Artificial Intelligence (AI) in Machinery Market Is Booming Worldwide : ABB, General Electric, Siemens

Pune, Maharashtra -- (SBWire) -- 08/23/2023 --The 2023E-2030 Global Artificial Intelligence (AI) in Machinery Market study with 132+ market data Tables, Pie charts & Figures is now released by HTF MI. The research assessment of the Market is designed to analyse futuristic trends, growth factors, industry opinions, and industry-validated market facts to forecast till 2029. The market Study is segmented by key a region that is accelerating the marketization. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. Some of the players studied are Siemens (Germany), General Electric (GE) (United States), ABB Group (Switzerland), Fanuc Corporation (Japan), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), Mitsubishi Electric Corporation (Japan), Rockwell Automation (United States), Schneider Electric (France), Honeywell International Inc. (United States), Bosch Rexroth AG (Germany).

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The Global Artificial Intelligence (AI) in Machinery Market was valued at USD 2.86 Billion in 2023 and is expected to reach USD 17.64 Billion by 2029, growing at a CAGR of 48.2% during 2023-2029.

Definition:
The term "Artificial Intelligence (AI) in Machinery market" refers to the integration and utilization of artificial intelligence technologies within the machinery industry. This involves incorporating AI techniques, algorithms, and systems into various types of machinery and equipment to enhance their capabilities, efficiency, and automation. AI encompasses a range of technologies such as machine learning, deep learning, computer vision, natural language processing, and robotics. These technologies enable machinery to perform tasks that typically require human intelligence, decision-making, and adaptability. AI-powered machinery can monitor its own condition and performance, enabling predictive maintenance. This helps in identifying potential issues before they lead to downtime or breakdowns.

Market Trends:

- The convergence of AI with the Internet of Things (IoT) allows for real-time data collection and analysis, enabling predictive maintenance and smarter decision-making in machinery operations.
- AI processing at the edge, closer to where data is generated, reduces latency and improves responsiveness, making it particularly valuable for machinery applications that require real-time decision-making.
- As AI is integrated into machinery, there's a growing need for transparency and interpretability in AI algorithms to ensure trust and compliance with regulations.

Market Drivers:

- AI-equipped machinery can operate autonomously, leading to improved efficiency, reduced downtime, and increased production output.
- Predictive maintenance and optimization driven by AI can result in substantial cost savings by minimizing unplanned downtime and optimizing resource usage.
- AI-powered machinery can handle hazardous tasks, improving worker safety and reducing the risk of accidents in industries such as manufacturing, mining, and agriculture.

Market Opportunities:

- AI has the potential to revolutionize industries by enabling new business models, services, and capabilities that were previously not feasible.
- Companies can explore new revenue streams by offering AI-powered machinery as a service, data analytics solutions, or maintenance packages.
- AI can help optimize resource usage, leading to more sustainable manufacturing processes and reduced environmental impact.

Market Challenges:

- AI relies on high-quality data for training and decision-making, and accessing relevant data from legacy machinery can be challenging.
- Implementing and maintaining AI-driven machinery requires a workforce with expertise in AI, machine learning, and robotics.
- Integrating AI technologies into existing machinery and processes can be complex and require careful planning to avoid disruptions.

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2023E-2030 Global Artificial Intelligence (AI) in Machinery Market Competitive Analysis

Know your current market situation! Not just new products but ongoing products are also essential to analyse due to ever-changing market dynamics. The study allows marketers to understand consumer trends and segment analysis where they can face a rapid market share drop. Figure out who really the competition is in the marketplace, get to know market share analysis, market position, % Market Share, and segmented revenue.

Players Included in Research Coverage: Siemens (Germany), General Electric (GE) (United States), ABB Group (Switzerland), Fanuc Corporation (Japan), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), Mitsubishi Electric Corporation (Japan), Rockwell Automation (United States), Schneider Electric (France), Honeywell International Inc. (United States), Bosch Rexroth AG (Germany)

Additionally, Past 2023E-2030 Global Artificial Intelligence (AI) in Machinery Market data breakdown, Market Entropy to understand development activity and Patent Analysis*, Competitors Swot Analysis, Product Specifications, and Peer Group Analysis including financial metrics are covered.

Segmentation and Targeting

Essential demographic, geographic, psychographic, and behavioural information about business segments in the 2023E-2030 Artificial Intelligence (AI) in Machinery market is targeted to aid in determining the features the company should encompass in order to fit into the business's requirements. For the Consumer-based market - the study is also classified with Market Maker information in order to understand better who the clients are, their buying behaviour, and patterns.

2023E-2030 Artificial Intelligence (AI) in Machinery Product Types In-Depth: Hardware, Software, Services

2023E-2030 Artificial Intelligence (AI) in Machinery Major Applications/End users: Cybersecurity, Maintenance, Energy Management, HMI, Others

2023E-2030 Artificial Intelligence (AI) in Machinery Major Geographical First Level Segmentation:
- APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (U.S., Canada, and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, UAE, South Africa)

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Research Objectives:
- Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).

- To analyse the with respect to individual future prospects, growth trends and their involvement to the total market.
- To analyse reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
- To deliberately profile the key players and systematically examine their growth strategies.

FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)

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