How Has the Artificial Intelligence (AI) In Industrial Machinery Market Size Evolved in Recent Years?
The artificial intelligence (ai) in industrial machinery market has seen considerable growth due to a variety of factors.
•The market size of artificial intelligence (AI) in industrial machinery has seen exponential growth in recent times. It is projected to expand from $1.96 billion in 2024 to $2.54 billion in 2025, indicating a compound annual growth rate (CAGR) of 29.8%.
Factors contributing to growth during the historic period include the rise in automation needs, data explosion, cost and efficiency optimization, growth of IoT devices, and progress in AI algorithm development.
What are the Market Size and Expected Growth Rates for the Artificial Intelligence (AI) In Industrial Machinery Market?
The artificial intelligence (ai) in industrial machinery market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for artificial intelligence (AI) in industrial machinery is projected to experience a surge in the coming years, escalating to a whopping $7.11 billion by 2029, representing a compound annual growth rate (CAGR) of 29.4%.
The growth forecast can be ascribed to various factors such as the embrace of predictive maintenance, superior quality control powered by AI, improved safety protocols, the integration of edge computing, and AI-led energy optimization. During the forecast period, trends to look out for include the application of explainable AI in machinery, cooperation between humans and machines, AI-oriented supply chain optimization, flexibility and customization, and AI-propelled additive manufacturing.
Which Drivers Are Accelerating Growth In The Artificial Intelligence (AI) In Industrial Machinery Market?
The anticipated increase in the implementation of artificial intelligence (AI) throughout the industrial sector is predicted to fuel the expansion of AI within the industrial machinery market in the foreseeable future. The industrial sector, which consists of businesses that support other enterprises in producing, delivering, or designing their products, is an integral part of the economy. By optimizing industrial processes, forecasting machinery problems, and enhancing smart services, AI can significantly boost productivity, pinpoint issues, and decrease machine breakdowns for manufacturers. For example, a study conducted by the United States Census Bureau, a federal statistical agency based in the US, revealed in March 2024 that the uptake of AI is rapidly expanding, escalating from 3.7% of businesses in Fall 2023 to 5.4% in February 2024. Further projections anticipate an increase to 6.6% by Fall 2024. Additionally, the employment-weighted usage rate implies that approximately 12% of employees within corporations will be utilizing AI by then. Therefore, the escalating utilization of AI within the industrial sector contributes to the propulsion of the AI in industrial machinery market.
What Are The Core Segments Of The Global Artificial Intelligence (AI) In Industrial Machinery Market?
The artificial intelligence (AI) in industrial machinery market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Computer Vision, Context Awareness, Natural Language Processing
3) 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
4) By End-Use: Commercial, Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing
Subsegments:
1) By Hardware: AI-Enabled Sensors, Robotics And Automation Equipment, Edge Computing Devices
2) By Software: Machine Learning Algorithms, AI-Driven Analytics Platforms, Simulation And Modeling Software
3) By Services: AI Consulting Services, Integration And Implementation Services, Maintenance And Support Services
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Which Emerging Trends Are Reshaping The Artificial Intelligence (AI) In Industrial Machinery Market Size?
The predominant trend rising to prominence in the AI in industrial machinery market is Product Innovation. Market leaders in this sector are concentrating their efforts on the creation of cutting-edge products to enhance their market presence. To illustrate, Advantech Co. Ltd., a Taiwan-based organization specializing in machine automation, IoT intelligent systems, and embedded computing, joined forces with Actility, a French company excelling in superior IoT connectivity solutions, in November 2022. Together, they unveiled an innovative, one-of-a-kind AI-based solution designed for rotating machinery. Leveraging the robust WISE-6610 LoRaWAN gateway, the Advantech WISE-2410 vibration sensor, the advanced Advantech iMachine or prognostics and health management (PHM) application, and Actility's ThingPark Enterprise IoT network administration platform, this new solution aids machine operation teams in machine health monitoring and predictive maintenance. It grants users the ability to oversee multiple machine conditions from a single location, thanks to the real-time machine health index featuring both ISO 10816 and deterioration levels.
Who Are the Key Players in the Artificial Intelligence (AI) In Industrial Machinery Market?
Major companies operating in the artificial intelligence (AI) in industrial machinery market include:
• Microsoft Corporation
• Hitachi Ltd.
• Amazon Web Services Inc.
• Siemens AG
• Intel Corporation
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Honeywell International Inc.
• SAP SE
• ABB Ltd.
• NVIDIA Corporation
• Rockwell Automation Inc.
• FANUC Corporation
• Autodesk Inc.
• Arista Networks Private Limited
• Pegasystems Inc.
• UiPath
• Automation Anywhere Inc.
• Blue Prism Limited.
• C3.ai Inc.
• DataRobot Inc.
• Appen Limited
• H2O.ai
• Dataiku
• WorkFusion Inc.
• Alphasense Inc.
• CrowdFlower Inc.
• Suki.AI
• Clarifai Inc.
What are the Regional Insights into the Artificial Intelligence (AI) In Industrial Machinery Market?
North America was the largest region in the artificial intelligence (AI) in industrial machinery market in 2024. The regions covered in the artificial intelligence (AI) in industrial machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
