Embedded AI Market Growth Analysis 2023-2027: Surge In Industrial Automation To Be A Key Driver As Per The Business Research Company's Embedded AI Global Market Report 2023
LONDON, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Embedded AI Global Market Report 2023, the global embedded AI market is on a trajectory of unprecedented growth, slated to surge from $11.64 billion in 2022 to $13.04 billion in 2023, boasting a robust compound annual growth rate (CAGR) of 12%. Peering into the future, the market is poised to reach $20.36 billion by 2027, maintaining a compelling CAGR of 11.8%.
Industrial Prowess - Driving Growth Through Automation
Anticipated to be a key growth driver, the surge in industrial automation is propelling the embedded AI market forward. Industrial automation, which employs advanced technologies and control systems, is adopting embedded AI extensively. This integration enhances productivity, efficiency, and decision-making across manufacturing and production processes. Embedded AI finds applications in machine vision, quality control, predictive maintenance, and robotics automation. For instance, the International Federation of Robotics reported a 6% increase in the number of industrial robots operating in UK factories in 2021, reaching 23,000 units. Such advancements underline the pivotal role of embedded AI in industrial automation.
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Pioneers Leading the Charge - Major Players
The forefront of the embedded AI market is commanded by major players such as Google LLC, Microsoft Corporation, Amazon Web Services Inc., Siemens, Intel Corporation, IBM, Qualcomm Technologies Inc., Oracle Corporation, SAP SE, and Nvidia Corporation. These industry giants are instrumental in shaping embedded AI market dynamics and steering innovation.
Tech Trends - Innovation at the Core
Innovation takes center stage in the embedded AI market, with major companies dedicated to developing cutting-edge technological products. For instance, Cognex Corporation introduced the Advantage 182 vision system in May 2023, an embedded AI-based system designed to automate intricate tasks in the life sciences industry. The system encompasses advanced machine vision, barcode reading, and edge learning technology, addressing applications from simple presence/absence detection to high-precision alignment and complex color inspections.
Strategic Acquisitions - Elevating Capabilities
Strategic acquisitions play a pivotal role in shaping the embedded AI landscape. In May 2023, Infineon Technologies AG acquired Imagimob AB to bolster its embedded AI solutions. Imagimob AB, a Swedish company, brings advanced TinyML and AutoML technologies to Infineon's portfolio, reinforcing its commitment to innovation and customer satisfaction.
Regional Dynamics - North America Takes the Lead
As of 2022, North America emerged as the largest region in the embedded AI market. However, the forecast indicates dynamic growth in the Asia-Pacific region, showcasing evolving consumer preferences and market trends.
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To navigate the dynamic terrain of the embedded AI market and harness its growth potential, industry players can leverage the Global Embedded AI Market Report. This comprehensive embedded AI market report provides insights into market segments, regional dynamics, major players, emerging trends, and innovation. Armed with this knowledge, businesses can make informed decisions, shape effective strategies, and position themselves for success in the competitive landscape of embedded AI.
Embedded AI Global Market Report 2023 by The Business Research Company provides insights on the embedded AI market size, embedded AI market segments, embedded AI market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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