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AI In Industrial Machinery Market Trends

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

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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.

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.