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The artificial intelligence market in the industrial sector size is forecast to increase by USD 29.3 billion at a CAGR of 38.86% between 2023 and 2028.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Artificial Intelligence (AI) is revolutionizing the industrial sector by enhancing efficiency, productivity, and safety. Big Data, machine learning, speech processing, generative AI, robotics, computer vision, and natural language processing are some of the key technologies driving this transformation. In industrial machines and smart machines, AI enables real-time monitoring, predictive maintenance, and process optimization. Computer vision and machine learning are used for quality control, supply chain optimization, and intelligent robotics. Autonomous vehicles and guided systems are revolutionizing transportation and logistics, while energy management and human-machine interfaces are transforming the energy sector. AI-powered virtual assistants, deep learning search algorithms, and recommendation systems are disrupting financial services, healthcare, and travel and hospitality.
Moreover, AI is essential for cybersecurity, energy management, and process optimization in various industries. With the proliferation of IoT devices, AI is becoming increasingly important for central processing units and semiconductor manufacturing. The adoption of AI solutions is expected to reduce maintenance costs, minimize safety hazards, and enhance overall operational excellence.
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The remote monitoring and predictive maintenance segment was valued at USD 472.80 million in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The artificial intelligence (AI) market in the industrial sector in North America is poised for significant growth, driven by advancements in technologies such as field-programmable gate arrays (FPGAs), application-specific integrated circuits (ASICs), graphics processing units (GPUs), and AI. Big data analytics, robotics, and AI-generated content are key applications. ChatGPT and AI art generators are revolutionizing content creation, while Federated Learning and explainable AI enhance decision-making.
Additionally, edge AI and mid-term roadmaps focus on federated optimization algorithms and machine learning techniques like natural language processing. Digital data from sensors, social media platforms, online transactions, and industry-wide standards fuel this exponential growth. The reshoring of manufacturing from overseas to North America and the establishment of smart factories to ensure proximity to end-users and customization are significant factors. Data cleaning, preprocessing, validation processes, and data sharing collaborations are crucial for data collection and preprocessing capabilities.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Digital twin technology is gaining traction in industries and is the key driver of the market.
The emergence of IIoT is the upcoming trend in the market.
Lack of technical knowledge among operators is a key challenge affecting the market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Artificial Intelligence (AI) is revolutionizing various industries by enabling advanced automation, data analysis, and decision-making capabilities. Big data, machine learning, and deep learning are the core technologies driving the AI market in sectors like transportation and logistics, financial services, healthcare, energy, travel and hospitality, and manufacturing. AI applications include machine learning algorithms for predictive maintenance in industrial machines, real-time monitoring and process optimization, and intelligent robotics for manufacturing and mining. In the industrial sector, AI technologies such as computer vision, speech processing, natural language processing, and generative AI are used for quality control, supply chain optimization, energy management, and human-machine interfaces.
In summary, AI is also transforming industries like food processing and semiconductor manufacturing through automation and process optimization. Moreover, the proliferation of IoT devices and data has led to an increased focus on cybersecurity and data privacy in the AI market. AI technologies like machine learning, search algorithms, recommendation systems, and adtech networks are being used to enhance customer experiences and improve operational efficiency. The future of AI in industry will see the integration of AI in various applications, from autonomous vehicles to intelligent energy management systems.
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Artificial Intelligence Market in the Industrial Sector Scope |
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Report Coverage |
Details |
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Page number |
187 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 38.86% |
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Market growth 2024-2028 |
USD 29.3 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
35.89 |
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Key countries |
US, Saudi Arabia, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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