AI in Industrial Automation Market Size is valued at USD 17.3 billion in 2023 and is predicted to reach USD 65.8 billion by the year 2031 at a 18.5% CAGR during the forecast period for 2024-2031.
AI in industrial automation is transforming manufacturing and other industries by optimizing processes, improving efficiency, and reducing human error. AI-driven systems enable smart factories with predictive maintenance, real-time data analysis, and autonomous decision-making. AI in industrial automation is driving significant advancements across various industries by integrating intelligent technologies into manufacturing, logistics, and supply chain management. These AI-driven systems allow industries to automate complex tasks, make data-driven decisions in real-time, and achieve greater levels of efficiency, flexibility, and productivity.
The growing adoption of AI in industries owing to its real-time decision-making by industrial procedures has required intelligent systems, which is a factor expected to drive the growth of global AI in the Industrial Automation market. Demand for accurate and quality products, cost savings, and operational efficiency applications in various industry sectors are some of the other factors likely to augment the target market growth. The increasing adoption of autonomous systems and AI robotics to provide safety and mitigate the risk factors to human life globally is expected to boost the market expansion in the coming years.
Competitive Landscape
Some Major Key Players In The AI in Industrial Automation Market:
- Siemens AG
- ABB Ltd.
- General Electric Company
- Mitsubishi Electrical Corporation
- Schneider Electric SE
- Rockwell Automation, Inc.
- IBM Corporation
- Honeywell International Inc.
- Fanuc Corporation
- Bosch Rexroth AG
- Cognex Corporation
- Kuka AG
- Other Market Players
Market Segmentation:
The AI in the industrial automation market is segmented on the basis of Type, Application, and industrial verticals. By Type, the segmentation includes Machine Learning, Supervised Learning, Unsupervised Learning, Reinforcement Learning, Deep Learning, Convolutional Neural Networks (CNN), Recurrent Neural Networks (RNN), Generative Adversarial Networks (GANs), Natural Language Processing, Sentiment Analysis, Language Translation, Speech Recognition, Computer Vision, Object Detection, Image Classification, and Video Analytics. The application segment includes predictive maintenance, quality control and inspection, supply chain optimization, industrial robotics, process optimization, and safety and security. As per the Industry Vertical, the market is divided into manufacturing, automotive, energy, utilities, healthcare, retail, aerospace and defence, and other industries (agriculture, transportation, logistics, finance, etc.).
The Manufacturing Segment Witnessed Growth At A Rapid Rate.
The manufacturing segment is projected to grow rapidly in the global AI in Industrial Automation market owing to the rising adoption of industrial AI. Hence, with the growing popularity of industrial AI supports manufacturing in predictive maintenance to predict remaining usages of equipment, robotic procedures of automation, an inspection of manufactured products, upgradation of supply chain efficiency by demand forecasting, and warehouse automation, there is an increase in demand for AI in Industrial Automation in the industrial vertical.
In The Region, North America's Ai In The Industrial Automation Market Holds A Significant Revenue Share.
The North American AI in Industrial Automation market is expected to record the largest market revenue share in the near future. This can be attributed to the strong focus on technology in the region, with the increasing adoption of AI in Industrial Automation in different industries, including telecom, IT, manufacturing, automobile, and healthcare. In addition, the manufacturing industry in the region is focusing on the production of AI in Industrial Automation to upgrade the technology. Growing demand for AI in industrial automation across industries and widespread adoption of AI in Industrial Automation in the production of intermediate industries in the region are factors increasing the growth of the target market in the region. In addition, Asia Pacific is likely to grow at rapidly in the global AI in Industrial Automation market due to increasing demand for improved solutions, rapid industrialization, government initiatives, and increasing funding in various industries.
Recent Developments:
- In April 2023, Microsoft and Siemens are using the cooperative capabilities of generative artificial intelligence (AI) to assist industrial enterprises in enhancing efficiency and fostering innovation across the engineering, product design, production, and operating lifecycles. To enhance cross-functional communication, the organizations are combining Siemens' product lifecycle management (PLM) Team centre software with Microsoft Teams, the language models in Azure OpenAI Service, and other Azure AI features.
AI in Industrial Automation Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 17.3 Bn |
|
Revenue Forecast In 2031 |
USD 65.8 Bn |
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Growth Rate CAGR |
CAGR of 18.5% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Application, Industry Vertical |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Electrical Corporation, Schneider Electric SE, Rockwell Automation, Inc., IBM Corporation, Honeywell International Inc., Fanuc Corporation, Bosch Rexroth AG, Cognex Corporation, and Kuka AG. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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