AI in Industrial Automation Market Trends Highlight Increased Adoption of Computer Vision and Natural Language Processing for Quality Control and Safety

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Industrial Automation Market - (By Type (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, Video Analytics)), By Application (Predictive Maintenance, Quality Control And Inspection, Supply Chain Optimization, Industrial Robotics, Process Optimization, Safety And Security), By Industry Vertical (Manufacturing, Automotive, Energy And Utilities, Healthcare, Retail, Aerospace And Defense), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Industrial Automation Market is valued at US$ 17.3 Billion in 2023, and it is expected to reach US$ 65.8 Billion by 2031, with a CAGR of 18.5% during the forecast period of 2024-2031.

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The integration of artificial intelligence (AI) within industrial automation is transforming traditional manufacturing processes by improving productivity, optimizing operational workflows, and facilitating real-time decision-making. The increasing adoption of advanced technologies, including AI and robotics, is projected to drive significant growth in the AI-driven industrial automation market over the forecast period. Demand for high-precision and superior-quality products, alongside the imperative to reduce costs and enhance operational efficiency across various sectors, is expected to be a key catalyst for market expansion.

Furthermore, evolving consumer preferences toward AI-enabled solutions, combined with accelerating urbanization and rising disposable incomes, are anticipated to generate substantial revenue opportunities for market participants. Leading industry players have committed considerable investments, while continuous innovations across diverse end-use applications have unlocked promising growth prospects for manufacturers and suppliers of AI-based industrial automation technologies. Additionally, government initiatives aimed at promoting AI adoption in industrial automation, motivated by a global emphasis on technological advancement, are expected to further expedite market development.

List of Significant 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

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Market Dynamics
Drivers:
The expansion of the global AI in industrial automation market is primarily driven by the increasing demand for data-driven decision-making aimed at enhancing product efficiency and quality. Rising consumer expectations for precision and superior product standards further contribute significantly to revenue growth. Additionally, there is a growing emphasis on improving workplace safety and minimizing risks to human life through the deployment of AI-powered solutions in hazardous industrial environments, which is expected to bolster market development.

Challenges:
The market faces notable challenges, including limited awareness and commercialization of AI technologies in developing regions, which may impede overall growth. Furthermore, the substantial upfront costs associated with integrating AI into industrial automation, combined with inadequate advanced infrastructure in certain areas, are likely to constrain market expansion in the short term. The COVID-19 pandemic has intensified these issues by reducing investment activities among global enterprises, causing financial setbacks across the industrial sector. This has disrupted essential training programs, delayed large-scale software upgrades, and hindered the deployment of AI-based systems by leading market participants.

Regional Trends:
North America is anticipated to secure a substantial share of the AI in industrial automation market and is projected to exhibit a robust compound annual growth rate (CAGR) during the forecast period. The region's growth is supported by the widespread implementation of AI-driven solutions across sectors such as telecommunications, information technology, and manufacturing, alongside increased research and development efforts by prominent industry players. Europe also commands a significant portion of the market, attributed to its strong economic infrastructure and growing acceptance of AI-enabled technologies. This growth is further reinforced by strategic initiatives from key stakeholders and collaborative efforts among industry leaders, creating conducive conditions for the advancement of AI applications in industrial automation.

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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.

Segmentation of AI in Industrial Automation Market-
By Type:
• Machine Learning
o Supervised Learning
o Unsupervised Learning
o Reinforcement Learning
• Deep Learning
o Convolutional Neural Networks (CNN)
o Recurrent Neural Networks (RNN)
o Generative Adversarial Networks (GANs)
• Natural Language Processing
o Sentiment Analysis
o Language Translation
o Speech Recognition
• Computer Vision
o Object Detection
o Image Classification
o Video Analytics
By Application:
• Predictive Maintenance
• Quality Control and Inspection
• Supply Chain Optimization
• Industrial Robotics
• Process Optimization
• Safety and Security
By Industry Vertical:
• Manufacturing
• Automotive
• Energy and Utilities
• Healthcare
• Retail
• Aerospace and Defense
• Other industries (agriculture, transportation, logistics, finance, etc.)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.