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AI In Industrial Machinery Market Size

Report ID: GMI5774
Published Date: May 2023
Report Format: PDF

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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.

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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.

AI in Industrial Machinery Market Report Attributes
Report Attribute	Details
Base Year:	2022
AI in Industrial Machinery Market Size in 2022:	USD 1.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	25%
2032 Value Projection:	USD 20 Billion
Historical Data for:	2017 to 2021
No. of Pages:	250
Tables, Charts & Figures:	338
Segments covered:	Component, Technology, Application, End use
Growth Drivers:	Rise in government initiatives Rising adoption of AI in manufacturing sector Integration with IOT and cloud computing Extensive use of robotics in manufacturing Advanced Analytics and Decision-Making
Pitfalls & Challenges:	High implementation costs Skill Gap and Workforce Adaptation

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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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

Market size for AI in industrial machinery was USD 1.5 billion in 2022 and will witness over 25% CAGR from 2023-2032 due to the emergence of Industry 4.0 and the rising amount of complex data

The software component segment held over 40% of the industrial machinery share in 2022 owing to the growing need to enable intelligent decision making, predictive maintenance, and automation of business automation

North America accounted for over 50% of the AI in industrial machinery market share in 2022 driven by the higher adoption of AI in the tech industry.

AI in industrial machinery size from the machine learning technology segment may observe over 25% CAGR from 2023-2032 due to the surging requirement to analyze sensor data from commercial machines to predict failures or maintenance needs.