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Industrial AI Market Analysis
In 2022, the industrial AI market was estimated to be worth USD 2.04 billion. According to projections, the Industrial AI Market is expected to increase at a compound annual growth rate (CAGR) of 46% from USD 2.98 billion in 2023 to USD 89.53 billion by 2032.
The use of artificial intelligence (AI) to industrial use cases, such as supply chain management, industrial robots, automation in process manufacturing, self-optimizing infrastructure facilities, and inventory storage, is known as industrial AI. Artificial intelligence (AI) is generally focused on the creation of human-like systems that could improve human lives; however, industrial AI is concentrated on using AI in industrial use cases to streamline industrial manufacturing processes and boost productivity in process plants.
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Industrial AI Market- Key Companies Include
Industrial AI is used by process manufacturers to improve operational efficiency, automate workflow tasks, decrease downtime, track and improve performance, and provide a long-term competitive edge.
More regularly and accurately than before, real-time data can now be captured and communicated by machines thanks to the Industrial Internet of Things (IIoT). Enterprises may access data at all levels by bridging open data silos (collections of data) thanks to IIoT. IIoT facilitates the use of machines, the prediction of machinery failures using real-time data, and the taking of preventative action against such problems before they arise. IIoT facilitates product tracking along the whole supply chain and can alert the appropriate oversight bodies to potential product damage. It is employed in production to monitor temperature, humidity, and vibrations.
Additionally, companies are using IIoT for “Just in Time Manufacturing,” asset connectivity, and knowledge transfer throughout the manufacturing facility. As a result, the market is expanding because of the wide range of IIoT applications in industrial manufacturing, or Industrial AI.
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Industrial AI Market Sectoral Insights
This report’s segmentation of the industrial AI market is based on offering, including hardware and software categories. Software is further divided into AI solutions and platforms.
This report’s technological segmentation of the industrial AI market includes computer vision, deep learning, natural language processing (NLP), and context awareness.
This report’s segmentation of the industrial AI market is based on application, including categories such as quality control, field services, production planning, material mobility, predictive maintenance, and machinery inspection.
This report’s industrial segmentation of the industrial AI market includes automotive, energy and power, pharmaceuticals, heavy metals and machine manufacturing, semiconductor and electronics, food and beverage, and other industries.
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Regional Analysis
The regions of North America, Europe, Asia-Pacific, Middle East & Africa, and South America make up the worldwide industrial AI market.
The Industrial AI market is dominated by North America. This is mostly because of the region’s rapid technological development, robust R&D-focused industries, and the presence of multinational corporations in the IT, telecom, manufacturing, automotive, and healthcare sectors in the North American region. The main factors driving the rise of industrial AI in the region are the increasing use of AI across a wide range of industries and the favourable policies enacted by the government to encourage AI use.
The industrial AI market in Asia Pacific is expanding at the quickest rate of any region. The deployment of IIoT in companies and streamlining automation procedures for the manufacturing and automation sectors are the main goals of the Asia Pacific industrial AI industry.
The Asia Pacific region is home to some of the largest automobile markets in the world, which use artificial intelligence (AI) to streamline their operations. These countries include China, Japan, India, South Korea, and numerous Southeast Asian countries.
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