Global Industrial Artificial Intelligence (AI) Market Set to Skyrocket to US$ 2.2 Trillion by 2031

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The Global Industrial Artificial Intelligence (AI) Market, valued at US$ 336.4 million in 2021, is poised for exponential growth, projected to reach an impressive US$ 2.2 trillion by the end of 2031. This remarkable expansion, driven by a robust compound annual growth rate (CAGR) of 20.6% from 2022 to 2031, reflects the transformative potential of AI technologies across diverse industrial applications.

The integration of AI in manufacturing is set to revolutionize industry operations by enhancing agility, resilience, and reliability. As AI adoption accelerates, its impact on the global industrial AI market is expected to be profound. A significant trend is the replacement of traditional labor with advanced AI-driven robots, which is reshaping manufacturing landscapes worldwide.

Market Introduction

Industrial AI encompasses the application of AI technologies in various industrial functions such as warehousing, supply chain management, advanced analytics, and automation in manufacturing. The increasing adoption of AI in the manufacturing sector is a major growth driver, with manufacturers leveraging AI-based solutions like AI robots to boost productivity and efficiency.

Key Market Drivers

  1. AI Adoption in Manufacturing: The manufacturing sector’s embrace of AI is driving market growth, with AI solutions enhancing production speed, accuracy, and reducing labor costs. Industry 4.0 initiatives, such as those by Airbus for new aircraft development, exemplify AI’s role in optimizing manufacturing processes.
  2. Retail Sector Transformation: AI and machine learning (ML) are revolutionizing retail, offering enhanced customer experiences and marketing insights. The use of AI in retail is enabling even smaller retailers to leverage data analytics, thereby creating new growth opportunities.

Regional Market Dynamics

  • North America: Expected to hold a significant market share, driven by substantial investments in AI by major technology firms and a robust industrial base.
  • Europe: Projected to follow North America in market share, with Western Europe leading AI adoption. The region’s widespread embrace of AI technologies is set to contribute significantly to global market growth.
  • Asia Pacific: Rapid growth in industrial AI startups is propelling market expansion in this region, with significant contributions expected from South America and the Middle East & Africa as well.

Key Developments and Market Players

Leading companies in the industrial AI market are investing heavily in research and development to stay ahead. Prominent players include Amazon Web Services, Inc., Dell Inc., GENERAL ELECTRIC, Google, LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Rockwell Automation, Inc., Salesforce.com, Inc., SAP SE, and SAS Institute Inc.

Recent strategic developments include:

  • AWS and SK Telecom Partnership: Aimed at co-developing computer vision AI services to enhance productivity and facility safety.
  • GE Research Collaboration: Focused on developing AI/ML tools to reduce wind turbine logistics and installation costs.
  • IBM’s Telum Processor: A new AI processor designed to bring deep learning inference to enterprise workloads, addressing real-time fraud detection.

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