across the engineering, product design, production, and operating lifecycles. To enhance cross-functional communication, the organizations are combining Siemens’ product lifecycle management (PLM) Team centre software with Microsoft Teams, the language models in Azure OpenAI Service, and other Azure AI features.
Segmentation of AI in Industrial Automation Market-
By Type:
Machine Learning
o Supervised Learning
o Unsupervised Learning
o Reinforcement Learning
Deep Learning
o Convolutional Neural Networks (CNN)
o Recurrent Neural Networks (RNN)
o Generative Adversarial Networks (GANs)
Natural Language Processing
o Sentiment Analysis
o Language Translation
o Speech Recognition
Computer Vision
o Object Detection
o Image Classification
o Video Analytics
By Application:
Predictive Maintenance
Quality Control and Inspection
Supply Chain Optimization
Industrial Robotics
Process Optimization
Safety and Security
By Industry Vertical:
Manufacturing
Automotive
Energy and Utilities
Healthcare
Retail
Aerospace and Defense
Other industries (agriculture, transportation, logistics, finance, etc.)
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
