Latest News- AI In Chemicals Market: Software is expected to lead the Type segment during 2025-2029

The AI In Chemicals Market is being driven by Imperative for accelerated research and development and materials discovery

The AI In Chemicals Market is expected to grow at a CAGR of 29% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2542.9 million. The AI in chemicals market is experiencing a transformative trend with the increasing adoption of generative artificial intelligence and conversational AI assistants, commonly referred to as copilots. This development signifies a substantial shift from conventional predictive AI, which necessitated specialized dashboards and expert users, towards a more democratized and user-friendly paradigm of human-machine interaction. The crux of this trend lies in the capacity of advanced language models to comprehend and process natural language, enabling a diverse array of professionals, including plant engineers, research scientists, and supply chain managers, to engage with intricate data and systems via simple conversational queries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Software
  • Hardware
  • Services
• Application
  • Production optimization
  • Chemical property prediction
  • Virtual screening
  • Process simulation
  • Laboratory management
• End-user
  • Base chemicals and petrochemicals
  • Specialty chemicals
  • Agrochemicals
  • Consumer chemicals
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Imperative for accelerated research and development and materials discovery
• Mandate for enhanced operational efficiency and sustainability
• Proliferation of data and advancements in AI algorithms and computing

However, the market also witnesses some limitations, which are as follows:

• Data Scarcity, quality, and integration complexity
• Critical shortage of interdisciplinary talent and the domain expertise gap
• Ensuring model trustworthiness, reliability, and overcoming black box challenge

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Market Scope in AI In Chemicals Market Research Report

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Research Analysis Overview

The AI in Chemicals Market is experiencing significant growth with the integration of technologies like Chemical Informatics AI, AI-driven Chemical Engineering, and Process Control AI. Cloud computing and IoT sensors are revolutionizing the industry, enabling advanced process control, data-driven process improvement, and statistical process control. Simulation modeling, optimization techniques, and thermodynamic modeling are being enhanced through AI, leading to batch and continuous process optimization. Reaction kinetics, reaction pathway prediction, chemical property prediction, and material property prediction are all benefiting from these advancements.

Market Research Overview

The global IT software market encompasses businesses specializing in the creation and distribution of application and system software. This sector includes enterprises focusing on application software for industry-specific needs and consumers, as well as cloud-based solutions. Predictive maintenance AI, chemical process optimization, and AI-driven drug discovery are key areas of application software growth in industries such as material science. Technavio's market analysis calculates the IT software market size based on the consolidated revenue of companies providing all types of software, including cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/