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Industrial AI Market will Touch USD 89.53 Billion at a 46% CAGR by 2032 | MRFR Report

Oct 11, 2023 9:00 PM ET

Industrial AI Market will Touch USD 89.53 Billion at a 46% CAGR by 2032 | MRFR Report

Global Industrial AI Market 

Industry 4.0 Boosts Global Industrial AI Market 

The global industrial AI market is growing rapidly. Artificial intelligence (AI) has brought significant transformations across the industrial landscape. Advances in 5G and IoT technologies contribute to the industrial AI market growth. Besides, growing government initiatives to drive the development of IoT-based modules create significant market opportunities. 

The increasing demand for connected devices and wearables would influence the market revenues. With industries becoming more data-driven, the market will likely witness vast demand over the next few years. Market Research Future (MRFR) asserts that the global industrial AI market is projected to escalate from USD 2.04 BN in 2022 to USD 89.53 BN by 2032, growing at a 46% CAGR throughout the review period (2023-2032).

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Key Players

Leading industrial AI market players are

  • Nvidia Corporation
  • Siemens AG
  • Intel Corporation
  • IBM Corporation
  • Alphabet Inc.
  • Microsoft Corporation
  • Progress Software Corporation
  • General Electric
  • General Vision Inc.
  • others


Industrial AI refers to using AI in industrial applications, such as automation in manufacturing processes, supply chain management, industrial robotics, self-optimizing infrastructure plants, and inventory storage. AI-based solutions integrate AI technology and machine-learning capabilities to optimize autonomous and semi-autonomous processes. 

Artificial intelligence in manufacturing helps boost the data value, employing technology and human insight. Most businesses today have employed AI-based solutions to boost agility to respond to changing conditions in real-time for greater safety, profitability, and sustainability. Technology providers strive for purpose-built AI solutions for industrial application requirements. 

These industrial AI solutions enable users to detect current performance issues and predict future ones, minimizing the risk of failure of critical assets and maximizing operational performance. Using AI in industrial processes ensures improved detection of performance issues, optimization of processes, and smarter decisions.

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Industry Trends

Industries need strong AI capabilities to build a digital core and become competitive. AI platforms enable engineers to respond with agility to ever-changing market and operating conditions. Industry players look to scale this and help more industrial clients achieve significant outcomes in their production operations. With high-value AI capabilities, companies that are not so AI-mature can leverage the technology’s potential. 

Robotics, digitalization, and AI are considered the next stage of industrialization. Industrial AI facilitates time and cost-saving in many time-consuming manual tasks, raises efficiency, heightens supply chain visibility, optimizes inventory management, and improves product quality by integrating information technology and operational technology (OT) systems. 

Artificial intelligence in manufacturing is being termed a new intelligence revolution. The widespread popularity and government support for robotics would allow the market to progress smoothly in the next few years. Factors such as the proliferation of automation across manufacturing sectors and the rising demand for advanced production & manufacturing processes worldwide drive market growth. 

Moreover, growing AI applications in end-user industries such as automobile, electronics, healthcare, manufacturing, energy & power, semiconductor, food & beverages boost the market size. Additional factors bolstering market revenues include increasing manufacturers leveraging AI to improve operations, launch new products, customize designs, and plan their future financials.

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Industrial AI Market Segments

The industrial AI market is segmented into offerings, technologies, applications, industries, and regions. The offering segment is bifurcated into hardware and solutions/software (AI platforms & AI solutions). The technology segment is bifurcated into deep learning, natural language processing (NLP), computer vision, and context awareness. 

The application segment is bifurcated into predictive maintenance & machinery inspection, production planning, material movement, field services, quality control, and others. The industry segment is bifurcated into automobile, energy & power, pharmaceuticals, heavy metals &machine manufacturing, and semiconductor & electronics. By region, the industrial AI market is segmented into the Americas, Asia-Pacific, Middle East & Africa, Europe, and others.

Regional Analysis

North America holds the largest industrial AI market share. The strong presence of leading industrial AI technology providers and increasing investments in manufacturing infrastructure development bolster the region’s market share. Moreover, the growing focus on building in-house development centers, rising industrial AI applications, and preference for smart industries in the region substantiates the market revenues. 

High sales of AI-enabled devices and robotics instruments boost the market size. The US accounts for the largest share of the regional market, playing a significant role in its development. Moreover, the early adoption of innovative technologies allows the country to witness significant revenue growth. The region is also estimated to maintain its leading position in the future.

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Competitive Analysis

The industrial AI market witnesses several strategic approaches, such as partnerships, collaboration, mergers & acquisitions, expansion, and product launches. Key industry players also invest significantly in research and development activities and expansions.

Industrial AI solutions providers strive to democratize AI for engineers, enabling manufacturing and asset-intensive companies to reduce emissions, energy consumption, and output losses due to unplanned downtime of industrial assets. Advances in power industrial AI-led transformation will enable them to expand their footprints globally, particularly in India, Australia, South-East Asia, Japan, Latin America, Africa, and the Middle East.

For instance, recently, on Mar. 21, 2023, Accenture announced its plan to acquire Flutura, an Indian industrial AI company, to strengthen its industrial AI services and increase the performance of plants, refineries, and supply chains. The acquisition of Flutura will also enable Accenture’s clients in the chemicals, energy, metals, mining, and pharmaceutical industries to accomplish their net zero goals faster. 

Flutura specializes in industrial data science services for asset-intensive companies like manufacturing and provides self-service solutions for advanced analytics. Its AI solutions help process & asset management and engineering teams assess, forecast, and improve the asset performance, reliability, and throughput & energy efficiency outcomes of production & manufacturing facilities.

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