Global AI market projected to have strong growth

ARC Advisory Group research on the global artificial intelligence (AI) for machinery applications market reveals all regions will experience strong market growth to one degree or another.

“Sales of machinery-related AI applications will have strong growth in all world regions.  However, sales in some regions, including both North America and Latin America, will grow at a slower pace than others due to the shortage of data scientists (in Latin America), the effects of the COVID-19 pandemic, and the relative small numbers of machine builders in these regions,” according to Florian Güldner, director of Research at ARC Advisory Group and author of ARC’s Artificial Intelligence for Machinery Applications Global Market Research report. “Significantly, as implementation costs continue to drop and the potential benefits become even more apparent, we expect the technology to gradually make its way into a wide variety of machinery applications, from very small to very complex.”

The research explores current and historical market performance and related technology and business trends and provides five-year global forecasts for the AI for machinery applications market. The research includes competitive analysis, plus five-year market forecasts by region, application, technology, and machinery segment.

– Edited from an ARC Advisory Group press release by CFE Media.

Original content can be found at Control Engineering.

Do you have experience and expertise with the topics mentioned in this content? You should consider contributing to our CFE Media editorial team and getting the recognition you and your company deserve. Click here to start this process.