AI In Industrial Machinery Market - By Component (Hardware, Software, Services), By Technology (Machine Learning, Computer Vision, Context Awareness, Natural Language Processing) By Application, By End Use & Global Forecast, 2023 – 2032

AI in Industrial Machinery Market Size

AI in Industrial Machinery Market size was valued at USD 1.5 billion in 2022 and is anticipated to grow at a CAGR of over 25% between 2023 and 2032. The emergence of Industry 4.0 and the rise of complex data are driving the AI in the industrial machinery market growth. In addition, increasing productivity and the adoption of modern manufacturing technologies in emerging markets require a significant growth in product development skills.
 

Artificial intelligence in industrial machines refers to the integration of artificial intelligence technologies and techniques into various types of machines and equipment in the industrial field. It includes the use of artificial intelligence algorithms, machine learning, computer vision, natural language processing, and other artificial intelligence techniques to improve the performance of machine work.
 

Integrating AI technology into business systems may require significant investments. The cost of hardware, software, and technical staff can be prohibitive for some organizations, especially small and medium businesses. Furthermore, adapting AI solutions to specific systems and processes is not easy. Customizing AI algorithms and models to meet specific needs can be time-consuming and resource intensive. These factors can hinder market growth during the forecast period.
 

AI in Industrial Machinery Market Trends

The integration of AI in industrial machinery with Internet of Things (IoT) and cloud computing is driving market growth. IoT devices embedded in industrial machinery generate massive amounts of real-time data. Integrating AI with IoT enables data to be interconnected, transformed, and processed for real-time insights and decision making. In addition, it provides businesses with scalability, remote monitoring, enhanced collaboration, cost savings, and increased information security. Cloud computing eliminates on-premises infrastructure and maintenance costs. It also allows commercial organizations to reduce the need for large hardware investments by using cloud-based artificial intelligence capabilities to optimize resources.
 

AI in Industrial Machinery Market Analysis

Based on component, the market is segmented into hardware, software, and services. The software segment is expected to hold a significant share of over 40% in 2022. Artificial intelligence software and algorithms are essential to enable intelligent decision making, predictive maintenance, and automation of business automation. Software includes machine learning algorithms for tasks such as predictive maintenance, defect detection, optimization, and quality control. These algorithms analyze data from sensors, mechanical inputs, and other sources to gain useful insights and help make smarter decisions. In addition, software solutions focus on integrating AI technology with existing business systems such as Supervisory Control and Data Acquisition (SCADA) and Systems Operation (MES). They facilitate data exchange, interaction, and integration between AI systems and machines.
 

Based on technology, the market is segmented into machine learning, computer vision, context awareness, and natural language processing. The machine learning segment of the AI in industrial machinery market expanded at over 25% CAGR in 2022. Machine learning algorithms analyze sensor data from commercial machines to predict failures or maintenance needs. This effective approach to maintenance reduces unplanned downtime and increases machine reliability. The combination of machine learning algorithms with technology provides improvements in monitoring, operations, efficiency, quality control, and decision-making. These drivers facilitate the adoption and use of machine learning in the artificial intelligence technology of the business machine market.
 

Based on application, the AI in industrial machinery market is segmented into predictive maintenance, quality control, process optimization, supply chain optimization, intelligent robotics, autonomous vehicles & guided systems, energy management, and human-machine interfaces. The predictive maintenance segment of the market expanded at over 20% CAGR during the forecast period. Predictive maintenance in industrial machinery involves the use of artificial intelligence and machine learning algorithms to analyze sensor data and predictive maintenance needs. Predictive maintenance relies on the analysis of large amounts of sensor data including temperature, vibration, pressure, and other parameters. Artificial intelligence algorithms process and analyze this data to identify patterns, trends, and anomalies that may indicate equipment failure or maintenance needs. The integration of data analysis, health monitoring, reliability improvement, optimization, service life extension, safety improvement, and decision-making data has driven the adoption and use of predictive maintenance in the industrial machinery industry.
 

North America AI in industrial machinery market held the highest revenue share of over 50% in 2022. North America is one of the leading business regions in terms of market size and adoption of AI in the tech industry. The market has seen steady growth driven by increased demand for automation, efficiency, and optimization across various industries. In addition, North America has a strong technology ecosystem with AI technology providers, software companies, and technology manufacturers. The region is at the forefront of AI research & development, driving innovations and the use of AI in industrial machinery. Overall, the North America market is characterized by scale, industrial progress, strong market, investment, government support, and business competition. These factors have led to the growth and adoption of AI technology in the industrial sector in the region.

AI in Industrial Machinery Market Share

The major companies operating in the AI in industrial machinery market include

• Amazon Web Services (AWS)
• Google LLC
• Intel Corporation
• Siemens AG
• NVIDIA Corporation
• Qualcomm Technologies
• Microsoft Corporatio
• Cisco Systems, Inc.
• IBM Corporation
• FANUC Corporation
• Hitachi, Ltd.
• Schneider Electric SE
• Rockwell Automation, Inc.
• Honeywell International Inc.
• ABB Ltd.
   

AI in Industrial Machinery Industry News:

• In November 2020, Siemens, a global technology company, partnered with Google Cloud to integrate artificial intelligence and machine learning technology into its automation products. It aims to increase the efficiency and productivity of business systems through collaboration, data analysis, and AI-driven insights.
   

AI in Industrial Machinery market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:

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By Component

• Hardware
• Software
• Services

By Technology

• Machine learning
• Computer vision
• Context awareness
• Natural language processing

By Application

• Predictive maintenance
• Quality control
• Process optimization
• Supply chain optimization
• Intelligent robotics
• Autonomous vehicles and guided systems
• Energy management
• Human-machine interfaces
• Others

By End use

• Commercial
• Agriculture
• Construction
• Packaging
• Food processing
• Mining
• Semiconductor manufacturing

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • ANZ
  • Singapore
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa