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AI in Industrial Machinery Market Trends

Report ID: GMI5774
Published Date: Jul 2024
Report Format: PDF

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AI in Industrial Machinery Market Trends

The market is expanding as a result of Al's integration with cloud computing and the Internet of Things (IoT) in industrial machinery. Industrial machinery that has IoT built in it produces a huge amount of real-time data. Furthermore, it offers companies with higher information security, cost savings, scalability, remote monitoring, and improved collaboration. The use of cloud computing eliminates the need for on-site maintenance and infrastructure. Additionally, it enables businesses to maximize resources using cloud-based AI capabilities, negating the need for significant hardware investments.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

AI in industrial machinery industry size was valued at USD 2,456.5 million in 2023 and is estimated to record 27.2% CAGR from 2024 to 2032, due to the rapid progress in the manufacturing sector and the rising implementation of sophisticated technological innovations.

AI in industrial machinery market from the component segment recorded USD 1,292.4 million in 2023 and may witness 24.1% CAGR from 2024-2032 driven by rising need for intelligent decision-making, predictive maintenance, and business automation.

North America AI in industrial machinery market size is projected to reach USD 9,531.1 million by 2032, on account of the growing need for automation and optimization across diverse industries

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