Artificial Intelligence Market in the Industrial Sector to grow at a CAGR of 38.86% during 2024-2028
The Artificial Intelligence Market in the Industrial Sector is expected to grow at a CAGR of 38.86% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 29297.64 million. The Industrial Internet of Things (IIoT) and technological advancements are driving the integration of Artificial Intelligence (AI) in the industrial sector. The increasing utilization of smart devices, wireless connectivity, and cloud technology will significantly impact the future functionality and operation of industrial robots, including collaborative robots. In response to heightened competition, vendors are providing value-added services and control modules via smart devices and Wi-Fi technology for remote equipment management. These solutions offer flexibility, ease of use through user-friendly graphical user interfaces (GUIs), and enable a single operator to manage multiple operations concurrently.
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Technavio analysts predict that the Remote monitoring and predictive maintenance subsegment will lead the Application segment during 2024 and 2028 In the industrial sector, Artificial Intelligence (AI) is revolutionizing remote monitoring, enhancing safety and efficiency. By utilizing AI technology, operators can monitor hazardous conditions and potentially dangerous equipment from a distance, thereby reducing the need for personnel to be physically present in high-risk areas. This not only mitigates safety hazards but also minimizes the risk of accidents or injuries. AI-powered remote monitoring systems enable real-time monitoring of equipment, processes, and facilities from any location. These systems facilitate prompt identification of issues, assessment of performance, and informed decision-making, thereby reducing maintenance costs and improving overall operational efficiency. Furthermore, AI solutions enable the efficient prediction and prevention of machine failure by analyzing machine log data from multiple sources. As more manufacturers adopt these advanced technologies, the industrial sector is poised to experience significant cost savings and productivity enhancements.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish digital twin technology gaining traction in industries
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Artificial Intelligence (AI) is revolutionizing the industrial sector with its ability to enhance decision-making, optimize processes, and improve quality control. Edge AI, a subset of AI, enables real-time processing and analysis of data directly on industrial machines, reducing latency and increasing efficiency. Explainable AI is another trend, ensuring transparency and accountability in AI systems, particularly important in industries where safety and compliance are paramount. Federated Learning allows AI models to learn from data distributed across multiple devices or machines, enabling better collaboration and data privacy. AI is transforming content creation with AI art generators and natural language processing, while chatbots like ChatGPT streamline customer service. Intelligent robotics, powered by AI and machine learning, are revolutionizing manufacturing, enabling automation, and improving supply chain optimization. Computer vision and speech processing enhance quality control, while real-time monitoring and smart machines enable predictive maintenance and improved productivity. Big Data analytics, powered by AI, provides valuable insights into industrial processes, enabling data-driven decision-making and continuous improvement. The future of AI in the industrial sector is bright, with endless possibilities in robotics, communication, and automation.
According to Technavio, the global artificial intelligence (AI) market in the industrial sector is a segment of the larger global industrial machinery market. This market encompasses businesses involved in the production of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The size of the global industrial machinery market is determined by the total revenue generated by manufacturers of machinery and components utilized in industrial applications. Key growth drivers for this market include the expanding industrial output in process and discrete industries, fueled by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in rapidly developing economies.
The Artificial Intelligence Market in the Industrial Sector is experiencing significant growth, fueled by the digital twin technology gaining traction in industries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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