Artificial Intelligence in the Industrial Sector - Market Drivers and Forecast f
Source: CAGR
Technavio analysts forecast the global artificial intelligence market in the industrial sector to grow at a CAGR of close to 53% during the forecast period, according to their latest report.
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Technavio has published a new report on the global artificial intelligence (AI) market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global artificial intelligence (AI) market in the industrial sector for 2017-2021. To determine the market size, the study considers revenue generated from process industries and discrete industries.
The market size of AI in the industrial sector is expected to grow to USD 4.31 billion by 2021, with process industries generating maximum revenue.Oil and gas is one of the key end-user industries, with vendors trying to maximize cost efficiency and minimize wastage while maintaining current production rates.
IBM (News - Alert), one of the key vendors in the market, helps industrial end users get insight on real-time data and help them to develop action points. The company's primary focus is on innovation, which it undertakes through investments into R&D. It is actively expanding its foothold in the market by introducing innovative new features to its AI products.
Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio analysts highlight the following three factors that are contributing to the growth of the global artificial intelligece market for industrial sector:
Rise in use of expert systems
Growing popularity of AI start-ups
Development of deep-learning technology
Rise in use of expert systems
"Expert system is an emerging sector within artificial intelligence, which is used to solve complicated multidisciplinary problems requiring extraordinary intelligence and expertise. It is programmed to advise, demonstrate, instruct, dragonize, interpret, and justify inputs and tasks," says Bharath Kanniappan, one of the lead analysts at Technavio for robotics research.
Expert systems are reliable and sensitive, providing simplified solutions for end-users. Every expert system is a combination of a knowledge base, a user interface, and an interface engine. The growing acceptance and adoption of expert systems are propelling the increased incorporation of AI technologies.
Growing popularity of Al start-ups
The increasing popularity of AI has attracted significant investments, allowing for great strides in terms of innovation. Start-ups usually specialize in the services for one key industry. For instance, AI companies like Kepler are using AI-based geo-tracking technology to monitor the transportation of oil and gas via ships, and Sentient Technologies targets the pharmaceutical and healthcare industry. Additionally, policies imposed by regional governments in APAC such as Make in India 2020, Make in China 2025, and Vietnam 2035 Vision have made significant contributions to the growth of indigenous AI start-ups, thus boosting market growth.
Development of deep-learning technology
"Deep-learning software is one of the most advanced versions of AI technologies. This technology attempts to mimic the activity and functioning of the human neocortex, the most active part of the human brain. It is capable of learning and recognizing patterns of sounds, images, and other data," says Bharath, explaining the deep-learning technology.
This technology took shape due to the advances in mathematical formulas and availability of powerful computers, which enables it to perform complex functions. At present, this technology is being deployed in industrial robots to empower their learning ability and train other robots and has unlimited potential. Such advanced and complex offerings from AI is encouraging more end-user industries to adopt these solutions to simplify and streamline their processes.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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