LONDON, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global artificial intelligence (AI) in industrial machinery market is on the brink of a transformational period, projected to surge from $1.15 billion in 2022 to $1.52 billion in 2023, demonstrating an extraordinary Compound Annual Growth Rate (CAGR) of 31.8%. The artificial intelligence (AI) in industrial machinery market is expected to reach $4.28 billion in 2027 at a CAGR of 29.6%. This remarkable growth is set to redefine the industrial landscape, driven by the widespread adoption of AI technologies. The "Artificial Intelligence (AI) In Industrial Machinery Global Market Report 2023" by The Business Research Company unveils critical insights into this burgeoning market.
AI Revolutionizes the Industrial Sector
The industrial sector, a linchpin of the global economy, is rapidly embracing artificial intelligence to optimize manufacturing processes, predict machinery issues, and provide smarter services. AI empowers manufacturers with enhanced productivity, early problem detection, and reduced machine failures. A report published by International Business Machines Corporation in May 2022 disclosed that 35% of organizations globally have already integrated AI into their operations, representing a four-point increase from 2021. Moreover, an additional 42% of companies are exploring AI's potential, solidifying its pivotal role in shaping the future of industrial machinery.
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Key Players in the AI in Industrial Machinery Market
Major players shaping the AI in industrial machinery market include industry titans such as Microsoft Corporation, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, and Intel Corporation, among others.
Product Innovation Spearheads Market Evolution
Product innovation stands out as the central trend within the AI in industrial machinery market. Leading companies are committed to developing innovative products that strengthen their market presence. For example, in November 2022, Advantech Co. Ltd., in collaboration with Actility, introduced a pioneering AI-based solution for rotating machines. This innovative solution leverages cutting-edge technology, such as LoRaWAN gateway, vibration sensors, and advanced application platforms.
Regional Dynamics
North America emerged as the largest region in the AI in industrial machinery market in 2022, underscoring the region's prominence in technological innovation. The future of this market shows immense potential, with robust growth expected across the globe.
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Market Segmentation
The "Artificial Intelligence (AI) In Industrial Machinery Global Market Report 2023" offers a comprehensive market analysis, dividing the AI in industrial machinery market into key segments:
- By Component: Hardware, Software, Services
- By Technology: Machine Learning, Computer Vision, Context Awareness, Natural Language Processing
- By Application: Predictive Maintenance, Quality Control, Process Optimization, Supply Chain Optimization, Intelligent Robotics, Autonomous Vehicles And Guided Systems, Energy Management, Human-Machine Interfaces, Other Applications
- By End-Use: Commercial, Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing
For industry players, stakeholders, and decision-makers, "Artificial Intelligence (AI) In Industrial Machinery Global Market Report 2023" is an invaluable resource. The report offers deep insights into the current market landscape, future growth prospects, and emerging trends. To make the most of this report, industry participants can harness these insights to navigate the dynamic AI in industrial machinery market, seize growth opportunities, and contribute to the global evolution of the industrial sector through advanced AI solutions.
Artificial Intelligence (AI) In Industrial Machinery Global Market Report 2023 by The Business Research Company provides insights on the artificial intelligence (AI) in industrial machinery market size, artificial intelligence (AI) in industrial machinery market segments, artificial intelligence (AI) in industrial machinery market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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