New Delhi, March 15, 2023 (GLOBE NEWSWIRE) -- Global industrial artificial intelligence (AI) market is gaining traction because of the extensive use of robotics in manufacturing, use of computer vision technology in manufacturing, and significant increase in venture capital investments.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global industrial artificial intelligence (AI) market size at USD 3.1 billion in 2022. During the forecast period between 2023 and 2029, the global industrial artificial intelligence (AI) market size is projected to grow at a robust CAGR of 52.46% reaching a value of USD 58.3 billion by 2029. The increasing adoption of innovative technologies in a variety of industry verticals, such as automotive, healthcare, retail, finance, and manufacturing, as well as ongoing research and innovations led by digital giants, are major growth factors for the global industrial AI market. The requirement for intelligent systems to promote production and efficiency is another factor driving the growth of the global AI market.
Global Industrial Artificial Intelligence (AI) Market – Overview
Industrial Artificial Intelligence (AI) is a new paradigm that applies data science, AI algorithms, software, and domain knowledge to produce quantifiable economic results for the unique requirements of capital-intensive businesses. By eliminating adoption barriers, industrial companies have new chances to dramatically cut costs, boost efficiency, and improve their operations. Industrial AI disrupts various sectors. With four enabling technologies—data technology, analytic technology, platform technology, and operations technology—industrial AI may achieve intelligent and robust industrial systems.
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Impact of COVID-19 on Global Industrial Artificial Intelligence (AI) Market
The COVID-19 pandemic offered lucrative growth opportunities to the global Industrial Artificial Intelligence (AI) market. Industrial AI gained significant popularity in the healthcare industry. AI is being utilized to assist reduce timelines and save costs in the years-long and expensive drug discovery process. Repurposing already-approved medications and discovering new applications for them is a creative method for finding cures for illnesses swiftly and safely. AI can swiftly identify unusual symptoms and other "red flags," alarming both patients and healthcare authorities. Faster, it facilitates more economical decision-making. Via practical methods, it aids in the development of a novel diagnosis and management approach for COVID-19 patients.
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Global Industrial Artificial Intelligence (AI) Market – By Industry
Based on industry, the global industrial artificial intelligence (AI) market is segmented into energy & power, pharmaceuticals, heavy metals & machine manufacturing, semiconductor & electronics, food & beverages, and others. The healthcare segment accounts for the highest market share. Through extensive data analysis, AI enables healthcare providers to better understand the trends and demands of their patients. Doctors and nurses will be in a better position to offer direction, support, and feedback as technology advances and new medical uses are found. The expanding investment in healthcare development, especially in the developing economies, is offering lucrative growth opportunities to the global industrial artificial intelligence (AI) market.
Competitive Landscape
Major players operating in the global industrial artificial intelligence (AI) market include Siemens AG, Intel Corporation, Nvidia Corporation, Alphabet Inc., IBM Corporation, Microsoft Corporation, General Electric (GE) Company, Datarpm, Sight Machine, General Vision Inc., Aibrain, Rockwell Automation Inc., Cisco Systems, Inc., Mitsubishi Electric Corporation, Oracle Corporation, and SAP SE. These companies employ various strategies to further enhance their market share, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Industrial Artificial Intelligence (AI) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Industrial Artificial Intelligence (AI) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In March 2023 - Rockwell Automation, a US-based automation company, acquired Knowledge Lens, a services and solution provider that uses deep data science, AI, and technical know-how to combine digital technologies with enterprise data to give meaningful business insights.
- In February 2023 – Xaba, a Canada-based developer of AI-driven robotics and CNC machine controller, completed a round of seed investment, sponsored by Hazelview Ventures with involvement from Whiteshell Group Inc., to bring AI-driven fabrication processes and intelligent autonomous robots to market.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Million |
| Market Coverage | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Product/ Service Segmentation | Offering, Technology, Application, Industry, Region |
| Key Players | Siemens AG, Intel Corporation, Nvidia Corporation, Alphabet Inc., IBM Corporation, Microsoft Corporation, General Electric (GE) Company, Datarpm, Sight Machine, General Vision Inc., Aibrain, Rockwell Automation Inc., Cisco Systems, Inc., Mitsubishi Electric Corporation, Oracle Corporation, SAP SE |
By Offering
- Hardware
- Software
- Platform
- Solution
By Technology
- Computer Vision
- Deep Learning
- Natural Language Processing (NLP)
- Context Awareness
By Application
- Predictive Maintenance and Machinery Inspection
- Material Movement
- Production Planning
- Field Services
- Quality Control
- Reclamation
By Industry
- Energy & Power
- Pharmaceuticals
- Heavy Metals & Machine Manufacturing
- Semiconductor & Electronics
- Food & Beverages
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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